Dhaka, Oct 31 Bangladesh Environment Minister Shahab Uddin has emphasised the urgent need for predictable and sufficient grant-based public financing for climate adaptation in vulnerable developing countries.
He also stressed the importance of developed nations fulfilling their commitment to mobilise 100 billion US dollars annually through 2025, while addressing the past three years' shortfall (2020-2022), during a ministerial preparation meeting held in Abu Dhabi, UAE, as part of the process leading up to the 28th meeting of the Conference of the Parties (COP28), Dhaka Tribune reported.
Uddin stressed the need for clear mechanisms to timely report and account for the delivery of climate financing commitments, saying failure to do so could erode trust and hinder progress, Xinhua news agency reported.
He called for the New Collective Quantified Goal (NCQG) on Climate Finance to be significantly higher than the previous 100 billion dollars per year target, focusing on grants rather than loans and reflecting the actual needs of developing nations to adapt to climate change's inevitable impacts.
The environment minister urged parties to agree on a clear definition of climate finance that enhances the accountability and transparency of climate and non-climate financial flows.
He said the outcome of COP28 should emphasise the responsibility of developed countries to lead in providing and mobilizing climate finance for developing nations.
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