COP29: Rizwana urging grant-based allocations in climate finance negotiations

Adviser Syeda Rizwana Hasan has called for grant-based allocations for adaptation, loss and damage, and other critical areas in the ongoing New Collective Quantified Goals (NCQG) negotiations at the World Climate Conference (COP29).

Speaking at the plenary session on NCQG, she emphasized the pressing need for a fair, transparent, and equitable approach to climate finance that reflects the realities faced by Least Developed Countries (LDCs).

She noted, Option 1 of Goal Formulation is still not reflective of the realities and circumstances in the LDCs and remains weak. A quantified share for adaptation, at least 50%, must be included to ensure equitable allocation.

The adviser said the Bangladesh delegation expressed alignment with the G77, LDCs, and Small Island Developing States (SIDS) in advocating for a robust and inclusive NCQG framework. However, Hasan highlighted significant gaps in the proposed text, such as the absence of a clear grant element and the problematic linkage of grant finance to mobilized finance, as outlined in paragraph 23.

She further rejected Option 2, which includes counting all finance, investments, and even domestic resources in developing countries, and raised concerns about certain financing channels referenced in paragraphs 32 and 33. “Such provisions undermine the principles of the Paris Agreement, including equity, justice, fairness, and Common but Differentiated Responsibilities (CBDR),” she stated.

Rizwana Hasan underscored the dire need for debt cancellation to alleviate the financial burden on LDCs. The LDCs cannot afford any further debt while tackling existential challenges, she affirmed. Additionally, she called for the omission of references to "non-transparent carbon markets, as they contradict the spirit of the Paris Agreement."

She said as the COP29 negotiations near their conclusion, Bangladesh, along with the LDC group, remains committed to actively engaging to ensure the final NCQG framework upholds equity and justice, aligning with the objectives of the Paris Agreement.

Earlier, she met with the European Parliament delegation at the World Climate Conference (COP-29) in Baku, Azerbaijan. There, she made Bangladesh‍‍`s position and expectations to the EU members. She asked developed countries not to increase debt burden to vulnerable and LDC countries.