Transparency International Bangladesh (TIB) has called for the establishment and implementation of a realistic climate finance target based on the needs of affected countries in order to strengthen resistance against the growing influence of the fossil fuel lobby and conflicts of interest at the upcoming UN COP-29 climate conference.
According to a release this evening, the TIB has laid out a number of important recommendations for the Bangladesh delegation to support at the COP-29 summit in Baku, Azerbaijan. These recommendations are intended to further the implementation of the Paris Agreement, with an emphasis on observable advancements in climate finance, fairness, and transparency.
According to the document, these suggestions include strengthened measures for accountability and transparency as well as cooperation with developing and small island governments to guarantee the timely delivery of climate finance.
The fossil fuel lobby’s influence and conflicts of interest during the conference, “greenwashing” under the pretence of renewable energy, the continued reliance on fossil fuels in developed nations, and the loosening of rules under the Enhanced Transparency Framework were other issues brought up by TIB.
TIB Executive Director Dr. Iftekharuzzaman expressed concerns about the conference organisers’ conflicts of interest and conduct standards, claiming that both the host nation and the conference president are arranging a business meeting with fossil fuel investors.
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.
Furthermore, the promised $100 billion annually starting in 2024 is insufficient to meet real demands.
He continued by saying that these problems point to a complicated governance shortfall in climate funding.
In order to meet net-zero targets, TIB emphasised the need for a clear plan for developed nations to fulfil new financial commitments, such as the promised $100 billion annually, and call for united demands to switch to renewable energy by 2050, excluding entities with conflicts of interest in the fossil fuel sector.
In addition, TIB promotes inclusive decision-making and calls on all nations participating in the Paris Agreement to cease authorising and financing 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.
In addition to establishing sector-specific targets under the Nationally Determined Contributions (NDC) that are in line with Bangladesh’s commitments, TIB advises the government to update the NDC inclusively, taking into account input from all national and international stakeholders.
The announcement also stated that TIB supports the achievement of NDC targets by promoting the installation of renewable energy projects, such solar farms, on land that was previously purchased for planned coal and LNG power projects.
