Economy
COP27: BD to reiterate for $100b pledged for developing nations
Global leaders are progressing for the COP27 next month, November — to take action towards achieving collective climate goals set under Paris Agreement and the Convention.
The 27th Conference of the Parties to the UN Framework Convention on Climate Change, or ‘COP27’, will build on the outcomes of COP26 to deliver action on an array of issues critical to tackling the climate emergency.
These actions are: urgently reducing greenhouse gas emissions, building resilience and adapting to the inevitable impacts of climate change, and delivering on the commitments to finance climate action in developing countries.
Bangladesh will reiterate its call to materialize the pledge of providing $100 billion funds per year to developing nations at the most prior, authorities stated.
Bangladesh will also highlight the importance of “enhanced funds” for climate change mitigation and adaptation at the conference that will take place from November 6 to 18 in Sharm el-Sheikh, Egypt.
Nations are expected to demonstrate at COP27 that they are in a new era of implementation by turning their commitments under the Paris Agreement into action.
Heads of state and governments will attend the Sharm el-Sheikh Climate Implementation Summit on November 7 and 8 while a high-level segment primarily attended by ministers will take place from November 15-18.
The Vulnerable 20 (V20) and Group of 7 (G7) will jointly launch the Global Shield Against Climate Risks at COP27 in a wider effort to accelerate pre-arranged financing at speed and scale.
The V20 membership stands at 58 economies representing some 1.5 billion people including Bangladesh.
The Vulnerable 20 Group of Finance Ministers from climate-vulnerable economies and the G7 Presidency have already revealed they have reached an agreement on financial protection cooperation that responds to loss and damage as a contribution to the Paris Climate Treaty.
Foreign Minister AK Abdul Momen has called for the implementation of climate financing pledges commensurate with the principles of loss and damage ahead of the climate conference going to take place in Sharm El Sheikh next month.
State Minister for Planning Dr. Shamsul Alam has said Bangladesh firmly believes that climate change is a security issue and it must be discussed at regular intervals at the United Nations Security Council (UNSC).
Bangladesh has been a significant player in global climate diplomacy and during the presidency of CVF, Bangladesh emerged as a bold voice in the climate change negotiations under the leadership of Prime Minister Sheikh Hasina.
Bangladesh has launched the “Mujib Climate Prosperity Plan” with the aim to put her on a journey from climate vulnerability to resilience to climate prosperity. The government sees it as one of the landmark policy guidelines for climate-vulnerable countries.
As government representatives start to finalize the agenda for the COP27 climate change conference in Egypt next month, the UN chief told journalists in New York that the work ahead is “as immense as the climate impacts we are seeing around the world”.
“At COP27, I will launch an action plan to provide early warning systems for all within five years,” said UN Secretary-General Antonio Guterres. He seeks the governments, international financial institutions and civil society to support it.
“We came out of Paris, COP21, with a historic agreement which set out a framework of what needs to be done, and then in Glasgow previous year, an agreement on how to do it,” said Simon Stiell, the sixth Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) or UN Climate Change.
2022 marks seven years since the adoption of the Paris Agreement on Climate Change – a landmark international treaty to tackle the climate crisis.
The agreement calls for limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C. To get there, the world needs to halve its carbon emissions by 2030.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
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