Vulnerable developing countries urgently need public financing for climate adaptation: Minister

The most vulnerable developing countries like Bangladesh urgently require new, predictable and adequate grant-based public financing for adaptation beyond voluntary donor assistance, Environment, Forest and Climate Change Minister Md Shahab Uddin said today. 

"We want to see the developed countries keep their commitments to mobilise $100 billion per year by 2020 and through 2025, and should make up the shortfall from the past three years (2020-2022)," he said while speaking at the Pre-COP28  Ministerial Preparation Meeting held at Abu Dhabi, UAE on Monday (30 October). 

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Shahab Uddin also said clarity is needed on how delivery of this commitment will be timely reported and accounted for. 

"Failure to do so will significantly undermine the trust and jeopardise the work progress. The New Collective Quantified Goal (NCQG) on Climate Finance must be significantly higher than the last goal of $100 billion per year, prioritise grants over loans, and reflect the actual needs for developing countries to adapt to the inevitable impacts of climate change," he added.

The minister said parties should commit to agreeing on a definition of climate finance that facilitates accountability and transparency of climate and non-climate finance flows. He also said the outcome of COP28 should stress that developed countries are responsible for leading the provision and mobilization of climate finance to developing countries.    

Special envoy to the prime minister on environment and climate change and chairman of standing committee for Ministry of  Environment,  Forest and Climate Change Saber Hossain Chowdhury and Secretary of the Ministry of Environment, Forest and Climate Change Dr Farhina Ahmed were also present on the occasion as members of Bangladesh delegation.