Bangladesh has expressed optimism over the funding of climate actions and cutting carbon emission as global leaders at the Leaders Summit on Climate made political commitments to turn the tide on global warming.
“We are very optimistic about mobilisation of $100 billion a year by the developed countries,” Foreign Minister AK Abdul Momen told reporters at a virtual press conference on the summit hosted by US President Joe Biden.
Forty world leaders attended the two-day summit that ended yesterday, with leaders committing to significantly cut carbon emission.
The US announced cutting emissions by 50 to 52 percent by 2030 compared with 2005 levels. Japan announced it would reduce emissions by 46 percent in 2030 compared with 2013, while Canada boosted ambitions to reduce emissions by 40-45 percent below 2005 levels, compared with an earlier target of 30 percent.
“These are all good news. We are optimistic about the development,” he said.
Bangladesh, whose per capita carbon emission is much lower than global average, would also take measures to cut carbon emission, he said.
“In future, we will reduce coal-based power projects and go for renewable energy more vigorously,” Momen said, adding that going for green energy would, however, require technology transfer.
Noting that a US senator has recently proposed helping the developing countries with technology, the minister said the proposal, if passed, would be very helpful for Bangladesh.
Asked about the potentials of mobilising $100 billion per year by the developed countries for climate actions in developing countries, Momen said as the US has taken the leadership role in the global efforts to fight climate change, it is expected that the developed countries will come up.
So far, only $30 billion has been mobilised. The US, which was supposed to contribute $3 billion by 2020, donated only $1 billion during President Barack Obama’s tenure. Immediate past president Donald Trump made no contribution. However, Biden has announced contributing $2 billion soon.
Prime Minister Sheikh Hasina, who addressed the two-day virtual summit yesterday as president of the Climate Vulnerable Forum, put forward four suggestions, including keeping global temperature to 1.5 degrees Celsius, mobilising $100 billion annually and transferring technology.