The New Nation - Internet Edition

UNB, London

Finance Adviser Dr ABM Mirza Aziz said here

yesterday the flow of funds from multilateral channels to combat the adverse effects of climate change is not only too little but fragmented saying that the least developed countries, including Bangladesh, need immediate international support to build their resilience to global warming.

Aziz who led a 39-member Bangladesh delegation to the UK-Bangladesh Climate Change Conference said the actual multilateral financing delivered by mid 2007 amounted to US $ 26 million, which is equivalent to one week's worth spending on flood defence in the UK.

However, he said, the World bank and ADB as well as other developed countries like @Cool Earth of Government of Japan and :Global Energy Efficiency and Renewable Energy Fund of the European Commission bring hopes for the LDCs.

Aziz said Bangladesh would require USD 6 billion over the next 15 years for mitigation and adaptation programme, as the UK made a fresh pledge of £ 75 million to Bangladesh for climate change projects in the next five years.

The Finance Adviser said the assessment is based on five pillars of risk identification, strengthening emergency preparedness, infrastructure investment for risk mitigation, institutional capacity building and risk financing. He said this is a serious burden for a country like Bangladesh reeling from the external shocks to the economy transmitted through the dramatic increase in the prices of food, fuel and fertilizer.

"This shocks compelled us to widen the social safety net programme in the country from our own resources at the expense of other priority investments," he told the conference.

The Adviser said despite the resource constraints, the Bangladesh government is committed to facing the challenge of climate change, and urged he international community to help implement the country Climate Change Strategy and Action Plan 2008.

He said the Bangladesh government has also established a dedicated Climate Change Fund with an initial endowment of USD 45 million.

The Adviser proposed the establishment of a Multi-Donor Trust Fund (MDTF) to supplement the government efforts in implementing the Climate Change Strategy and Action Plan of Bangladesh.

He said the World Bank may be given the responsibility to act as Administrator of the proposed MDFT, at least for the first few years until the government is prepared to assume the full charge for managing the fund.

Aziz said MDTF would be a window for the NGOs and CSs to directly have access to funds for climate related activities.