Bangladesh Seeks Faster Climate Finance at COP31, Citing $11 Billion Annual Need
Bangladesh has urged the international community for faster delivery of climate finance, revealing that the country requires between $10 billion and $11 billion annually to combat climate change while currently spending up to $5 billion a year from its domestic budget. Speaking at a press briefing on Friday, the fifth day of formal negotiations at COP31, Environment, Forest and Climate Change Minister Abdul Awal Mintoo noted that global financial pledges have far outpaced actual fund disbursement. Joined by State Minister Shaikh Faridul Islam, Foreign Affairs State Minister Shama Obaed Islam, and MP Mansura Akter, the delegation emphasized the urgent need to simplify access to international funds so assistance directly reaches the most vulnerable populations, particularly communities displaced by river erosion.
In its formal statement, the delegation backed the Least Developed Countries (LDC) Group’s demand to triple global adaptation finance to $120 billion annually before 2035, calling on wealthy nations to prioritize grant-based aid over loans. Bangladesh advocated for streamlined direct access to the Green Climate Fund, the Adaptation Fund, and the Fund for Responding to Loss and Damage—which officials warned currently lacks sufficient resources to cover economic and non-economic climate losses—while noting that Bangladesh is among the first five countries slated to receive $30 million from the Climate Investment Funds for coastal infrastructure and resilient agriculture. Additionally, the delegation raised strong concerns against unilateral trade policies like the Carbon Border Adjustment Mechanism (CBAM), warning they unfairly penalize developing economies, while reaffirming Bangladesh’s updated national pledge to cut emissions by 6.39 percent by 2035—and an additional 13.92 percent conditional on international support—as negotiations enter their second week.
