Climate Change: Provide funds for adaptation mechanism
Foreign Minister AK Abdul Momen called upon different developed and developing countries as well as international financial institutions to fund the South Asia Regional office of Global Center on Adaptation (GCA) in Dhaka for promoting adaptation mechanisms.
"It is important to fund this entity (GCA) … for promoting and disseminating locally based adaptation mechanisms," he said while addressing the virtual 7th V20 1st Climate Vulnerable Finance Summit on Thursday night.
The foreign minister also urged the platform of V20 to establish a fund for "Climate Migrants" rehabilitation and reintegration to societies, "otherwise they could be a security risk".
Pointing out that thousands of people are uprooted from their sweet homes and traditional jobs due to global warming, inundation and river erosion, Momen said, "These displaced people, we term them as 'Climate Migrants' need to be rehabilitated."
Prime Minister Sheikh Hasina inaugurated the summit as the President of Climate Vulnerable Forum (CVF) while Bangladesh hosted the summit organised by Finance Ministers of the Vulnerable Twenty–the V20 with Finance Minister AHM Mustafa Kamal in the chair.
In his speech, Momen also said the commitment of 100 billion US dollars per year as promised in Paris Agreement must be fulfilled urgently, with equal distribution between mitigation and adaptation.
"We believe climate change and related disasters are a development and economic issue. That is why financial resources and transfer of green technology are crucial," he observed.
Momen said the finance ministers can play a key role in economic and financial aspects of tackling climate change and help strengthen the negotiations that are ongoing by foreign and environment ministers.
The foreign minister said major economies, including G7, G20, and other major economies, need to come forward to provide adequate resources and technology support to the most vulnerable countries to address the climate changes.
"It is also critical that all countries, particularly the major emitting countries, declare ambitious and aggressive NDCs, and then take urgent steps to reach the targets," he added.
Claiming that Bangladesh has emerged as a global leader in climate change adaptation, Momen said, "We are spending nearly 5 billion US dollars each year for adaptation and mitigation … we are the first LDC to set up the Climate Change Trust Fund from our own resources."
He said that Dhaka would continue to work through the CVF to champion the cause of the climate vulnerable nations.
UN Secretary General António Guterres, Colombian President Iván Duque Márquez, Ethiopian President Sahle-Work Zewde, Costa Rica President Carlos Alvarado Quesada, Acting President of the Marshall Islands Christopher Loeak, Chair of the Global Centre on Adaptation Ban Ki-Moon, US special presidential envoy for climate John Kerry, President of World Bank Group David Malpass, President of Asian Development Bank (ADB) Masatsugu Asakawa and President of European Investment Bank Werner Hoyer, among other, spoke at the opening session of the virtual summit hosted by Bangladesh.
Finance Ministers of the V20 countries, and representatives from the G7 and G20 countries, Heads of IFIs and MDBs and Partners attended the summit.