News Desk :
Bangladesh has demonstrated a strong commitment to global climate cooperation, with Chief Adviser Professor Muhammad Yunus affirming the country’s readiness to engage with the “Climate Club” for enhanced capacity-building, technology transfer, and concessional financing to support decarbonisation efforts.
This announcement underscores Bangladesh’s proactive stance at the COP29 climate summit, the UN’s premier climate conference currently taking place this week.
During the “Climate Club Leaders’ Meeting,” co-hosted by Germany and Chile on the sidelines of COP29, Professor Yunus emphasised the urgent need for special considerations for Least Developed Countries (LDCs) like Bangladesh, stating, “LDCs require preferential treatment due to their unique circumstances and development needs.”
The Climate Club, an inclusive intergovernmental forum, aims to accelerate industrial decarbonisation by providing countries with the necessary support to transition to sustainable industrial practices.
Professor Yunus is set to further advocate for LDCs at the “World Leaders Climate Action Summit” on Wednesday, where he is scheduled to address climate challenges, with his speech expected to take place between 1:30 pm and 3:00 pm Bangladesh time.
He highlighted the risks of “carbon leakage,” where high-emission industries relocate to countries with less stringent climate policies.
This trend not only undermines global emissions reduction efforts but also jeopardises competitiveness in regions with stricter policies, potentially leading to job losses.
He noted, “Carbon leakage can diminish incentives for innovation in low-carbon technologies, as costs often outweigh sustainable practices in certain sectors.”
To address these challenges, Professor Yunus proposed implementing carbon border adjustments and enhancing international cooperation to balance decarbonisation with economic stability.
However, he cautioned that such measures could have adverse effects on developing economies like Bangladesh, where stricter emissions standards might increase production costs, impacting global competitiveness.
The Chief Adviser called for a “just and inclusive transition” for developing nations, emphasising the necessity for comprehensive financial and technical support to foster green industries in vulnerable countries.
He argued that international partnerships are essential for sustainable economic growth and job creation in emerging markets.
Professor Yunus urged the international community to achieve a 43 per cent reduction in greenhouse gas emissions by 2030, with a net-zero target by 2050.
He contended that this requires “deep, rapid, and sustained reductions” alongside global collaboration, particularly in developing economies where industrial investment is expected to grow to meet rising demand.
He also called for increased financial commitments to assist LDC industries in adopting decarbonisation technologies, which often entail substantial upfront costs.
“Developing financial mechanisms to support industrial decarbonisation and providing access to concessional finance are crucial for emerging economies like Bangladesh,” he explained, noting that limited funding remains a significant barrier to the adoption of sustainable solutions in these regions.
Additionally, the Chief Adviser encouraged developed nations to support national and international research aimed at advancing decarbonisation technologies and practices.
He underscored the importance of public-private partnerships in driving innovation, adding that “collaborative research and financial support from developed nations will accelerate shared learning and technological advancements.”
Professor Yunus concluded by advocating for international agreements on carbon pricing and carbon border adjustment taxes.
He argued that these policies would help establish a level playing field by applying equivalent carbon costs to imports, ensuring that climate accountability extends across borders.
