Staff Correspondent

Bangladesh is facing a climate debt of about $80 per capita, more than three times the average of least developed countries (LDCs), speakers said at a meeting on Monday.

Speakers said this at view-sharing meeting organised by the Bangladesh Environmental Journalists Forum and Change Initiative at the Jaitya Press Club on Monday.

Bangladesh is taking $2.7 in loans against $1 in grants in climate finance and this loan is almost five times the LDC average in multilateral financing, they said.

The Change Initiative has prepared a climate risk debt index for 55 least developed countries in the world, said a press release.

Tanmoy Saha presented the Climate Debt Risk Index at the meeting with Bangladesh Environmental Journalists Forum President Mustafa Kamal Majumdar in the chair.

Based on this index, different countries will be able to provide detailed information on debt risks at the global climate negotiations.

The index prepared by this Bangladeshi organization will play an effective role in climate negotiations between developed and developing countries.

Zakir Hossain Khan, Managing Director of Change Initiative, said that the least developed countries are responsible for only 3.3 percent of global warming, but 70 percent of its adverse effects fall on these countries.

“95 percent of the money received from the Climate Fund is loan, only 5 percent is grant. In other words, the least developed countries are burdened with debt and paying for the for global warming created by developed countries,” he said.

“We have to get debt waiver because of our natural resources. Work needs to start on this issue now. The World Bank and other lending agencies have to create an Earth-Solidarity Fund. A carbon tax has to be levied for pollution. More sources of funds have to be found for the climate.” he added.

President of the Jatiya Press Club, General Secretary of the Environmental Journalists Forum and Editor of Daily Kaler Kantha Hasan Hafiz gave the vote of thanks.

He said that the least developed countries need 1.3 trillion dollars annually in climate finance but only 300 billion dollars are being promised which are not again available for disbursement.