Overview
Build on flagship initiatives such as the Paris Pact for People and Planet (4P), Bridgetown Initiative, Accra Marrakesh Agenda, G20 New Delhi Leaders’ Declaration, and African Leaders’ Nairobi Declaration on Climate and Call to Action.
Moreover, accelerating the mobilization and deployment of climate finance from all sources, underscoring the importance of finance that is available, accessible, and affordable, particularly for the most vulnerable. Review the decisions of COP28 and emphasis should be given on the following issues-
i) Time-bound mitigation target for 53 companies that are responsible for approximately 80% of global industrial greenhouse gas emissions. These companies primarily operate in the fossil fuel, energy, and transportation sectors.
ii) Around $480 billion2 per annum in additional concessional (external public) finance is required to address climate actions by 2030. That means more than quadrupling the currently committed $100 billion “new” and “additional” to ODA per annum or tripling ODA to just over 1 percent of OECD countries’ 2022 gross national income, up from currently 0.36 percent. Bangladesh should emphasize to define the climate finance aligning with the UNFCCC and Article 9.3 of Paris Agreement.
iii) Bangladesh along with the LDCs should raise the issue for full implementation of the “Common Framework for Debt Treatments Beyond the Debt Service Suspension Initiative“.
iv) Recognizing the Report of the G20 Independent Expert Group on Strengthening MDBs, the MDBs need to enhance operating models, improve responsiveness and accessibility, and increase financial capacity and need to work as a system, including through common country platforms, and collaborating with the multilateral funds to streamline access to finance, including local currency financing and making a difference in public adaptation finance.
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