Demanding simplifying climate financing process, Information Minister Hasan Mahmud has said the long-term funding should come from the states not from any market mechanism.
“The developed nations are trying to impose the long-term financing on market mechanism and with this the matter of profit would come. Without profit, funding would not come from market mechanism,” he said.
Dr Mahmud came up with the observations while addressing “High-Level Segment” of the conference on behalf of Bangladesh at COP 25 in Madrid, Spain on Thursday (Dec 12), according to a press release received in Dhaka on Friday (Dec 13).
Mentioning the fact that Bangladesh has only received $90 million from around $9.5 billion Green Climate Fund till now, the minister said the developed nations are spending billions in the military sector, but not giving money in the Green Climate Fund that they had pledged.
“The US had pledged to provide $3 billion to the fund, but after giving $1 billion, they have withdrawn the rest of the money. It is very disappointing,” Hasan said.
Urging to make the funding process much easier, the information minister said as the process of providing fund is difficult the climate affected nations like Bangladesh are not getting money that they desired.
“Bangladesh has so far received USD nine crore from Green Climate Fund due to its capability. Bangladesh is not only capable, but also is much ahead of many other countries in this regard. Bangladesh is the first country to formulate Climate Change Action Plan to tackle blow of climate change. We have formed the trust fund from our own resources and implemented 720 projects from this fund,” he added.
The minister is scheduled to return home on Dec 14.