UNB, Dhaka :
Mentioning that Bangladesh is not getting the compensation it needs to meet the climate risks under the Paris Agreement, Transparency International of Bangladesh (TIB) on Thursday demanded adequate and transparent financing by industrialised countries responsible for climate change.
“As the Paris Agreement doesn’t have a legal agreement on the issue, the international financial institutions (WB, ADB and IMF), along with the
United States, are creating a vicious cycle and withholding the withdrawal of funds,” said TIB Executive Director Dr Iftekharuzzaman.
He came up with the remarks at a press conference arranged by TIB at the city’s Dhanmondi on the forthcoming 25th Conference of the Parties (COP25) to the United Nations Framework Convention on Climate Change (UNFCCC) slated to be held in Madrid, Spain from December 3 to December 12.
According to TIB studies, Bangladesh has been financed with 85 million dollars so far over the last three years from the Green Climate Fund (GCF) although the country needs more than 2.5 billion dollars to tackle climate risks.
“Considering the compensation policy of the polluting countries, donations should be guaranteed instead of loan. Underdeveloped countries will have to collectively raise the demand for the smoother supply of necessary funds from the GCF and other international funds…Bangladesh will have to play a significant role [in this regard],” said Dr Iftekhar.
TIB denounced the proposed bond and insurance-based funding scheme terming it ‘inconsistent’ with the fundamentals of grant-based adaptation funding for the affected countries.
They warned that such plans will only help boost the profits of corporate houses.
Mentioning that Bangladesh is not getting the compensation it needs to meet the climate risks under the Paris Agreement, Transparency International of Bangladesh (TIB) on Thursday demanded adequate and transparent financing by industrialised countries responsible for climate change.
“As the Paris Agreement doesn’t have a legal agreement on the issue, the international financial institutions (WB, ADB and IMF), along with the
United States, are creating a vicious cycle and withholding the withdrawal of funds,” said TIB Executive Director Dr Iftekharuzzaman.
He came up with the remarks at a press conference arranged by TIB at the city’s Dhanmondi on the forthcoming 25th Conference of the Parties (COP25) to the United Nations Framework Convention on Climate Change (UNFCCC) slated to be held in Madrid, Spain from December 3 to December 12.
According to TIB studies, Bangladesh has been financed with 85 million dollars so far over the last three years from the Green Climate Fund (GCF) although the country needs more than 2.5 billion dollars to tackle climate risks.
“Considering the compensation policy of the polluting countries, donations should be guaranteed instead of loan. Underdeveloped countries will have to collectively raise the demand for the smoother supply of necessary funds from the GCF and other international funds…Bangladesh will have to play a significant role [in this regard],” said Dr Iftekhar.
TIB denounced the proposed bond and insurance-based funding scheme terming it ‘inconsistent’ with the fundamentals of grant-based adaptation funding for the affected countries.
They warned that such plans will only help boost the profits of corporate houses.
