Bangladesh is seeking $12 billion annually to address substantial losses from climate-related crises, particularly due to unusual flooding events, according to Chief Adviser’s Press Secretary Shafiqul Alam, speaking at the COP29 conference in Baku, Azerbaijan.
“Currently, we receive $340-$350 million in grants and an additional $250 million in loans per year, far below our estimated annual losses of $12 billion,” Alam said.
Chief Adviser of the interim government, Prof. Muhammad Yunus, has urged 29 Bangladeshi NGOs and civil society groups present at COP29 to amplify calls for increased climate crisis funding for the country. He cited recent eastern Bangladesh floods that caused around $1.2 billion in damages and unprecedented April heatwaves affecting regions like Mymensingh and Sherpur.
“We will align our climate finance demands with the Global South this year,” Prof. Yunus stated, expressing the need for Bangladesh’s concerns to be represented in the final conference declaration.
Prof. Yunus is expected to make an international appeal for ending fossil fuel dependency and promoting renewable energy through technological sharing. While the government plans a gradual transition to renewable energy, it currently maintains coal-fired plants to support economic stability, according to the press secretary.
Official sources add that Prof. Yunus may also advocate for zero-consumption waste practices to achieve carbon neutrality.
