Syeda Rizwana Hasan, the Environment, Forests, Climate Change, and Water Resources adviser, called for robust adaptation finance to support vulnerable nations, including Bangladesh.
She made the call at a COP-29 side event titled Governance for Strengthening SDG Climate Synergies, held at the Blue Zone on Wednesday.
Highlighting Bangladesh’s precarious position as one of the world’s most climate-vulnerable nations, Hasan underscored the threats posed by rising sea levels, extreme heat, severe weather events, and cyclones. These impacts, she noted, disproportionately harm the poor and marginalized, exacerbating poverty, destabilizing infrastructure, and hindering progress toward achieving the Sustainable Development Goals (SDGs).
Hasan drew attention to the critical financial gap in adaptation efforts, stating that Bangladesh requires $8.5 billion annually but can only source $3 billion domestically, leaving a $5.5 billion shortfall.
On a broader scale, South Asia needs approximately $98 billion annually for adaptation, while the global shortfall stands at $366 billion each year.
She urged the global community to prioritize grant-based finance and concessional loans, warning against high-interest market-rate loans that deepen economic instability.
“Grant-based finance provides the necessary flexibility and sustainability for resilience investments,” she said, advocating for mechanisms that alleviate financial burdens on vulnerable nations.
In her speech, Hasan also stressed the importance of transparent and accountable governance to ensure the effective implementation of National Adaptation Plans (NAPs).
She called for balancing environmental goals with economic priorities, urging immediate global efforts to bridge the adaptation finance gap.
“Time is running out to achieve the SDGs. This challenge is one of justice. Let us unite not just in words but in concrete actions to support vulnerable nations and create a sustainable future,” Hasan concluded, calling on policymakers to transform strategies into tangible outcomes.
