PM calls for at least 50% of climate finance for adaptation

Prime Minister Tarique Rahman today (12 November) called for allocating at least 50% of international climate finance to adaptation, saying climate-vulnerable countries need grants rather than more loans that increase their debt.

Addressing the High-Level Segment of the UN Climate Change Conference (COP31) in Antalya, Türkiye, he said at least 50% of international climate finance should be allocated to adaptation based on each country’s priorities, while also supporting efforts to reduce emissions.

“Climate-vulnerable countries need grants, not more loans that increase their debt. They also need reliable financial support, access to modern technology and stronger support for adaptation,” he said.

Describing the global climate finance system as inadequate, the prime minister said it did not properly address the needs and priorities of developing countries.

“Climate-related losses and damages are putting a heavy burden on our economies. At the same time, rising debt payments and limited financial resources are making things even harder,” he said.

Guided by the principle of Common but Differentiated Responsibilities and Respective Capabilities, Bangladesh is calling for five urgent actions, he said.

These include allocating at least 50% of international climate finance to adaptation, introducing debt-relief measures for vulnerable countries, ensuring fair access to climate-friendly technologies, accelerating the transition to renewable energy, and adopting the Belem-Antalya Action Mechanism for a just transition at COP31.

Tarique Rahman said Bangladesh was on the frontline of climate change, although its contribution to global greenhouse gas emissions was less than 0.5%.

“Despite these challenges, we remain committed to building a trillion-dollar, climate-resilient and sustainable economy,” he said.

He said that, guided by the philosophy of “Bangladesh Before All”, the government believed economic growth and environmental protection must go hand in hand, and that industrialisation and development must protect nature and maintain ecological balance.

The prime minister said Bangladesh had set a target of meeting 20% of its electricity needs from renewable sources by 2030 to achieve net-zero emissions in line with the Paris Agreement.

He said the government was working to develop 4,000 megawatts of solar power, supported by special tax incentives, and was also promoting waste-to-energy projects.

Highlighting efforts to promote green industries, he said Bangladesh had nearly 300 LEED-certified ready-made garment (RMG) factories. The government was also advancing eco-friendly transport, including electric vehicles, promoting environmentally friendly products such as jute bags, and developing a national framework for carbon trading, he added.

Tarique Rahman said Bangladesh planned to plant 250 million trees over five years. To protect the environment, the government was also dredging 20,000 kilometres of rivers and canals, alongside implementing the Padma Barrage and Teesta Barrage Master Plan, to retain water, reduce flood risks, revive wetlands and recharge groundwater.

Mangroves were also being restored on reclaimed coastal land to protect communities and strengthen climate resilience, he said.

The prime minister said women and young people must take part in climate action, decent green jobs must be created, and global emissions must be reduced to keep the 1.5-degree Celsius goal within reach.

Expressing hope for a successful COP31, he said Bangladesh expected the conference to deliver meaningful, balanced and ambitious results, particularly for countries most vulnerable to climate change.

“Let us turn our commitments into action. Let us strengthen global solidarity and build a sustainable future together,” he said.

At the outset of his speech, the prime minister thanked the Government of Türkiye for hosting COP31 and Australia for leading the negotiations.