U.S. Treasury Secretary Janet Yellen met Wednesday with her Chinese counterpart and pledged an effort to manage differences and “prevent competition from becoming anything ever near conflict” as the two nations try to thaw relations. Yellen’s first face-to-face meeting with Vice Premier Liu He in Zurich is the highest-ranking contact between the two countries since their presidents agreed last November to look for areas of potential cooperation. Liu, for his part, said he was ready to work together to seek common ground between China and the U.S. "No matter how circumstances change, we should always maintain dialogue and exchanges," he said. A U.S. Treasury readout of their meeting says the two agreed that the U.S. and China would cooperate more on climate finance issues and would both work to support "developing countries in their clean energy transitions." The readout also indicates that Yellen plans to travel to China and welcomes her counterparts to the U.S. in the near future. The meeting comes as the U.S. and Chinese economies grapple with differing, but intertwined challenges on trade, technology and more. Yellen, in opening remarks in front of reporters, told Liu: “While we have areas of disagreement, and we will convey them directly, we should not allow misunderstandings, particularly those stemming from a lack of communication, to unnecessarily worsen our bilateral economic and financial relationship.” She said the two countries “have a responsibility to manage our differences and prevent competition from becoming anything even near conflict." Both economies have their challenges. The Chinese economy is reopening after a COVID-19 resurgence killed tens of thousands of people and shuttered countless businesses. The U.S. is slowly recovering from 40-year-high inflation and is on track to hit its statutory debt ceiling, setting up an expected political showdown between congressional Democrats and Republicans. The debt issue is of keen interest to Asia, as China is the second-largest holder of U.S. debt. There is also the Russian invasion of Ukraine, which hinders global economic growth — and has prompted the U.S. and its allies to agree on an oil price cap on Russia in retaliation, putting China in a difficult spot as a friend and economic ally of Russia. And high interest rates globally have increased pressure on debt-burdened nations that owe great sums to China. Read more: US-China tensions threaten global climate change efforts “A wrong policy move or a reversal in the positive data and we could see the global economy head into a recession in 2023,” said Josh Lipsky, senior director of the Atlantic Council’s GeoEconomics Center. “Both countries have a shared interest in avoiding that scenario." The World Bank reported last week that the global economy will come “ perilously close ” to a recession this year, led by weaker growth in all the world’s top economies — including the U.S. and China. Low-income countries are expected to suffer from any economic downturns of superpowers, the report said. “High on the list is debt restructuring,” Lipsky said of Wednesday's talks. Several low-income countries are at risk of debt default in 2023 and many of them owe large sums to China. “Leaders have been trying for two years to get some agreement and avoid a wave of defaults but there’s been little success and one reason is China’s hesitancy. I expect Yellen to press Liu He on this in the meeting,” Lipsky said. Liu laid out an optimistic vision for the world’s second-largest economy in an address Tuesday at the World Economic Forum in Davos, Switzerland. “If we work hard enough, we are confident that in 2023, China’s growth will most likely return to its normal trend. The Chinese economy will see a significant improvement,” he said. After her stop in Switzerland, Yellen will travel to Zambia, Senegal and South Africa this week in what will be the first in a string of visits by Biden administration officials to sub-Saharan Africa during the year. Zambia is renegotiating its nearly $6 billion debt with China, its biggest creditor. During a closed-door meeting at the Africa Leaders Summit in Washington in December, Yellen and Zambian President Hakainde Hichilema discussed “the need to address debt sustainability and the imperative to conclude a debt treatment for Zambia,” according to Yellen. The Zurich talks are a follow-up to the November meeting between President Joe Biden and China’s Xi Jinping on the sidelines of the Group of 20 summit in Bali, Indonesia. The two world leaders agreed to empower key senior officials to work on areas of potential cooperation, including tackling climate change and maintaining global financial, health and food stability. Beijing had cut off such contacts with the U.S. in protest of then-House Speaker Nancy Pelosi’s trip