Leaders’ Summit on Climate

Dhaka optimistic about $100bn fund

Diplomatic Correspondent

24 April, 2021 12:00 AM printer

As world leaders made political commitments in the just-concluded Leaders’ Summit on Climate, the government of Bangladesh on Friday expressed its optimism over both funding and cutting carbon emission.

“We are very optimistic about climate fund and cutting carbon emission. The most important thing is political commitment,” Foreign Minister AK Abdul Momen said, noting that they have seen political commitment through the summit hosted by US President Joe Biden.

Momen told this to reporters at a virtual press conference on the summit on Friday.

President Joe Biden told the Leaders Summit that they would cut emissions blamed for climate change by 50 to 52 percent by 2030 compared with 2005 levels.

Prime Minister Sheikh Hasina, who addressed the two-day virtual summit that concluded on Friday as president of the Climate Vulnerable Forum, put forward four suggestions including keeping global temperature to 1.5 degree Celsius, mobilizing $100 billion fund annually and technology transfer.  Momen has termed the Leaders’ Summit on Climate is a “breakthrough” and expressed satisfaction over the commitment of the global leaders.

He also referred to the emissions target set by the US by 2030 and commitment by countries like China, Japan, Germany, Canada and the European countries and said these are “beautiful statements”.

Japan announced cutting emissions by 46 percent in 2030 compared with 2013, while Canada boosted ambitions of his energy-exporting country to reductions of 40-45 percent below 2005 levels, compared with an earlier target of 30 percent.

“It seems there’s political push behind it, commitment is there,” he said adding that these are very encouraging news for countries like Bangladesh. 

Bangladesh, whose per capita carbon emission is much lower than global average, would also take measures to cut carbon, Momen said.

“In the future, we will reduce coal-based power projects and go for renewable energy more vigorously,” he said, adding that going for green energy will, however, require technology transfer.

Noting that a US Senator has recently made a proposal for helping the developing countries with technology, Momen said that proposal, if passed, will be very helpful for Bangladesh.

Asked about the potentials of mobilizing $100 billion a year by 2020 by the developed countries for climate actions in the developing countries, the foreign minister said as the US has taken a leadership in the global efforts to fight climate change, it is expected that the developed countries will come up.

So far, only $30 billion has been mobilized. The US, which was supposed to contribute $3 billion by 2020, donated only $1 billion during President Barack Obama’s tenure. President Donald Trump made no contribution. However, Biden has announced contributing $2 billion soon.

Prime Minister Sheikh Hasina put forward four suggestions to global leaders to fight climate change challenges with a strong collective response.   

Her suggestions include announcing an immediate and ambitious action plan by developed countries to reduce their carbon emissions to keep the global temperature to 1.5 degrees Celsius with focus on mitigation measures; and ensuring the annual target of 100 billion US dollars which should be balanced 50:50 between adaptation and mitigation with a special attention to the vulnerable countries while pursuing losses and damages.

The two other suggestions are coming major economies, international financial institutions and private sectors forward with plans for concessional climate financing as well as innovation; and focusing on green economy and carbon neutral technologies with a provision of technology transfer among nations.

Foreign Secretary Masud Bin Momen, among others, was present at the virtual media briefing.