Leaders' Summit on Climate: Dhaka optimistic about $100 billion fund

Foreign Minister Dr AK Abdul Momen on Friday expressed optimism over the promised international financial flow of US$100 billion, saying money is not a problem but the political commitment matters.

"I'm very optimistic as always. The most important thing is political commitment," he said, noting that they have seen that commitment through the "Leaders Summit on Climate" hosted by US President Joe Biden.

Dr Momen said Prime Minister Sheikh Hasina pushed for the annual target of mobilising $100 billion as committed by developed countries in her speech at the Summit on Thursday.

In a virtual briefing, the Foreign Minister said they have to know how to get the money, and money is not a problem if there is a political commitment.

He termed the Leaders' Summit on Climate is a "breakthrough" and expressed satisfaction over the commitment of the global leaders. 

The Foreign Minister referred to the emissions target set by the US by 2030 and commitment by countries like China, Japan, Germany, Canada and the European countries and said these are "beautiful statements."

"It seems there's political push behind it, commitment is there," he said adding that these are very encouraging news for countries like Bangladesh.

Bangladesh stressed that the funding should be distributed at a ratio of 50:50 between mitigation and adaptation. At the same time, adaptation without mitigation is not a good strategy.

"We've a breakthrough in this dialogue and debate for the initiative taken by the US," said the Foreign Minister.

Prime Minister Sheikh Hasina put forward four suggestions to global leaders to fight climate change challenges with a strong collective response.

Her suggestions include announcing an immediate and ambitious action plan by developed countries to reduce their carbon emissions to keep the global temperature at 1.5 degrees Celsius with focus on mitigation measures; and ensuring the annual target of 100 billion US dollars which should be balanced 50:50 between adaptation and mitigation with a special attention to the vulnerable countries while pursuing losses and damages.

The other two suggestions are: Major economies, international financial institutions and private sectors should come forward with plans for concessional climate financing as well as innovation; and focusing on green economy and carbon neutral technologies with a provision of technology transfer among nations.

Foreign Secretary Masud Bin Momen, was among others, present at the virtual media briefing.

Indian Prime Minister Narendra Modi, Chinese President Xi Jinping, Japanese Prime Minister Yoshihide Suga, Russian President Vladimir Puti, Australian Prime Minister Scott Morrison, British Prime Minister Boris Johnson, German Chancellor Angela Merkel, Prime Minister, South Korean President Moon Jae-in and Turkish President Recep Tayyip Erdogan were among the participants at the Summit invited by the US President.

The Leaders' Summit on Climate underscored the urgency - and the economic benefits - of stronger climate action.

The Summit also highlighted examples of how enhanced climate ambition will create good paying jobs, advance innovative technologies, and help vulnerable countries adapt to climate impacts.

It is seen as a key milestone on the road to the United Nations Climate Change Conference (COP26) this November in Glasgow.

A key goal of COP26 will be to catalyze efforts that keep that 1.5-degree goal within reach.

The entire world faces "a moment of peril" but also "a moment of opportunity," Biden declared, speaking from a TV-style chrome-blue set for the virtual summit of 40 world leaders.

The participants appeared one after other onscreen for what appeared to be a mix of live and recorded addresses.

"The signs are unmistakable," Biden said. "The science is undeniable. The cost of inaction keeps mounting."

Biden's new U.S. commitment, timed to the summit, would cut America's fossil fuel emissions as much as 52% by 2030.

It comes after four years of international withdrawal from the issue under President Donald Trump, who mocked the science of climate change and pulled the US out of the landmark 2015 Paris climate accord, reports AP.