The United Nations Framework Convention on Climate Change has allocated only 24 percent of the Green Climate Fund for the adaptation programme globally, revealed the Transparency International Bangladesh (TIB) on Thursday.
The Green Climate Fund is a financial mechanism for assisting developing countries to counter the effects of climate change.
"Forty-two percent of the Green Climate Fund was allocated for the mitigation programme, which is not a priority for Bangladesh. Adaptation far more important for us," said TIB Senior Programme Manager M Zakir Hossain Khan at a press briefing in Dhaka.
The event was organised on the occasion of the upcoming UN's 25th session of the Conference of the Parties (COP 25), scheduled to be held in Madrid, Spain from December 2 to 13.
"The climate fund provides only $1.3 billion to ten most vulnerable countries including Bangladesh, and we get only 0.007 percent of the total approved fund. But according to the Nationally Determined Contribution, every year Bangladesh alone requires $2.5 billion only for the adaptation purpose," Zakir explained.
Stakeholders expected that at least 50 percent of the Green Climate Fund would be allocated for adaptation purposes, the anti-corruption watchdog's officials said at the event.
The TIB also expressed concern that countries responsible for most of the carbon emissions are trying to offer loans instead of compensation from the Green Climate Fund, and it urged Bangladesh government to fight for fair compensation instead of accepting loans.
Speakers at the programme urged the Bangladesh government to fight for proper funding in the upcoming climate change summit.
Present at the programme, TIB Executive Director Dr Iftekharuzzaman said, "We are one of the countries that signed the Paris Agreement, which encourages us to expand our renewable energy sector."
"But Bangladesh is setting up new coal-based power plants one by one. It is weakening our position during climate change negotiations at the global stage. We are not against coal-based power plants, but we do not want these power plants near regions that contain important natural resources such as the Sundarbans," he pointed out.
To make a transition to 100 percent renewable energy by 2050, Iftekharuzzaman suggested the government to postpone Rampal, Taltoli and Kolapara coal-based power plants, and other risky industrial activities.
He further said, "Bangladesh must raise the Polluters Pay (Compensation) Principle issue in the upcoming COP 25, to push for climate finance that recognises public grants instead of loans.
"The grants should be additional to the existing official development assistance."
Other important recommendations from the TIB are, creating a collective demand through climate diplomacy by the affected less developed countries to mobilise the adaptation fund on a priority basis.
The organisation also sought the adoption of a time-bound roadmap for climate finance with due consideration for the priority of adaptation and emphasis on claiming necessary resources including climate fund, transfer of technology, and technical support from developed countries to implement the Paris Agreement.
The TIB asked for a reformation of the Board of Green Climate Fund to ensure equitable representations and the creation of a separate and dedicated fund to address the "losses and damages" in addition to adaptation finance to the less developed countries.
The organisation emphasised addressing "losses and damages" instead of personal insurance.
It added that compensation should be mobilised by the developed countries to cover the "Risk Exchange Cost" through the enactment of the legal framework and by ensuring special funds from Green Climate Fund and Adaptation Fund to ensure rehabilitation, welfare and economic prosperity of climate-induced dislocated people.
The TIB also recommended Bangladesh government to focus on the production of renewable energy and the formulation of a short, medium and long term plan for this sector.