The Bangladesh delegation at COP27 is hopeful that discussions to establish a dedicated financial entity no later than 2024 to address loss and damage will be adopted at this year's conference.

Otherwise, the current trend of flow in providing climate adaptation finance may create a new debt burden for the vulnerable developing countries, particularly the LDCs.

On behalf of the Bangladesh delegation, Environment, Forest and Climate Change Minister Md Shahab Uddin said this at a press briefing at Sharm El Sheikh in Egypt on Monday.

Read: Around 6500 become climate refugees in Bangladesh every year: Momen at COP27

He said, “The quantity and quality of adaptation finance provided to developing countries by developed ones is far from our expectation. More than 70% of the generated fund is provided as loan and a significant portion of that is provided at prevailing market rates.”

Bangladesh is strongly in favor of a balanced allocation between adaptation and mitigation and grant-based financing for adaptation in line with the Paris Agreement decision.

Bangladesh strongly urges developed countries to fulfill their commitment of US$ 100 billion as well as doubling double their collective provision of adaptation finance by 2025 as agreed during COP 26, he said

“Green climate fund (GCF), Least developed countries fund (LDCF), adaptation fund (AF) and  Global Environment Facility (GEF) Trust fund should be strengthened with adequate resources and access to those funds should be quick and easy,” he said.

“Under Mitigation Work Programme, on which a decision will be taken at COP 27 for achieving 1.5 degree Celsius temperature goal is a question of survival for countries like us,” the minister said.

Read: Climate change a threat to millions, vulnerable countries must be taken into account: FM

He said Bangladesh underscores the need of addressing the existing gap between NDCs (nationally determined contributions) by countries and emission reductions required to reach  1.5℃ target, and to reduce global carbon emission by 45% by 2030 in the decisions of COP27 and CMA4 (the group of the countries who have signed and ratified the Paris Agreement).

He said parties discussed a framework to develop the elements and criteria for developing the global goal on adaptation (GGA) during 2023 and reach a decision on this during COP 29.

Parties also discussed the sectors and areas for the 4 workshops, which will be conducted during 2023.