Environment, Forest and Climate Change Minister Shahab Uddin has said that the developed countries should minimise the gap in mobilising and disbursing $100 billion per year with a balance of 50:50 between mitigation and adaptation.
“Tracking and realisation of doubling of adaptation finance are critical elements of meeting adaptation needs of the vulnerable countries,” he said.
The environment minister was addressing the LDC Ministerial Meeting held in Dakar, Senegal, on Wednesday, according to a message received on Thursday.
The ministers and delegates of the LDC countries were present at the meeting.
Shahab Uddin said many LDCs have prepared and are in the process of preparing their NAPs. “Now funding for the implementation of NAP is urgently needed,” he added.
“We have to urgently address our growing adaptation needs at the local and national levels. At the same time, we cannot forget the urgency of reducing ever-increasing global emissions, the root cause of global climate change,” he said.
The minister said the scale of loss and damage is already significant at just over one degree Celsius of warming and will continue to grow if climate change is not halted.
“Now it is the time to design and build the funding arrangements that are absolutely needed to address loss and damage,” he said.
Shahab said all must urgently scale up mitigation ambition and implementation otherwise they will not be able to achieve the one degree Celsius temperature goal.
“To this end, global emissions must be reduced by 45 per cent by 2030 compared to 2010 levels. However, the developed countries must take the lead in global mitigation efforts and the countries with greater capabilities particularly G-20 countries should also play a significant role,” he said.