to Taiwan in August. “We’re going to compete vigorously. But I’m not looking for conflict," Biden said at the time. U.S. Secretary of State Antony Blinken will be traveling to China in early February. Among economic sticking points, the Biden administration blocked the sale of advanced computer chips to China and is considering a ban on investment in some Chinese tech companies, possibly undermining a key economic goal that Xi set for his country. Statements by the Democratic president that the U.S. would defend Taiwan against a Chinese invasion also have increased tensions. And while the U.S. Congress is divided on many issues, members of the House agreed last week to further scrutinize Chinese investments. New House Speaker Kevin McCarthy of California has identified the Communist Party of China as one of two “long-term challenges” for the House, along with the national debt. Read more: US, China agree to cooperate on climate crisis with urgency “There is bipartisan consensus that the era of trusting Communist China is over,” McCarthy said from the House floor last week when the House voted 365 to 65 — with 146 Democrats joining Republicans — to establish the House Select Committee on China. Last year, the U.S. Commerce Department added dozens of Chinese high-tech companies, including makers of aviation equipment, chemicals and computer chips, to an export controls blacklist, citing concerns over national security, U.S. interests and human rights. That move prompted the Chinese to file a lawsuit with the World Trade Organization. Yellen has been critical of China's trade practices and its relationship with Russia, as the two countries have deepened their economic ties since the start of the war in Ukraine. On a July call with Liu, Yellen talked “frankly" about the impact of the Russia’s invasion of Ukraine on the global economy and “unfair, non-market” economic practices, according to a U.S.

Prime Minister Sheikh Hasina on Thursday (November 10, 2022) said that the rich countries responsible for global warming are not keeping their promise to help developing nations deal with its consequences though financial assistance. “The rich countries are not keeping their promises,” she told a five-member delegation of European Union led by EU Commissioner for Home Affairs YIva Johansson during a meeting at her office. PM’s press secretary Ihsanul Karim briefed the reporters after the call on. In 2009, the developed countries most responsible for global warming pledged to provide $100 billion per year by 2020 to help developing nations deal with its consequences. Read more: Honour COP26 commitments, double provisions for adaptation by 2025: PM Hasina writes The commitment has still not been met, generating mistrust and reluctance among some developing nations to accelerate their emissions reductions. Ihsanul Karim said that the EU delegation congratulated the PM for massive development of Bangladesh under her leadership. She said that next year the EU and Bangladesh will celebrate 50 years of diplomatic relations.  They also discussed the migration issue including the Rohingya. Read more: Don’t resort to violence in name of movement: PM Hasina warns BNP PM Hasina said that Rohingyas are big burden for Bangladesh.  The number is increasing with the birth of new babies every day, she added.   Hasina also said the EU should take steps to end the Russia-Ukraine war, for which the whole world is suffering now. Talking about the migration of Bangladeshis using risky paths, she said that the government is taking steps to stop this.  Read more: AL has no problem with non-violent BNP protests: PM Hasina tells MPs “With the help of IOM we have taken back some Bangladeshis,” she said. YIva Johansson Said that EU will continue to support Bangladesh on Rohingya issue.  She mentioned that the EU is currently hosting 4.5 million Ukraine refugees.   She said that there are many Bangladeshis living in the EU countries.  Read More: COP27: Bangladesh prioritises realisation of green climate fund, Environment Minister tells UNB “Some people try to enter the EU countries through the Mediterranean Sea taking risks of their lives. We need manpower, if people from here (Bangladesh) come through legal way then it will be a win-win situation for both,” she said. They also discussed about the climate change issue.  Johansson wanted to know the steps of the Bangladesh to address the impact of climate change. The prime minister said that Bangladesh government already with its own resources has taken steps for climate change adaptation and mitigation. Read More: Bangladesh balances energy needs with climate, conservation She mentioned that many trees are being planted across the country as part of government’s efforts at mitigating the effects of climate change. “Bangladesh is able to manage any kind of disaster.” Talking about women empowerment, the prime minister said women are now working well in every sector because of the policies adopted by her government.  Hasina said her government believes in development from the grassroots.  “Our aim is to develop the socioeconomic status of the grassroots people.” Ambassador at Large M Ziauddin and Principal Secretary Ahmad Kaikaus were present among others. Read Climate-impacted countries like Bangladesh need financial, tech support: UN Resident Coordinator

