COP29 and Bangladesh: Do the disappointments outweigh the achievements?
Bangladesh arrived at Baku, Azerbaijan for COP29 with clear priorities. How much of it has been materialised?
The conference, dubbed the "Finance COP," saw global leaders engage in negotiations to address climate financing, debt relief and adaptation strategies.
Amid these discussions, Bangladesh highlighted its dual role as a victim of climate change and an advocate for systemic reforms, securing some wins but facing familiar frustrations over the inequities in global climate diplomacy.
Loss and Damage Fund: A step forward but far to go
One of the landmark outcomes of COP29 was the operationalisation of the Loss and Damage Fund, a lifeline for nations vulnerable to climate disasters. Bangladesh played a key role in pushing for transparent mechanisms to access this fund, emphasising its critical need for disaster preparedness, infrastructure rebuilding and community-based adaptation strategies.
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However, the fund's initial allocation of $20 billion fell woefully short of the $1.3 trillion estimated annual requirement for developing countries. Adding to the concern was the ongoing debate over whether the fund's disbursements would take the form of grants or loans, with loans posing a significant burden on countries like Bangladesh.
Bangladesh also stressed the need to streamline access to the fund, proposing measures to avoid bureaucratic delays that could hinder timely disaster response. Despite these efforts, the slow progress in implementing these mechanisms underscored the systemic inequities that persist in global climate finance.
Bangladesh's vision includes utilising the funds to strengthen disaster preparedness, rebuild infrastructure damaged by climate-induced disasters and enhance community resilience through localised adaptation strategies. Additionally, the fund could support the development of renewable energy projects, such as solar and wind farms, which would reduce dependence on fossil fuels and align with global sustainability goals.
However, the outcomes so far have left much to be desired, particularly for vulnerable nations like Bangladesh. Nature-based solutions were largely overlooked during the negotiations, despite the Nature4Climate coalition's call to triple financing for nature by 2030.
Although multilateral development banks (MDBs) pledged $120 billion annually by 2030 for climate financing, including $42 billion for adaptation, the commitment falls short of the massive financial needs of vulnerable countries.
Efforts to operationalise the Loss and Damage Fund have been slow, creating uncertainty for nations vulnerable to climate-induced disasters. Calls for simplified and transparent mechanisms to ensure timely access to funds have yet to see meaningful action, leaving countries like Bangladesh at risk of prolonged delays in receiving critical resources.
Unmet expectations in climate finance
While the conference aimed to shift climate financing towards developing nations, Bangladesh expressed frustration over the inadequacy of commitments from high-emission countries. Interim leader Muhammad Yunus criticised the negotiations as "humiliating," likening the debate over resources to "fish market-like haggling."
The reluctance of developed nations to meet their $100 billion annual pledge—originally promised in 2009—further deepened Bangladesh's sense of marginalisation.
The reliance on private-sector investments rather than public contributions drew criticism, as this approach does not address the urgent needs of vulnerable nations. Bangladesh argued for more robust financial commitments to bridge its estimated $480 billion annual climate finance gap by 2030.
Despite some pledges, such as $10 billion in forest finance, the collective commitments fell short of what is needed to safeguard the country against rising sea levels, increased flooding and other climate-induced threats.
Bangladesh's climate advocacy in focus
Early agreements under Article 6 of the Paris Agreement and the approval of REDD+ methodologies marked modest progress in carbon markets during COP29. These measures aim to enhance accountability and encourage forest conservation. However, concerns linger over governance and fairness, particularly regarding how these frameworks will address the needs of vulnerable nations like Bangladesh.
Indigenous leaders made a notable move by launching the Troika of Indigenous Peoples, pushing for stronger territorial rights and representation in climate actions. While this marked a step forward, broader inclusion of Indigenous voices in critical negotiations remains insufficient. Additionally, the limited focus on nature-based solutions throughout the summit underscored the need for more comprehensive and inclusive engagement in climate dialogues.
Debt relief mechanisms, including the G20's Common Framework, yielded no tangible outcomes, dealing a blow to Bangladesh's efforts to alleviate its financial burdens. For a nation striving to free up resources for climate resilience and mitigation, this lack of progress was a significant setback.
Bangladesh arrived at COP29 with clear priorities: securing robust financial commitments to bridge its climate finance gap and streamlining access to vital resources. Developed nations reiterated their long-standing $100 billion annual pledge, but this commitment pales against Bangladesh's estimated need of $480 billion per year by 2030.
Although the announcement of $10 billion in forest finance from 11 governments and the EU was a positive step, it fell short of the pledged $12 billion goal, leaving critical gaps unaddressed.
Accessing the Loss and Damage Fund was a pivotal focus for Bangladesh. Despite its operationalisation, delays in implementing transparent mechanisms for fund allocation posed significant challenges. This slow progress risks hindering timely responses to climate-induced disasters. Bangladesh's strategy for utilising the fund includes capacity-building initiatives for local governments, establishing early warning systems, and financing large-scale adaptation projects, such as embankment construction and mangrove restoration, to address coastal vulnerabilities.
Bangladesh also took a strong stance against fossil fuel subsidies, advocating for their redirection towards green investments. However, discussions on renewable energy transitions produced little progress during the first week of the conference, reflecting the persistent inertia in advancing critical climate solutions.
In its call for increased investment in sustainable agriculture and urban resilience, Bangladesh emphasised the multifaceted challenges posed by climate change. Unfortunately, these areas received limited attention, as discussions remained narrowly focused on carbon markets and financial mechanisms.
This sidelining of tangible commitments to critical sectors highlights the ongoing disconnect between global priorities and the urgent needs of climate-vulnerable nations.
Achievements amidst challenges
Amid the setbacks, Bangladesh's consistent advocacy earned it recognition as a model for resilience. The country's initiatives in mangrove restoration, community-based adaptation, and sustainable agriculture were lauded as exemplary. These efforts reinforced Bangladesh's leadership on the global stage, even as it continued to push for systemic reforms to address the root causes of climate injustice.
By building on the lessons of COP29, Bangladesh can strengthen its strategies to secure meaningful progress in areas such as debt relief, financial accessibility and emission reductions.
Bangladesh will also continue to press for debt relief as a financial strategy to prioritise the needs of climate-vulnerable LDCs. Easing debt burdens could free up critical resources for these nations to invest in climate resilience and sustainable development.
Bangladesh continues to push for the cause of climate justice, emphasising the urgent need for developed countries to deliver on their commitments. The outcomes of COP29 reflect the complexities of global climate negotiations, with progress often hindered by entrenched inequities and geopolitical tensions.
For Bangladesh, the conference was a mix of achievements and disappointments, highlighting its resilience in the face of systemic barriers. As the world edges closer to climate tipping points, Bangladesh's unwavering commitment to equitable climate action serves as a rallying cry for greater solidarity, ambition and accountability in the fight for a sustainable future.
Rassiq Aziz Kabir and Mohammad Iftekharul are graduate students at the Department of Economics, University of Dhaka.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
