TIB calls for implementing realistic climate finance target

With an urge for building resistance against the growing influence of the fossil fuel lobby and conflicts of interest in the upcoming UN COP-29 climate conference, the Transparency International Bangladesh (TIB) has called for setting and implementing a realistic climate finance target based on the needs of affected countries.

In the upcoming the COP-29 summit in Baku, Azerbaijan, the TIB has outlined several key recommendations for the Bangladesh delegation to advocate for, aiming to advance the implementation of the Paris Agreement, with a focus on visible progress in climate finance, fairness, and transparency, said a release issued on Monday (November 5).

These recommendations include collaboration with developing and small island states to ensure timely climate finance delivery, alongside reinforced measures for transparency and accountability, it reads.

TIB also raised concerns about the influence and conflicts of interest posed by the fossil fuel lobby at the conference, "greenwashing" under the guise of renewable energy, ongoing fossil fuel reliance in developed countries, and the relaxation of standards within the Enhanced Transparency Framework.

Voicing reservations regarding the conflicts of interest and norms of conduct among the conference organizers, TIB Executive Director Dr Iftekharuzzaman said the conference president and the host country are both facilitating a meeting with fossil fuel investors for business purposes.

The influence of the fossil fuel lobby is growing at the conference, impacting decision-making processes and applying pressure for modifications to the UN Framework Convention on Climate Change (UNFCCC) report while also raising questions regarding the financing for green energy expansion, he noted.

Moreover, the climate funding promised under the Paris Agreement remains optional rather than obligatory, with "new" and "additional" assistance from developed countries often provided as conditional loans.

“Notably, 70 percent of the total disbursed as climate finance up to 2024 has been in the form of loans, making access to essential climate finance for developing countries increasingly challenging and uncertain, while adding new debt burdens to affected populations,” Dr. Zaman mentioned.

Additionally, the pledged $100 billion per year from 2024 falls short of actual needs.

These issues highlight a complex governance deficit in climate financing, he added.

TIB put emphasis on the necessity for a clear roadmap for developed countries to fulfil new financial commitments, including the promised $100 billion per year, and calls for unified demands to transition to renewable energy by 2050, while excluding entities with conflicts of interest in the fossil fuel sector to help meet net-zero goals.

TIB also advocates for inclusive decision-making, urging all Paris Agreement countries to stop approving and funding of new coal projects.

The TIB further emphasizes strict adherence to Enhanced Transparency Framework (ETF) commitments, maintaining transparency and accountability across adaptation, mitigation, and finance activities.

Additionally, TIB calls for good governance in the management of the Green Climate Fund (GCF), alongside steps to strengthen justice systems for ensuring effective, equitable climate action, Iftekhar added.

TIB’s recommendations for the Bangladesh government include revising the Integrated Energy and Power Master Plan (IEPMP), the Bangladesh Climate Change Trust Act of 2009, and the Bangladesh Climate Change Trust Fund (BCCTF) policy to strategically prioritize renewable energy and reduce reliance on fossil fuels.

TIB also calls for amendments to BCCTF 2012 policy to include specific penalties for fund misuse, along with a government commitment to reducing carbon emissions and phasing out fossil fuels.

TIB recommends the government updating the Nationally Determined Contributions (NDC) inclusively, incorporating feedback from all stakeholders, both national and international, and establish sector-specific targets within the NDC that align with Bangladesh’s commitments.

Additionally, TIB advocates for implementing renewable energy projects, such as solar installations, on land previously acquired for planned coal and LNG power projects, thereby supporting the fulfilment of NDC goals, the release added.