Civil Society Organisation leaders on Sunday demanded at least 2% of GDP [Gross Domestic Product] be diverted towards climate financing through the national budget every year. They also urged the government to include coastal infrastructure issues as a prioritized investment sector to achieve a sustainable and climate resilient economy. The demands were made at a seminar jointly organized by COAST Foundation, CPRD [Center for Participatory Research & Development] and CDP [Coastal Development Partnership] at CIRDAP auditorium in the capital on Sunday. Dhirendra Debnath Shambhu, MP, and the Chair of Parliamentary Standing Committee on Fisheries and Livestock ministry attended the seminar as the Chief Guest, while the keynote paper was presented by Syed Aminul Hoque, Director of COAST Foundation. Moderated by Rezaul Karim Chowdhury, Executive Director of COAST, the seminar was also addressed by Sharif Jamil, General Secretary of BAPA, AHM Bazlur Rahaman, CEO of BNNRC, Md. Shamsuddoha, CEO of CPRD, Prodip Kumar Roy of CSRL, and Dr. Mesbah Uddin Ahmed of Jatiya Sramik Federation. Read: Experts for commission to monitor budget expenditure In his keynote paper, Aminul Hoque said that the government’s commitment to fight climate change has hardly been reflected in its declared national budget 22-23 fiscal year. The amount allocated Tk 30,531 crores as climate budget is very traditional and business as usual which is unable to fulfill the demand, he added. He mentioned that the government has prepared Delta plan-2100, NDC 2030 [National Determined Contribution 2030], BCCSAP-2009 and recently drafted NAP [National Adaption Plan] that require around 2.20% of GDP to implement, but current allocation is only 0.69%. He put a few demands regarding climate financing issues included that the government must ensure at least 2% of GDP as climate financing according to their strategic plans and real time implement, to Include coastal infrastructure issues as one of the prioritized investment sectors and separate allocation for embankment construction. In his speech, Dhirendra Debnath Shambhu, MP, opined that climate financing is important and needs to increase for holistic and balanced development in socio-economic perspectives. He demanded a separate ministry or board at least for coastal development issues. Sharif Jamil said we don’t expect the growth of a few capitalists and thus achieving socio-economic sustainability hardly be possible ignoring the environmental issues. Government will have to think universal sustainability that would come from a balance planning of both economic, environment and climate change issues, he added. Bazlur Rahaman said, there have different problems and climatic challenges among the East coast, south-west and mid-coastal areas and planning should be developed accordingly. He demanded special health care for vulnerable coastal women acute suffering with reproductive health.  

Prime Minister Sheikh Hasina has said the consensus of global leaders over accelerating the climate finance alongside releasing USD 100 billion keeping pace with the Paris deal implementation and SDGs was the significant achievement. Hasina also said the adoption of Dhaka-Glasgow Declaration, which was formulated by 48 heads of the state and government of climate vulnerable countries, is the outcome of Bangladesh’s leadership in climate diplomacy. The Prime Minister came up with the observation while delivering her written speech at the press conference at her official residence Ganobhaban on Wednesday. The press conference was arranged to inform the outcome of her two-week visit to the United Kingdom and France. In the UK, the Prime Minister attended the 26th UN Climate Change Conference of the Parties (COP) in Glasgow, Scotland and Bangladesh Investment Summit 2021 in London. During her visit to France, she handed over the first Unesco-Bangladesh Bangabandhu Sheikh Mujibur Rahman International Prize for the Creative Economy and joined the 75th founding anniversary event of Unesco and the Paris Peace Forum in Paris. Hasina also had meetings with British Prime Minister Boris Johnson, French President Emmanuel Macron, French Prime Minister Jean Castex, French Prime Minister Jean Castex, Australian Prime Minister Scott Morrison and other heads of state