Country received only 1.25% of $270b in foreign climate finance needed to fully achieve its conditional targets
This photo, during Cyclone Remal, was taken from the Jelepara area of South Halishahar in Patenga, Chattogram in May 2024. Photo: Mohammad Minhaj Uddin
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This photo, during Cyclone Remal, was taken from the Jelepara area of South Halishahar in Patenga, Chattogram in May 2024. Photo: Mohammad Minhaj Uddin
A new study has found that Bangladesh is on track to meet its greenhouse-gas reduction targets under NDC 2.0, the country’s climate action plan under the Paris Agreement that sets both emission reduction goals and adaptation strategies.
However, the country has received only 1.25% of the $270 billion in foreign climate finance needed to fully achieve its conditional targets.
The findings were presented yesterday by Change Initiative in a study titled “Bangladesh’s NDC-3.0: Pathways for Ambition, Action, and Finance.” The study warns that without timely international support, Bangladesh’s next climate target, NDC 3.0, could falter despite its potential to cut emissions fivefold.
For Bangladesh, NDC 3.0 requires $316 billion by 2030, including $46.38 billion unconditionally and $270.13 billion conditionally. The study highlights that conditional finance is not a charitable act; it is a matter of carbon justice, equity, and international credibility.
M Zakir Hossain Khan, chief executive of Change Initiative, emphasised, “Conditional finance is a question of carbon justice. Meeting commitments from developed countries is the bare minimum owed to vulnerable people and the planet’s ecosystems.”
The research identifies several barriers to progress, including an annual $2.86 billion funding gap, weak coordination across sectors, poor integration in transport, waste, and urban systems, unreliable baseline data, fragmented MRV systems, and limited institutional capacity to manage climate finance effectively.
Prof Ijaz Hossain, energy expert and member of the NDC 3.0 formulation team, said, “Dhaka is one of the world’s most densely populated cities, yet it is no longer truly livable. A just transition must be built on renewable energy, improved waste management, and inclusive dialogue with citizens and stakeholders.”
The study recommends treating conditional finance as a matter of carbon justice, leveraging carbon and pollution taxes, enhancing participation in carbon markets, and promoting blue carbon, agroforestry, and sustainable land use to increase mitigation.
Khan added, “COP30 is a final wake-up call for global leaders: prove your commitment to protect the planet by dismantling failing economic systems and embracing Natural Rights Led Governance. Anything less risks betraying climate justice and global credibility.”
Bangladesh’s climate ambitions, the study concludes, depend not only on domestic action but also on timely and reliable support from the international community to safeguard both people and the environment.