Online Desk: Bangladesh, despite its commendable progress in becoming a climate-resilient nation, is grappling with escalating loss and damage issues due to the intensifying impacts of climate change.

The ongoing COP28 in Dubai has seen pledged more than USD 600 million for Loss and Damage Fund, however, Bangladeshi experts and policymakers have shown concern over the size and accessibility of the fund on the one hand and the need for a functional and effective national loss and damage mechanism in the country on the other, at an event hosted by the Bangladesh Pavilion on Saturday.

Saber H. Chowdhury, special envoy to Prime Minister of Bangladesh for Climate Change mentioned “Due to our country’s geographical position, we are witnessing flooding, depletion of water sources, escalating sea levels, and the intrusion of salinity. Projections indicate that millions, perhaps 1/7 of the population, might face displacement as per the World Bank’s estimations.”

“Acknowledging the very real impacts, we find solace in the establishment of a loss and damage mechanism at COP28. Reflecting on the UNFCCC’s responsiveness in decisions like Sharm El Sheikh, within 12 months, over 600 million USD has been allocated—an initial step, yet hopefully the beginning of greater contributions. Bangladesh aims to proactively access and efficiently utilize these funds nationally, drawing upon its wealth of experience in adaptation. To address loss and damage, it necessitates averting, minimizing, and addressing them—through both adaptation and mitigation. It’s not just about mitigating loss and damage; it’s about preventing them from occurring in the first place. While some adaptations inevitably lead to loss and damage, the key is to ensure not all adaptations halt at this point.”

According to a report by International Centre for Climate Change and Development (ICCCAD), Bangladesh has several national policies, including the National Adaptation Plan (NAP), Nationally Determined Contributions (NDC), and the Mujib Climate Prosperity Plan (MCPP), have set ambitious climate targets but face challenges in effectively addressing loss and damage.

Experts highlighted that even though policies acknowledge the challenge of mobilizing financial resources, there is a recognized need for separate policies specifically targeting loss and damage.

Experts said that despite having dedicated climate funds like the Bangladesh Climate Change Trust (BCCT), challenges still persist, such as limited funding, coordination issues, and inadequate transparency mechanisms affect their utilization. Hence, it is important to develop the National Mechanism for loss and damage to have a window for L&D funds with improved transparency and accountability structures.

Md. Shamsuddoha, Chief Executive from Center for Participatory Research and Development (CPRD) stated “The establishment of Loss and Damage (LnD) at COP28 reflects the global unjust power dynamics and knowledge hegemony from developed countries. We welcome the national mechanism, but it requires inclusive institutions and governance. Expanding the Loss and Damage fund’s mandate is essential, involving different government entities such as: Planning Commission, Ministry of Finance, Ministry of Women and Children Affairs (MoWCA). Justice at the national level must be ensured and addressing the governance gaps globally to prevent debt burden for countries like Bangladesh is important.”

The report emphasized the mobilization of funds from multi-actor partners, such as: private sector, financial institutions, NGOs, and local organizations.

A shift towards sectoral budgets is also highlighted for more targeted resource allocation.