Grants, not more loans that weigh us down

Résumé détaillé

Prime Minister Tarique Rahman yesterday called for grant-based climate financing instead of additional loans for countries most vulnerable to climate change, warning that rising…

Prime Minister Tarique Rahman yesterday called for grant-based climate financing instead of additional loans for countries most vulnerable to climate change, warning that rising debt burdens are making it increasingly difficult for them to cope with climate-related losses and damage.

“Climate-related losses and damages are placing a heavy burden on our economy. At the same time, rising debt repayments and limited financial resources are making the situation even more difficult. Climate-vulnerable countries need grants, not more loans that add to their debt burden,” he said while addressing the High-Level Segment of the 31st UN Climate Change Conference (COP31) in Antalya, Türkiye.

Stressing that the global climate finance system remains inadequate and does not sufficiently meet the needs and priorities of developing countries, the PM outlined five urgent actions at the conference.

Under the first proposal, he called for allocating at least 50 percent of international climate finance to adaptation efforts, based on individual countries’ priorities, while continuing to support measures to reduce greenhouse gas emissions.

The second proposal focused on urgent debt relief for climate-vulnerable countries through mechanisms such as “climate-resilient debt clauses” and “debt-for-climate swaps”, which provide debt relief in exchange for climate protection efforts.

In his third proposal, the prime minister called for ensuring equitable access to environmentally friendly climate technologies and providing necessary support for technology transfer to developing countries.

The fourth proposal called for accelerating the transition to renewable energy through affordable financing, skills development, and a fair energy transition.

Under the fifth proposal, Tarique urged COP31 to adopt the “Belem-Antalya Action Mechanism” to support a fair energy transition, with fair financing and fair trade as its core principles.

The prime minister also outlined Bangladesh’s ongoing initiatives and…

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