One such redistribution is climate justice – and “we will not succeed in reducing our carbon emissions if the world’s poorest and most affected by climate change are not shielded from the costs of the energy transition,” according to an article by opinion co-authored by Hasina in Newsweek. with Patrick Verkooijen, CEO of the Global Center on Adaptation, October 30.
“We have to stand together to survive. “
The article comes on the eve of the 2021 United Nations climate change conference, which kicks off in Glasgow, Scotland on Sunday. This is the first conference since the 2015 iteration, where 196 parties signed the Paris Climate Agreements to limit global greenhouse gas emissions.
The article notes that the effects of climate change will not be felt in the same way by all nations, but will pose an “existential threat” to the 48 countries of the Climate Vulnerability Forum (CVF), which Hasina chairs.
Island states such as Vanuatu, Maldives and the Marshall Islands are threatened by rising sea levels as infiltration of salt water threatens to poison the food basket of 160 million people in Bangladesh, and extreme temperatures and severe droughts could make large parts of the Middle East uninhabitable, it said.
“For the countries that make up the CVF, action on climate change, already urgent, simply cannot be delayed. “
The International Monetary Fund estimates that between $ 6 trillion and $ 10,000 billion must be invested over the next decade to convert the global economy to a green economy, wrote Hasina and Verkooijen.
“First, we will ask rich countries to finally deliver on their commitment before the historic 2015 Paris agreement to provide $ 100 billion per year to finance carbon reduction and climate adaptation projects in the developing world. “
“Because climate-vulnerable countries are already living with the devastating effects of our global warming, at least half of this funding – $ 50 billion a year – must be spent on adaptation. Then we can work on how to turn those billions into the trillions needed to enable countries to move from climate vulnerability to climate prosperity. “
The article also cites data from the Global Adaptation Center that found an investment of $ 1.8 trillion in key areas of early warning systems, climate resilient infrastructure, improving agriculture, drylands, mangrove protection and increased water resilience by 2030 could lead to $ 7.1 trillion in benefits. Accordingly, the authors urged the private sector to step up climate finance.
Other demands made in the editorial include urging pension funds and other banking institutions to reorient investments towards climate change resilience, to implement carbon reduction programs that could channel income to countries suffering from the worst consequences of climate change and for pandemic recovery resources to be used with climate adaptation in mind.
“The response of governments around the world to the COVID-19 pandemic has shown what is possible when we face imminent peril,” the editorial said. “We must harness this same dynamism in our response to existential climate threats. “
“Greater ambition on the part of the world is needed to push back the climate crisis. Increased funding for GCF countries will enable them to move from climate vulnerability to climate prosperity. This will be good for the 48 countries most at risk right now, but also for all those facing increasing threats. It is simply the right thing to do.