Climate change is the most widely discussed topic at the moment. An overwhelming majority of people around the world are connected about climate change. Given the critical situation of climate change for humanity , UN experts called on states at the 29th meeting of the conference of the parties to the UN framework Convention on Climate Change (COP29) in Baku, Azerbaijan, to priorities the protection of human rights with truly ambitious climate action plan to 2030, and agree to sufficient, transport and legitimate funding. The slow onset events of climate of climate change such as sea level rise, increased temperature and extreme events exemplified by more frequent and intense drought, severe heat waves, more severe storms, increased precipitation and flash flood result in related losses and damages to nature and people. Other consequences of rising global temperatures include massive crop and fishery collapse and the disappearance hundreds of thousand of species. climate induced displacement and relocation/migration of people emerged as a havoc of the affected people. More than 20 million people a year are forced to leave homes by climate change.
The adverse impacts of the climate change can be addressed to some extent through through different ademption measures. Implementations of these measures need significant financial resources to adapt to the adverse effect and reduce the same. The United Nations Environment programme estimate that adapting to climate change and coping with damages will cost developing countries $140-300 billion per year by 2030. Climate finance is also needed for mitigation. The adaption Gap report 2030 estimate that due to growing adaption finance needs and limited flows, globally the current finance gap is around $194-366 billion per year for adaption only. The sources of climate finance are mainly budgetary allocations of the states, international climate funds, multilateral developments banks (MDBs), bilateral funds and philanthropic organizations. However, these source are not enough to fund the huge climate finance need for Bangladesh.
As the 7th most climate change vulnerable country according to the global climate Risk Index (CRI) 2021, Bangladesh has a consider need fot climate finance. The national adaption plan (NAP) 2022 of Bangladesh estimate it will need around $230 Billion for the period 2023-2050 (which is about $8 billion per year) as new and additional financing requirements for the implementation of the NAP. The country currently spend $1.2 billion annually. Bangladesh thus faces a $7.3 billion climate adaption funding gap annually. The actual financing gap will be higher if the financing needs to committed reduction of GHG emission made in the Bangladesh’s Nationally Determined contributions (NDCs) 2021 ate taken into account. The full implementation of the proposed mitigation actions identified in the NDCs will required about 175 billion within 2030. Only a small part of the total estimated climate finance need could be filled in from budgetary allocations. Climate finance flows from the international climate funds, MDBs, bilateral and philanthropic sources to Bangladesh are also very merge. As for instance, Bangladesh has received US$174 million grants and us$290 million in loans from GFC from implementing 8 projects till date. In addition, so far, Bangladesh has received us$34.41 million from the Least Development Countries Fund (LDFC).
