Bangladesh is losing around 1-2% of its annual GDP due to the impacts of climate change, despite contributing less than 0.5% of global carbon emissions, said Dr Md Saimum Parvez, Special Assistant to the Prime Minister for Environment, Forest and Climate Change.
He made the remarks while representing Bangladesh at a high-level side event titled “Expanding the Finance Base: The Urgent Case for Scaling Up Loss and Damage Finance” held on the sidelines of the United Nations General Assembly.
Saimum Parvez called for predictable and sustainable financing for the Loss and Damage Fund, along with simplified and direct access to funding, faster disbursement and effective mechanisms to ensure that financial support reaches affected communities.
He said public finance from developed countries should remain the main foundation of loss and damage financing.
Additional sources of finance, he added, should not be used as a substitute for the commitments of developed countries under the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.
