Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forest and Climate Change and the Ministry of Water Resources, Bangladesh, has underscored the importance of adequate and quality climate financing under the New Collective Quantified Goal (NCQG).
Speaking at the Bangladesh press conference at COP29 in Baku, Azerbaijan, she stressed the need for a USD 1.3 trillion commitment for adaptation, mitigation, and loss and damage, proposing grant-based financing for adaptation and loss and damage and concessional financing for mitigation.
The adviser highlighted that public financing should remain the primary source under NCQG, with the private sector playing a supportive role.
She proposed that at least 20% of this funding flow through established UNFCCC mechanisms, such as the Green Climate Fund and Adaptation Fund.
Rizwana also emphasised the importance of defining climate finance to ensure transparency and accountability through the Standing Committee on Finance.
She also noted Bangladesh's urgent adaptation needs, citing the Adaptation Fund Gap Report 2023, which estimates an annual requirement of USD 8.5 billion, leaving a shortfall of USD 5.5 billion.
Rizwana called for immediate action to fill this gap through external grants, warning of the increasing costs of inaction.
Expressing concern over slow progress in climate finance, particularly the loss and damage fund and NCQG, she criticised the lack of urgency from major emitters.
"Existing policies fall short of limiting global warming to 1.5°C. We are in a decisive decade that will determine our planet's future," she said.
Rizwana also voiced disappointment over unresolved issues, including the review of the Warsaw International Mechanism for Loss and Damage and the stalled Mitigation Work Programme.
She urged developed countries to take the lead in mitigation and fulfill their commitments under Article 6, rather than shifting the burden to developing nations.
The adviser called for stronger commitments informed by the Global Stocktake (GST) outcomes, emphasising the need for tripling renewable energy capacity and doubling energy efficiency by 2030.
"Bangladesh can transition to renewable energy with higher ambition, provided the necessary finance and technical support are available," she stated.
Dr. Farhina Ahmed, secretary of Ministry of Environment, Forest and Climate Change; Farzana Mamtaz, secretary of Power Division, Ministry of Power, Energy and Mineral Resources; Abdul Hamid, director general of Department of Environment; M. Riaz Hamidullah, additional foreign secretary of Ministry of Foreign Affairs; and AKM Sohel, additional secretary of Economic Relations Division, Ministry of Finance were also present in the press conference.