or government. Besides, she had meetings with UK's Prince Charles, First Minister of Scotland Nicola Sturgeon, Commonwealth Secretary General Patricia Scotland, Bill Gates, as well as other important dignitaries from different organisations and business bodies. Read:Focus on blue economy: PM to IORA states The PM joined three civic receptions accorded to her by the Bangladeshi expatriates living in Scotland, London and Paris. Hasina said her participation in the COP26 was very much important for protecting the interest of Bangladesh and other members of Climate Vulnerable Forum (CVF) member countries. Regarding her meeting with British Prime Minister Boris Johnson, she said both the leaders hoped that the friendly relations of the two countries will be extended and deepened. “Apart from the climate issue, we also discussed trade and investment, vaccine diplomacy, Rohingya crisis and other bilateral issues,” Hasina said. About the tete-e-tete with the French President, she said they discussed development of bilateral relations, celebrating of the Golden Jubilee of the diplomatic ties of the two countries, and Rohingya and other regional and international issues. “I requested the French President to start a process for having regular diplomatic dialogues between the two countries and he accepted that warmly,” she said. Hasina mentioned that President Macron has also agreed to work together for increasing activities in defence and economy and other sectors, and maintain regional peace and sustainability. In the beginning, Hasina delivered a written speech highlighting the outcomes of her participation in the COP-26 world leaders summit and prize giving ceremony of the “UNESCO-Bangladesh, Bangabandhu Sheikh Mujibur Rahman International Prize for the Creative Economy” and 75th anniversary of UNESCO. Read:World-class vaccine institute to be set up in Bangladesh: PM She said 141 countries, including Bangladesh, are committed to preventing deforestation by 2030. The Prime Minister said she attended the meeting of the leaders titled “Action and solidarity-the Critical Decade” , a high-level penal on “Women and Climate change” and the closing ceremony of the “World Leaders Summit”. The Prime Minister said she addressed another event on “A Bangladesh Vision for Global climate prosperity” at the Scottish Parliament. Hasina said, during her stay in London, she attended some important events, including “Bangladesh Investment Summit 2021: Building Sustainable Growth Partnership”. The Prime Minister said she attended a reception at the invitation of Rashnara Ali and Lord Jitesh Gadhiya members of the British Parliament in British Parliament in that programme. She presented a keynote speech titled “Bangladesh at 50: A Resilient Delta”. Hasina also she had a bilateral meeting with French Prime Minister Jean Castex at the official residence. During the visit to Paris, she said, a Memorandum of Understanding on Defense Cooperation was signed between Bangladesh and France. Through this both the countries have agreed on training as well as potential defense technology exchanges to enhance the capabilities of both the countries armed forces. Besides, three agreements were signed to provide 200 million euros in Covid-19 management, 130 million euros in support for sustainable water supply management projects, and technical assistance and training in the aviation sector, she added. The Prime Minister said she also attended some important events there including the prize giving ceremony of the “UNESCO-Bangladesh, Bangabandhu Sheikh Mujibur Rahman International Prize for the Creative Economy” at UNESCO Headquarters and 75th anniversary of the UNESCO at the same venue. Sheikh Hasina said the introduction of this award is the most appropriate honor for the contribution of Father of the Nation Bangabandhu Sheikh Mujibur Rahman in world humanity and peace as part of Mujib Year celebrations. The Prime Minister said in her speech in the 75th anniversary of the UNESCO Sheikh Hasina emphasized the need to increase investment in digital tools and services, Internet access, digital content and teacher capacity building to protect the education sector through the use of technology to counter the adverse effects of COVID 19. Foreign Minister Dr AK Abdul Momen,  Road Transport and Bridges Minister Obaidul Quader, Environment, Forest and Climate Change Minister Md. Shahab Uddin and Education Minister Dipu Moni  were present beside her during the press conference.

Prime Minister Sheikh Hasina has urged all the developed countries to come forward with predictable and promised mitigation measures along with climate finance to combat global warming.

The UK government has announced a £50 million investment in a new Clean Energy Innovation Facility (CEIF) under its International Climate Finance.