Dhaka: The per capita climate debt in Bangladesh has reached approximately $80, surpassing the average of the least developed countries by more than three times. This concerning figure was discussed at a view-sharing meeting organized by the Bangladesh Environmental Journalists Forum and Change Initiative at the Jatiya Press Club.
According to Bangladesh Sangbad Sangstha, although Bangladesh is not a significant contributor to carbon emissions, it is bearing the brunt of climate change impacts. This loan-based assistance is jeopardizing the nation's climate and fiscal policies. The Change Initiative has developed a climate risk debt index for 55 least developed countries, allowing them to present detailed debt risk information in global climate negotiations. The index aims to enhance climate negotiations between developed and developing nations.
Zakir Hossain Khan, Managing Director of Change Initiative, emphasized that while the least developed countries contribute only 3.3 percent to global warming, they suffer 70 percent of its adverse effects. Alarmingly, 95 percent of the financial aid from the Climate Fund is in the form of loans, with only 5 percent as grants. Consequently, these nations are burdened with debt for the global warming caused by developed countries.
During the meeting, Tanmoy Saha presented the Climate Debt Risk Index, with Bangladesh Environmental Journalists Forum President Mustafa Kamal Majumdar presiding. The Climate Trust Fund in Bangladesh, initially set at Taka 700 crore annually, has dwindled to Taka 100 crore due to fund mismanagement and wastage. Notably, several hundred crores of taka were misappropriated after being deposited into the Farmers Bank (Padma Bank) against prohibitions.
Zakir Hossain Khan highlighted that Bangladesh incurs $7 billion annually for natural disaster-related expenses. He underscored the importance of including natural protection in climate discussions, stressing the non-negotiable need for oxygen and water. He advocated for the creation of an Earth-Solidarity Fund by the World Bank and other multilateral institutions, along with the implementation of a carbon tax for pollution, to discover additional funding sources for climate initiatives.