BAKU, Azerbaijan, November 11. A panel session themed “Implementing the Paris Agreement and ensuring fair and legal distribution of climate finance for the most vulnerable countries” is being held within COP29 in Baku, Azerbaijan, Trend reports.
Partha Hefaz Shaikh, a representative from the Center for Joint Research and Development said that understanding how the funds allocated for the New Collective Quantified Goal (NCQG) on Climate Finance are utilized to meet relevant indicators is crucial.
"On the other hand, it’s crucial to recognize that we have the Global Goal on Adaptation (GGA) alongside several related indicators. These cover various aspects, including mitigation, adaptation, loss and damage compensation, and maintaining balance. Special focus is placed on the NCQG and the GGA. Now, we have clear indicators that must be met, and it’s vital to understand how the funds allocated through the NCQG are being used to achieve these objectives. This is an issue that demands attention from the entire UNFCCC structure and throughout the negotiation process. We need clarity on the approaches and resources that will be employed to reach these targets. This is a matter that requires collective focus, and we hope that negotiators and all participants will provide a thorough analysis of this issue," he added.
Shaikh also highlighted the importance of monitoring how the indicators for the GGA are being met.
"These are the expectations that the people of Bangladesh place on negotiators, hoping that they will begin discussions and conduct a thorough analysis of these issues. We have only one world, and we must think about that. As we cross boundaries, we must remember the vulnerable people around the world," he added.
The representative of the Coastal Social Transformation Trust Abul Hasan noted that the new collective quantitative goal should include thematic sub-goals.
“Climate finance will be meaningless if global warming cannot be kept within two degrees Celsius. We all realize that the climate is changing, so it is critical to keep temperatures at current levels. It is also important to consider our quantitative NCQG (New Collective Quantitative Goal). The funding strategy for the NCQG should focus on the 1.5 degree Celsius target and include thematic sub-targets such as adaptation funds and compensation for loss and damage,” Abul Hasan emphasized.
According to him, the NCQG should focus first on grant-making and then on more significant financial resources.
“The responsibility for mobilizing financial resources must be taken up by other countries. The new collective quantitative targets should be human rights and gender-sensitive,” he added.
Abul Hasan also noted that Bangladesh is one of the most vulnerable countries to climate change.
“To implement short-term and long-term plans, Bangladesh requires $18.24 billion per year. Therefore, it is important to emphasize that climate finance should be based on the principles of justice, humanism, and equity,” he concluded.
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