19th July 2021
EP Report

Prime Minister Sheikh Hasina recently said the world community should recognize people’s vulnerability, common aspirations, need for technology transfer and additional funding to tackle the impacts of climate change and the Covid-19 pandemic.


“The international community and the developed countries should play their historical responsibilities and, their moral and legal obligations,” she said.


The Premier made this remark while opening the First Climate Vulnerable Finance Summit, joining virtually from her official residence Ganabhaban as she is the President of Climate Vulnerable Forum (CVF).


Bangladesh hosted this Summit organized by Finance Ministers of the Vulnerable Twenty–the V20 with Finance Minister AHM Mustafa Kamal in the chair.


The Prime Minister said 48 countries under CVF-V20 account for only five percent of the total global emission, but they are the worst victims of the man-made crisis.


In addition, the ongoing COVID-19 pandemic has added new miseries claiming lives and affecting livelihoods of millions, she said.


She continued “At this critical juncture of human history, we must forge unity and extend cooperation to face the ongoing and future crises.”


In the Summit, the Prime Minister put forward five-point proposals, where she firstly pointed out that every country must pursue an ambitious target to curb greenhouse gas emissions to keep global temperature-rise below 1.5ºC.


In the second proposal, she said the developed nations should facilitate the green recovery of the CVF-V20 countries and, dedicated support is also required for reducing the cost of capital and encouraging private sector participation.


Thirdly, flow of funds must be predictable, balanced, innovative and incremental, she said, adding development partners and international financial institutions should adopt a user-friendly process of fund allocation and disbursement, and there must be synergies amongst various climate funds.


Fourth, rich nations must help the CVF-V20 countries by closing the existing financial gaps in protecting climate-induced disasters, mentioned Sheikh Hasina in her fourth proposal, adding, financial support is needed to introduce smart insurance premium subsidies and capitalization of insurance products for CVF countries.


Finally, she said, every vulnerable country may actively consider adopting a “climate prosperity plan” like our “Mujib Climate Prosperity Plan”.


“I request the international community to provide all out support to realize our plans,” she said.

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