Bangladesh has historically played a significant role, particularly on behalf of the Least Developed Countries (LDCs), especially in the establishment of the Loss and Damage Fund (LDF). Bangladesh still has a long way to go in addressing climate injustices in the context of international climate negotiations.
With just seven days left until the global climate conference COP29 in Baku, Azerbaijan, Bangladeshi experts, negotiators, and youth activists are focused on their last-minute preparations. At the same time, representatives from the interim government are dealing with post-revolution challenges on the ground.
On the global stage of climate change negotiations, Bangladesh has historically played a significant role, particularly on behalf of the Least Developed Countries (LDCs), especially in the establishment of the Loss and Damage Fund (LDF). Bangladesh still has a long way to go in addressing climate injustices in the context of international climate negotiations.
The Change Initiative (CI) has studied previously developed impactful frameworks, such as the Paris Pact for People and Planet (4P), the Bridgetown Initiative, the Accra Marrakesh Agenda, the G20 New Delhi Leaders’ Declaration, and the African Leaders’ Nairobi Declaration on Climate and Call to Action. Based on this analysis, the CI team has identified twelve key priorities for Bangladesh to consider at the 2024 UN Climate Conference (COP29).
Setting Time-bound Mitigation Target
Only 53 companies are responsible for 80% of global industrial gas emissions. These companies increased their emissions after the Paris Agreement was signed in 2016. So, setting time-bound mitigation targets for these companies is crucial to reduce global GHG emissions considerably by 2030. Bangladeshi delegates and negotiators should play an active role in creating pressure on these companies.
Emphasize on Necessary Additional $480 billion External Finance
To deal with climate change challenges effectively by 2030, we will need an additional $480 billion every year in external funding that comes from public sources. This is more than four times the existing commitment of $100 billion aimed at supporting developing countries. To meet these needs, monetary support from developed countries should rise to just over 1% of their total national revenue, up from roughly 0.36% now. Bangladesh must focus on defining climate finance in a way that aligns with international agreements, particularly the UNFCCC and the Paris Agreement’s 9.3 Article.
Underscoring Common Framework for Debt Treatments Beyond the Debt Service Suspension Initiative
Common Framework for Debt Treatments (CFDT) is the extension of the Debt Service Suspension Initiative (DSSI), the G20 countries’ and Paris Club’s initiative to support low-income countries that are entangled in debt traps during COVID. Bangladesh along with the LDCs should raise their voice to lessen the CFDT limitations and strengthen it to support the most climate-vulnerable debt-trapped countries.
Strengthening Multilateral Development Banks (MDBs)
The MDBs need to enhance operating models, improve responsiveness and accessibility, and increase financial capacity and need to work as a system, including common country platforms, and collaborating with the multilateral funds to streamline access to finance, including local currency financing and making a difference in public adaptation finance. Bangladesh should prioritize strengthening MDBs frameworks and operations.
Framing of the Climate Resilient Debt Clauses
Bangladesh’s advocacy at the COP29 platforms should include the framework of the climate-resilient debt clauses; consideration of debt-for-climate swaps; and sustainability-linked bonds. Voluntary IMF Special Drawing Rights (SDRs) should be rechanneled, subject to national legal frameworks, including through the Resilience and Sustainability Trust.
Grant-Based Finance
Bangladesh should advocate for at least 100% access to grant-based finance for adaptation from 2025 to avoid further debt burdens.
Doubling of adaptation finance by 2025
Bangladesh must emphasis on doubling of adaptation finance by 2025; and the ambitious replenishment of the Green Climate Fund, significant contributions to the Adaptation Fund.
Just Transition Framework and Time-bound Financial Resources for LDCs
The LDC country must emphasize the need for time-bound transition frameworks to generate more employment in transitioning industries and promote decent work in renewable energy sectors.
Addressing Loss and Damage and Strengthening Disaster Risk Reduction and Resilience
Bangladesh encounters about 20 major natural disasters annually, which often leads to serious economic difficulties and many people losing their dwellings. In 2021, the country suffered approximately $11.3 billion in damages from these catastrophes. Recently, the financial effect of floods alone was assessed to be between $4 to $5 billion. Hence, Bangladesh should advocate for increased international support for disaster risk reduction initiatives, emphasizing resilient infrastructure and community preparedness.
Promoting Sustainable Agriculture and Food Security
Climate change will likely reduce rice production in Bangladesh by 8% and wheat production by 32% by 2050. Bangladesh should underscore the necessity for investment in climate-smart agriculture methods, including agroecological practices and drought-resistant crop varieties.
Enhancing Urban Climate Resilience
Rapid urbanization has caused 40% of Bangladesh’s population to live in cities. By 2050, this number is expected to rise to 56% which increases climate vulnerabilities. Bangladesh should pursue funding and technical support to design and implement urban resilience strategies that include green infrastructure.
Fostering International Cooperation on Technology Transfer
Many developing countries struggle to access the advanced technologies needed to tackle climate change. Bangladesh should stress the importance of meaningful commitment to the global technology transfer mechanism to promote the sharing of innovative solutions.
In conclusion, Bangladesh’s role is more crucial than ever, and it has a robust track record in championing the needs of LDCs to have a precise agenda for addressing climate injustices. The twelve priorities summarized by the Change Initiative (CI) provide a thorough roadmap for the nation’s COP29 delegation, highlighting the necessity for time-bound mitigation targets, debt restructuring, substantial financial commitments, and enhanced resilience frameworks.
M Zakir Hossain Khan, the Chief Executive, Change Initiative
