The ongoing COP29, the 29th United Nations Climate Change Conference, presents a crucial opportunity to build upon previous agreements and tackle pressing climate challenges.
For countries like Bangladesh, one of the world’s most climate-vulnerable nations, the outcomes of this conference could be transformative.
Climate finance is expected to be a central topic at COP29, with developed nations potentially increasing financial commitments to support adaptation and mitigation in developing countries.
The COP27 agreement in 2022 pledged $100 billion per year in climate finance from developed nations to support developing countries, though this target has yet to be fully met.
If COP29 enforces stricter accountability and clearer timelines, Bangladesh could see significant benefits. The country requires an estimated $2 billion annually through 2030 to adapt to climate impacts and bolster resilience.
This support would be crucial for infrastructure projects, such as flood defenses and cyclone shelters, and for promoting sustainable agricultural practices, which are essential to rural communities facing crop losses due to floods and droughts.
Another focus likely to emerge at COP29 is operationalising the "loss and damage" funding, formalised at COP27 to compensate nations for irreversible climate impacts.
In Bangladesh, losses from climate-induced damage are substantial: according to the Bangladesh Centre for Advanced Studies, the country incurs an annual economic loss of approximately $1 billion due to natural disasters exacerbated by climate change.
Frequent flooding, crop destruction, displacement, and erosion are some of the major impacts.
Streamlined and accessible loss and damage funding could help Bangladesh respond more effectively, enabling community resilience initiatives and aiding those affected by disasters.
Resilience and adaptation strategies will also be high on COP29’s agenda, with a focus on sharing innovations and technology for climate resilience in agriculture, water management, and coastal protection.
Given that around 30% of Bangladesh’s population lives in low-lying coastal areas vulnerable to rising sea levels, the country urgently needs infrastructure improvements such as embankments and sustainable farming practices.
Coastal areas are projected to experience sea level rises of up to 1.5 meters by the end of the century, putting millions at risk of displacement.
Access to global expertise and innovative technologies for climate adaptation could strengthen Bangladesh's ability to manage these risks, as well as enhance early-warning systems for natural disasters, potentially saving lives and reducing economic losses.
Transitioning to renewable energy is another priority that COP29 is likely to address.
Currently, Bangladesh relies on natural gas and imported fossil fuels for over 90% of its electricity. COP29 could encourage more investment in green energy sources, provide incentives for renewable energy production, and foster partnerships to facilitate clean energy technology transfers.
Bangladesh has already set a goal to generate 40% of its electricity from renewable sources by 2041, up from just 3% in 2020. Increased access to affordable renewable energy resources and technologies would support this goal, helping Bangladesh cut emissions, reduce its dependence on fossil fuels, and improve energy security while creating green jobs and promoting sustainable economic growth.
Additionally, COP29 may address climate-induced migration, an urgent issue for Bangladesh, where around 700,000 people are displaced by natural disasters each year.
Rising sea levels and frequent extreme weather events are major contributors to this migration.
According to the World Bank, climate change could force over 13 million people to migrate within Bangladesh by 2050.
A global framework on climate migration would support the country in managing these challenges, providing resources to relocate communities, adapt existing infrastructure, and minimise the social and economic impacts of climate-driven displacement.
In sum, COP29 has the potential to deliver meaningful progress for countries like Bangladesh, particularly if it strengthens financial commitments, implements loss and damage mechanisms, and facilitates technology sharing.
However, its success will ultimately depend on the commitment of all nations to turn promises into concrete actions that address the needs of vulnerable countries.
Bangladesh and other nations facing severe climate risks are hopeful that COP29 will not only produce ambitious pledges but also ensure these are translated into timely, impactful actions.
