The Green Climate Fund (GCF) is prioritizing international organizations over climate-vulnerable countries in granting funds, contradicting its core principles, according to Transparency International Bangladesh (TIB). This has resulted in developing nations like Bangladesh being deprived of necessary support. TIB’s findings highlight GCF’s failures in fulfilling its mandate over the last 12 years, including inadequate fund collection from developed countries and the imposition of loans instead of grants on climate-vulnerable nations. TIB released the research “Accessing Green Climate Fund (GCF) for Vulnerable Countries like Bangladesh: Governance Challenges and Way Forward” during a press conference in Dhaka. This study, conducted from January 2023 to May 2024, used both qualitative and quantitative methods. UZ elections: Predominance of businessmen points to era of politics for profit, says TIB TIB Executive Director Dr. Iftekharuzzaman criticized GCF’s stringent conditions, which have nearly barred developing countries from accessing funds. He emphasized that GCF’s failure to adhere to its principles has led to significant delays in fund transfers and insufficient grant amounts for the intended recipients. Dr. Iftekharuzzaman pointed out the GCF's preferential treatment of international organizations like the UNDP, IDB, ADB, and EBRD, calling it unacceptable and contradictory to the GCF’s mission. He also highlighted the problematic shift towards loans over grants, burdening countries like Bangladesh with additional financial strain. Furthermore, despite corruption allegations, the UNDP’s accreditation was renewed, undermining GCF’s zero-tolerance policy on corruption. DUJ, DRU, TIB condemn ban on journalists entering Bangladesh Bank The research revealed that GCF’s recognition process is overly complex and time-consuming, hindering vulnerable countries like Bangladesh from directly receiving funds. It found a disproportionate focus on mitigation over adaptation, with GCF failing to achieve a balanced 50:50 funding ratio or set a timeline for this goal. Despite the need for USD 215 to 387 billion, GCF provided only USD 5.9 billion for adaptation in developing countries. The study also noted a worrying trend of increasing loans compared to grants, contrary to the Polluters-pay-Principle that mandates developed countries to provide grant-based climate finance. Currently, 40.6% of GCF’s finance is in loans, while 41.6% is in grants, adding financial pressure on already burdened countries. In Bangladesh, the selection of the National Designated Authority (NDA) for GCF has been criticized for lack of transparency and clear policies. The accreditation process for government entities has seen significant delays, with four entities yet to receive accreditation after five years of attempts. A Bangladeshi organization had to wait two years for accreditation due to insufficient support from the GCF Secretariat. Arbitrary introduction of mergers caused further unrest in banking sector: TIB The analysis of GCF project financing revealed that Bangladesh has received inadequate funding for its climate needs. Of the USD 12 billion required by mid-2025, only USD 1.18 billion (9.9%) has been approved from various sources, with USD 448.8 million allocated from readiness and GCF funds (3.7%). Furthermore, GCF has allocated USD 256.4 million (76.9%) for mitigation projects and USD 76.8 million (23.1%) for adaptation projects in Bangladesh, with 75% of these funds as loans and only 25% as grants. Disbursement has been slow, with only 13.3% of funds released for Bangladesh's nine GCF projects, including a three-year delay for the first instalment of one project. The press conference featured TIB Executive Director Dr. Iftekharuzzaman, Adviser-Executive Management Professor Dr. Sumaiya Khair, Director of Research and Policy Muhammad Badiuzzaman, and Senior Research Fellow Md. Mahfuzul Haque. The event was led by TIB Director of Outreach and Communication Mohammad Tauhidul Islam, with research presentations by Research Fellow Newazul Moula and Research Associate Md. Shahidul Islam. TIB voices concern on relaxing wealth statement provision for govt servants  

Mayor of South Korea’s Incheon metropolitan city, Yoo Jeong-bok, has said drone taxis will be up and running between Incheon International Airport and the capital city Seoul in 2025. “Incheon is considered one of the best places to do business and a great place to invest in (South) Korea by leading companies at home and abroad,” he said. The mayor was addressing a farewell reception marking the conclusion of the World Journalists Conference 2023 in Incheon on April 28. Read More: Known for laughs, DC dinner spotlights risks of journalism.

Environment, Forest and Climate Change Minister Shahab Uddin has said that Bangladesh will urge the developed countries for $100 billion that they had promised to provide to the countries affected by climate change at the 27th United Nations Climate Change Conference of The Parties, popularly called COP27. In an interview with UNB, the minister also said that Bangladesh expects the world leaders to implement Glasgow-Sharm El-Sheikh Work Program on The Global Goal on Adaptation at this year’s climate conference. COP27 is taking place in Sharm El Sheikh, Egypt, from 6-18 November 2022 where Bangladesh is playing a crucial role as one of the top actors on behalf of the vulnerable countries that are desperate to get funds to tackle the impacts of climate change. “To implement the National Adaptation Plan prepared by the Bangladesh government, we need $230 billion till 2030. We hope that international organisations like the United Nations will help us execute the plan effectively,” Shahab said.  

Prime Minister Sheikh Hasina on Tuesday said G20 has a greater responsibility to come forward with stronger commitment to mobilise global support to address the issue of displacement or climate refugees.