As global leaders converge in Baku, Azerbaijan, for the 29th climate conference, the urgency for meaningful climate finance has never been more pronounced.
Vulnerable nations, particularly Bangladesh are sounding the alarm on the escalating climate debt that threatens their very existence.
With a per capita climate debt reaching $80, the burden on each Bangladeshi citizen is a stark reminder of the financial inequalities exacerbated by climate change.
An English newspaper on Monday reported that despite contributing a mere 0.56 per cent of global greenhouse gas emissions, Bangladesh ranks seventh on the long-term climate risk index.
This paradox highlights the injustice faced by least-developed countries (LDCs) that are disproportionately affected by climate impacts such as floods, cyclones, and sea-level rise.
The recent report by Change Initiative underscores the dire need for new and additional climate finance that does not deepen the debt trap already ensnaring these nations.
At COP29, it is imperative that LDCs, led by Bangladesh, advocate for 100 per cent grant-based adaptation finance by 2025.
Wealthy nations must be held accountable for their unfulfilled promises, including the long-overdue $100 billion annual commitment made at COP15 in Copenhagen.
The failure to mobilise these funds not only jeopardises climate resilience efforts but also risks plunging countries like Bangladesh into a cycle of debt that undermines their development.
Bangladesh’s proactive measures, such as the establishment of the Bangladesh Climate Change Trust Fund (BCCTF), demonstrate its commitment to tackling climate issues without solely relying on international aid.
However, with an estimated $230 billion needed for the National Action Plan on climate change, the current funding landscape is woefully inadequate.
The government’s allocation of 6-7 per cent of its annual budget for climate adaptation is commendable, yet it falls drastically short of the required investment.
As COP29 unfolds, world leaders must prioritise the operationalisation of the loss and damage fund, ensuring that it provides timely and accessible support to those most affected by climate change.
The urgency to limit global temperature rise to 1.5 degrees Celsius cannot be overstated; it is a matter of survival for millions.
In this pivotal moment, it is crucial that developed nations step up, fulfil their commitments, and provide the necessary resources to empower vulnerable countries.
We must say the time for action is now; the future of our planet depends on it.