Not Just Public Funds, Climate Finance Must Evolve

Climate finance is declining globally just as climate impacts are intensifying.

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Climate finance is declining globally just as climate impacts are intensifying. That's why Bangladesh must enhance its capacity and strengthen institutional preparedness to make the most of available climate funds. Developed countries are no longer expected to fund climate action solely from their public sectors. Under the "Baku to Belйm Roadmap for USD 1.3 Trillion," COP30 is expected to kick off a process to develop innovative financing mechanisms-currently the only viable path to accessing larger climate resources.

These views were shared by Advocate Hafijul Islam Khan (Hafij Khan), founder and director of the Center for Climate Justice Bangladesh, in an interview with Mollah Amzad Hossain, editor of Energy & Power.

Under the "Baku to Belém Roadmap for USD 1.3 Trillion," what kind of discussions might take place at COP30? Financing wasn't discussed in Bonn. So, how are preparations moving forward?

At Baku, countries agreed under the NCQG (New Collective Quantified Goal) to mobilize USD 300 billion annually. They also agreed to continue discussions on scaling this up to USD 1.3 trillion by 2035. This ongoing process is known as the "Baku to Belйm Roadmap for USD 1.3 Trillion." But this money is not expected to come solely from the public sector-it must be mobilized across all sectors. Therefore, discussions in Belйm will be critical for developing a clear strategy on how this financing will be raised, who will contribute, and under what conditions.

While SB62 in Bonn didn't include climate finance formally on the agenda, there were some side discussions. However, growing geopolitical and geoeconomic tensions could significantly hinder finance mobilization.