Bangladesh to receive $30mn from climate finance fund

Bangladesh is set to receive $30 million from the Green Climate Fund (GCF) for the first time earmarked for the people residing in its coastal regions.

State Minister for Climate and Environment Shaikh Faridul Islam shared the information while briefing journalists at the Bangladesh Pavilion in Antalya Expo City, Turkiye, on Wednesday.

Five other nations will also receive funds from the organisation to address climate change.

The state minister emphasised the urgent need for grant-based financing and funding with favourable terms for climate-vulnerable nations.

He stressed that ensuring adequate, grant-based financial support is essential for these countries to cope with the adverse impacts of climate change.

Faridul urged developed nations and international development partners, including the World Bank and the Asian Development Bank (ADB), to increase funding for climate adaptation and to expand access to financing under easier terms for affected countries.

He said Bangladesh has made progress in disaster risk reduction, early warnings and local adaptation despite being highly vulnerable to climate change.

The country has also established a Climate Change Trust Fund and tracks climate spending across 25 ministries and departments, with the national budget covering about 88 percent of adaptation costs.

SDG Affairs Chief Coordinator SM Abdul Awal said climate adaptation and development are closely linked, adding that progress towards the Sustainable Development Goals (SDGs) cannot be sustained without effective adaptation.

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