Saber Hossain Chowdhury, the Environment, Forest, and Climate Change Minister called for the implementation of mechanisms that guarantee easy accessibility to climate finance for developing nations. He highlighted the need for increased transparency in the allocation and distribution of these funds to ensure they effectively support the intended climate actions.
Environment Minister said this while delivered a compelling speech at the opening day of the two-day Head of Delegation retreat program held in Shamakhi, Azerbijan on 26 July. The event, which brings together key international leaders, is focused on shaping the New Collective Quantified Goal on Climate Finance.
Furthermore, Minister Chowdhury underscored the importance of considering the unique needs of Least Developed Countries (LDCs) and Small Island Developing States (SIDS) in the formulation of the New Collective Quantified Goal on Climate Finance (NCQG). He stressed the necessity of finalizing a clear definition of climate finance, ensuring that it comprehensively covers adaptation, mitigation, and loss & damage.
The Head of Delegation program commenced with an in-depth discussion on setting the scene for the NCQG, which is poised to replace the current USD 100 billion climate finance goal set by developed countries for developing nations after 2025.
The discussions and insights from this retreat are expected to play a pivotal role in shaping the future of global climate finance, driving forward more equitable and effective support for vulnerable nations in their fight against climate change.