Antalya:Bangladesh is poised to receive up to $30 million in funding from the Climate Investment Funds (CIF) for coastal protection and mangrove restoration initiatives. This announcement was made during the COP31 climate summit, where Bangladesh called for enhanced international climate finance to bolster renewable energy and climate resilience.
According to United News of Bangladesh, the funds are expected to be allocated under the CIF's new programme, Accelerating Resilience Investments and Strengthening Economies (ARISE). The initiative aims to support the country's efforts in mitigating climate-related challenges and securing international financial aid and technology transfer.
Environment, Forest and Climate Change Minister Abdul Awal Mintoo emphasized the necessity of predictable financial support to achieve Bangladesh's emissions-reduction targets. The country's Nationally Determined Contribution (NDC) 3.0 aims for a 6.39 percent reduction in greenhouse gas emissions using domestic resources by 2035, with an additional 13.92 percent reduction contingent on international support.
Despite contributing less than 0.5 percent to global greenhouse gas emissions, Bangladesh remains highly susceptible to climate-induced disasters. The funding from CIF is expected to enhance coastal protection systems, restore mangrove forests, and improve the resilience of vulnerable coastal communities. The Bangladesh delegation stressed the importance of securing a fair share of international climate finance as the negotiations at COP31 continue.