Bangladesh organises COP31 side event for climate finance

Bangladesh organised a side event at COP31 on Tuesday, calling for predictable, grant-based climate finance that matches the scale of needs in the Global South. The session was held at the Bangladesh Jute Pavilion in the Green Zone, organised by the Ministry of Foreign Affairs in collaboration with partners. Speakers highlighted the New Collective Quantified Goal set at COP29, which establishes a floor of USD 300 billion per year by 2035 from developed countries, with an ambition of USD 1.3 trillion. They stressed that adaptation finance must be at least tripled and that delivery remains a key concern. Public finance still favours mitigation and relies heavily on loans rather than grants. Rising debt servicing costs are crowding out climate action in many Least Developed Countries and Small Island Developing States. Bangladesh’s National Adaptation Plan (2023–2050) requires an estimated USD 230 billion, with substantial international support still outstanding. Bangladesh urged that finance be transparent, aligned with national plans, and shift away from non‑concessional loans toward debt relief, SDR channelling, and concrete roadmaps for the USD 300 billion and USD 1.3 trillion goals. The session also showcased Bangladesh’s jute sector as an example of well‑directed finance supporting carbon‑negative cultivation, regenerative agriculture, and biodegradable plastic alternatives that create jobs and export opportunities. Direct access, South–South cooperation, and trade‑climate synergies were discussed. Delegates and media were invited to visit the Jute Pavilion throughout the conference to engage with the side event. The event aims to strengthen advocacy during the remaining COP31 negotiations, which run until November 20.

Why it matters

The event highlights Bangladesh's push for climate finance equity, influencing global South negotiations and domestic policy.