With $80 per capita Bangladesh is getting trappeded in climate debt

Zakir Hossain Khan, Managing Director of Change Initiative speaking at an opinion exchange meeting with the Forum of environmental Journalists at the National Press Club on Monday.

Dhaka, October 13: The per capita climate debt in Bangladesh is about $80, which is more than three times the average of least developed countries. Bangladesh is not responsible for carbon emissions, yet it is suffering its consequences.

A view-sharing meeting organized by the Bangladesh Environmental Journalists Forum and Change Initiative at the National Press Club was told on Monday that Bangladesh is taking $2.7 in loans against $1 in grants in climate finance. This loan is almost five times the LDC average in multilateral financing.

This loan-based assistance is practically endangering the country's climate policy and fiscal policy.

The Change Initiative has prepared a climate risk debt index for 55 least developed countries in the world. Based on this index, different countries will be able to provide detailed information on debt risks at the global climate negotiations. The index prepared by this Bangladeshi organization will play an effective role in climate negotiations between developed and developing countries.

Zakir Hossain Khan, Managing Director of Change Initiative, said that the least developed countries are responsible for only 3.3 percent of global warming, but 70 percent of its adverse effects fall on these countries. 95 percent of the money received from the Climate Fund is loan, only 5 percent is grant. In other words, the least developed countries are burdened with debt and paying for the for global warming created by developed countries.

Tanmoy Saha presented the Climate Debt Risk Index at this meeting held with Bangladesh Environmental Journalists Forum President Mustafa Kamal Majumdar in the chair. President of the National Press Club, General Secretary of the Environmental Journalists Forum and Editor of Daily Kaler Kantha Hasan Hafiz gave the vote of thanks.

He said that the least developed countries need 1.3 trillion dollars annually in climate finance. But only 300 billion dollars are being promised, which are not again available for disbursement.

The Climate Trust Fund in Bangladesh is on decline. Where initially 700 crore taka was earmarked annually, now it has come down to 100 crore taka. This has happened due to waste and mismanagement of the fund money. Several hundred crore taka of the Trust Fund deposited to the Farmers Bank (Padma Bank) despite the prohibition, it has been misappriopriated.

Zakir Hossain Khan said that the people of Bangladesh are paying 7 billion dollars a year for natural disasters. On the other hand, the average life expectancy is decreasing by 7 years due to air pollution.

In such a situation, Bangladesh has to bring the issue of natural protection into the climate debate. We have to talk about the need for oxygen and minimum water for survival. These are not negotiable at all.

He said that we have to get debt waiver because of our natural resources. Work needs to start on this issue now. The World Bank and other multilateral banks have to create an Earth-Solidarity Fund. A carbon tax has to be levied for pollution. More sources of funds have to be found for the climate, he added.