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.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
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