Civil Societies demand compensation and grant base climate finance from developed countries instead loan

Today a civil society network led by EquityBD, called to the developed countries [Global Norths] and their allies IFIs [International Financial Institutions] to cancel all the debts those are related with climate financing and demand for compensation and grant-based financing instead of loan.

They also criticized the existing World Bank, ADB (Asian Development Bank), JICA (Japan International Cooperation Agency) and their role in making the LDCs [Least Developed Countries] and CVCs [Climate Vulnerable Countries] indebtedness in the name climate finance.

The demands above made in a human chain organized and participated by CSO networks name Bangladesh Krishak Federation [BKF], Center for Participatory Research and Development [CPRD], Equity and Justice Working Group Bangladesh [EquityBD], Global Law Thinkers Society [GLTS], Nirapad Development Foundation [NDF], Upakul Surokhha Andolon, Youth Net for Climate Justice and Water Keepers and many others.

The session moderated by Mustafa Kamal Akand of COAST Foundation.

Aminul Hoque said that the SAP prescribed by IFIs in 1980s has repatriated trillion dollars of resources from LDCs to developed countries and now declined due to protesting. Now they come with a new global issue called it “Climate Change” and pushing LDCs and CVCs in a debt trap again by naming “climate Finance”.

He also opines the Paris Agreement as unfair, and its financing process is unfair indeed. So, financing process must be unconditional and supported as compensate to poor countries for fighting climate change.

Mr. Sharif Jamil of Water Keepers opine Bangladesh and like other poor countries already in their trap because of their debt driven policy support in addressing climate change.

He examples on JICA driven Integrated Energy & Power Master Plan - 2030 is faulty and will create external dependency for Bangladesh. He alert government to take careful step with this faulty policy action and demand effective support.

Nikhil Cahndra Bhadra of Upakul Surokhha Andolon says poor countries already merged their resources for debt payment and reducing the public expenditures for agriculture and other essential and pro poor services that causing poverty aggravated further. The vicious cycle of debt dependence also ever worsening climate catastrophe and weakening the state capacity of fighting climate change, that’s why climate debts must be cancelled.

Badrul Alam criticize the IFIs yet to change their anti-poor role which rally frustrated. Now they again start with so called policy support those in fact debt creating and debt burdening for CVCs.

He treated the existing global financial process is fully exploitative ease for resource drainage. So that a new financial architecture under UN [United Nation] process that will democratic, participatory, and sustainable for all countries he demands.

Mr. Rezaul Karim Chowdhury express worries to current external debt is USD 1100 per capita that looming crisis and unable to pay.

He recalls the PM's commitment for discard any loan addressing climate actions and urge to keep this commitment with moving for a sustainable climate finance strategy for our country instead loan.