Experts at a multi-stakeholder dialogue in Dhaka emphasized the critical need for predictable and sufficient grant-based public financing for climate adaptation in some of the most vulnerable developing countries like Bangladesh, where prevention is no longer a viable option.
The dialogue was organized jointly by Concern Worldwide, Action against Hunger, ICCCAD, and YouthNet for Climate Justice, in the build up to this year's UN-sponsored climate change conference, COP28.
The dialogue delved into the recently released UNEP flagship Adaptation Gap Report 2023, revealing the underfinanced and underprepared state of global climate adaptation efforts. Despite escalating climate challenges worldwide, adaptation finance falls far short of the estimated need. Developing countries, including Bangladesh, require adaptation finance 10-18 times larger than current flows.
Nayoka Martinez-Bäckström, First Secretary at the Embassy of Sweden, stressed the urgency to fulfill the 2009 commitment by developed nations to mobilize $100 billion annually for poorer countries through 2025. She urged increased adaptation finance, addressing challenges such as the perception that adaptation is solely a government responsibility and the difficulty of pricing climate risks.
Dr Jyotiraj Patra, Program Director at Concern Worldwide Bangladesh, highlighted the stark realities outlined in the Adaptation Gap Report 2023. The report exposed the financing needs for developing countries, with Bangladesh's National Adaptation Plan projecting a requirement of $203 billion for 2023-2050.
The discussion also shed light on the skewed allocation of climate finance, with approximately 70% directed towards Least Developed Countries in the form of loans, hindering private sector interest. Prof. Mizan R Khan emphasized the need for innovative financial mechanisms beyond traditional funding, while young climate activist Sohanur Rahman called for reshaping institutional arrangements within Climate Finance.
Participants recommended a multifaceted approach to close the adaptation financing gap, stressing actions targeting diverse sources at both international and domestic levels. The role of youth in driving climate action was a recurrent theme, emphasizing their crucial role in shaping and implementing effective climate adaptation strategies.
In concluding remarks, Mohammad Akmal Shareef, Country Director at ACF (Spanish acronym of Action Against Hunger) Bangladesh, underscored the need for sustained collaboration. The dialogue emphasized that ongoing partnerships and cooperative efforts are imperative to effectively address the urgent climate challenges faced by vulnerable communities, particularly in Bangladesh.