Experts call for clear definition of climate finance ahead of COP29

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Experts have stressed the need for a precise definition of climate finance, expressing concerns that loans and investments from wealthy countries are being misrepresented as aid for vulnerable nations.

At a seminar today organised by EquityBD, a network of development organisations, speakers urged clarity on this issue ahead of the upcoming COP29.

Centre for Participatory Research and Development (CPRD) Chief Executive, Shamsuddoha, who is also part of the government's delegation at the climate conference, noted, "No definition of climate finance has been set. As a result, all funds, including loans and investments from wealthy countries responsible for climate change, are being termed as climate finance."

He criticised the practice of channelling aid money through financial institutions like the World Bank, instead of the UN Framework Convention on Climate Change (UNFCCC).

Fazle Rabbi Sadeque Ahmed, deputy managing director of the Environment and Climate Change unit of Palli Karma-Sahayak Foundation, pointed out the inadequacy of pledged funds.

"Less than 1% of the money promised by rich countries for climate mitigation or adaptation has reached affected nations. Even when funds are available, we face challenges in using them due to infrastructural and policy constraints," he said, calling for improvements in these areas.

During his keynote speech, Abul Hasan, head of the Coast Foundation's climate project, underscored the importance of avoiding stringent conditions on climate finance for poor and affected nations.

"The main discussion at the upcoming conference will be on financing. To make it need-based and realistic, recipient countries must submit their requirements within the given timeframe," he urged.

Dharitri Kumar Sarkar, deputy secretary of the Ministry of Environment and Forests, highlighted the complexities of decision-making at the climate conference.

"The biggest challenge is achieving consensus among 128 member states, which makes quick decisions difficult," he said.

The speakers underscored that the earth would no longer be habitable if global warming exceeds two degrees Celsius by 2100.

They stressed that the focus of all government delegations, including Bangladesh, should be to reduce carbon emissions by 42% by 2030 compared to 2019 levels, to keep the temperature increase within 1.5 to 2 degrees Celsius.

Another related programme, titled "Journalism in the Age of Energy Transition: COP29 Coverage Strategies and Mentoring," was held at the Press Institute of Bangladesh (PIB).

During the event, Ainun Nishat, an emeritus professor at BRAC University, expressed frustration over the limited funds received from developed countries and the lack of compliance mechanisms in Bangladesh for the effective use of these funds.

He also alleged that India and Pakistan often block adaptation funding requests at international conferences.

Speaking at the same event, Professor Ahmad Kamruzzaman Majumder, Chairman of the Centre for Atmospheric Pollution Studies, said, "Cities that are now setting environmental policies were at the top of the list of polluted cities 100 years ago. We are now experiencing the effects of these long-term environmental impacts."

Sayeda Rizwana Hasan, the chief guest, stressed the need to reduce fossil fuel use through a shift in development models.

In a video message, she said, "The international climate change conferences make important decisions that are crucial for us to know, as we work together to prevent pollution."