BANGLADESH OUTLINES FRAMEWORK FOR INVESTMENT FLOWS TO ADDRESS GLOBAL CLIMATE CHANGE

BONN, June 7 (BSS) - Bangladesh outlined a conceptual framework for investment and financial flows at the United Nations Framework Convention on Climate Change (UNFCCC) meeting here today to address the effects of global climate change. Besides, Bangladesh called upon the developed nations to provide least developed countries (LDCs) and SIDS one extra per cent of their GNP as climate support to ensure their food, water, energy and livelihood securities. Making a presentation on behalf of the LDCs at the UNFCCC meeting, the delegate of Bangladesh said, one to three per cent of GDP is needed to avoid worst effects of climate-induced extreme events like hurricane Sidr that hit Bangladesh last year and hurricane Nargis that ravaged Myanmar last month endangering food and livelihood securities. Bangladesh placed outline of an architecture of Adaptation Fund, Venture Capital Fund, Technology Transfer and Research Fund and Risk Management Fund under UNFCCC with principle of adequacy to meet funding requirement for adaptation, mitigation and technology transfer. The Bangladesh delegate asked for ensuring equity, predictability, new and additional principles and proposed a governance structure operating under UNFCCC and guidance by the conference of the parties keeping an easy, fast and direct access and smooth disbursement of fund with a priority for the most vulnerable groups and communities and natural resource management. Member of Bangladesh delegation and coordinator of LDCs on financing Quamrul Islam Chowdhury also emphasised the need for setting up an international adaptation centre with regional and national centres for smoothening the research and development, data and knowledge sharing. He argued that if nations miss this investment opportunity now, then it will cost each country on an average 4 to 5 per cent of its GDP every year because of more frequent visits of extreme events like cyclone, flood and drought. He called upon the developed countries to provide LDCs and SIDS investment and financial flows for supporting adaptation needs of the present, up and beyond 2012. The chair of the subsidiary body on implementation (SBI) today formed a friends of the chair with Bangladesh delegation member Quamrul Chowdhury as the facilitator on reaching a decision on operationalizing adaptation fund at this session of SBI. Bangladesh delegation member Mohammed Reazuddin, who made a presentation on adaptation on the opening day on June 2 of the two- week climate conference here, was also nominated by the SBSTA chair to lead a contact group on an important agenda. The presentations of Bangladesh on behalf of LDCs received wide support from different parties including the chair of G-77 and SIDS.