Global South should intensify political pressure to double climate adaptation finance: GCA chief

Developed countries have failed to keep their promise of climate funding to those at highest risk, says Patrick Verkooijen

Developed countries have failed to keep their promise of doubling their climate adaptation aid for underdeveloped nations, says Prof Patrick Verkooijen, the CEO of the Global Center on Adaptation.

“In 2021, the world had promised to double the adaptation finance for developing countries during the Climate Summit in Glasgow. But how much of it flowing today from the global north to the global south? $20 billion to $0 billion a year,” the GCA chief said on Monday.

A visiting professor at the University and Research Centre’s Global Forest Diplomacy, Verkooijen attended the inception meeting of ‘People’s Adaptation Plans for Resilient and Inclusive Water Supply Services in Chattogram’.

“They had promised to double the $20 billion aid to $40 billion by 2025 at the COP27 Summit. But the figure is far from doubling. It is only going down,” he added.

The World Bank’s Chattogram Water Supply Improvement Project (CWSIP) aims to improve and strengthen water supply networks in five sectors served by the CWASA, including 25 LICs spread across 12 wards.

The GCA has partnered with WaterAid Bangladesh and Dushtha Shasthya Kendra (DSK) to support 125 low-income communities in the 17 wards selected for CWSIP to develop People’s Adaptation Plans focused on integrating climate risks while prioritising water-related investments under the CWSIP project.

According to Prof Verkooijen, the developed countries are reducing their adaptation financing due to the geopolitical realities in Ukraine, persistent inflation and the food security crisis.

He has urged the Global South leaders to ‘raise their voice and increase the political temperature’ so the Global North countries deliver what they had promised.

“Prime Minister Sheikh Hasina is already playing a very important role by raising her voice,” he added.

Prof Verkooijen said the principle of international relations is that promises must be kept.

“You promised to deliver $40 billion a year, so it has to be delivered. We cannot say ‘let’s forget about it, thank you very much and move on to another topic’.”

‘A CLIMATE LENS ON EVERY PROJECT’

The GCA chief also underscored the importance of putting climate change at the core while shaping development projects, saying, ‘nature-based solutions are cost-effective’.

“In all development finance, in all the loans, in all the grants, in all the sorts of projects being implemented today, tomorrow, the day after - a climate lens needs to be approved,” he said.

“So, it’s not only about more money flowing in, but also spending the existing money more wisely.”

Verkooijen, a Dutch climate expert and the World Bank's former special representative for climate change, says advocating and providing analytics to world leaders is very important.

“You can convene world leaders but if you don’t give them evidence and economic argument that is in their interest, they very quickly move on to another agenda,” he added.

“If you don't give them a way to work, they will quickly look elsewhere. This is why our second strength is analytics. By highlighting economic issues, we present arguments to them that do this, don't do that; If you use natural solutions in terms of infrastructure, it will reduce costs.”

While highlighting the importance of investing in adaptation he said, “Our chief principle is that if you invest in adaptation, it's in your own self-interest. Because every dollar, euro or pound invested in climate adaptation has a much higher economic return.”

Verkooijen said that although the Resilient Sustainability Facility (RSF) of the International Monetary Fund (IMF) is the ‘largest fund for climate change in the world’, the global sponsor has no climate department. Organisations like the GCA provide the IMF with support on expertise.

“Bangladesh is one of the countries receiving the RSF finance. The IMF is about macroeconomic stability. It is that what IMF is for. It’s about policies and policy reforms,” he said.

“What we do with IMF RSF is that we work with the IMF and the finance ministry so that, in its policy reforms, climate lenses are again embedded. Because you know IMF does have a climate department.”

BANGLADESHI PROJECTS CAN BE ‘REPLICATED WORLDWIDE’

The GCA chief praised the work of Bangladesh in locally-led adaptation projects, saying that these projects could be ‘replicated’ in other parts of the world.

“Bangladesh’s model is now being rolled out in different parts of the world. So, for example, what we are doing in Mongla and Chattogram, is also being done in Liberia, in Kenya and other parts of the world,” he added.

While sharing the experience of his recent visit to Chattogram, Prof Verkooijen said, “There is no other country in the world where the People’s Adaptation Action Plan is being implemented. Bangladesh is on the frontline for transforming the development agenda,” he added.

Bangladesh is reforming their policies faster due to necessity than the rest of the world because the country is already grappling with the adverse effects of climate change, he said.

“If you want to unlock the financing, you need policies in place. Policies direct where financing is going. The extraordinary situation in Bangladesh in comparison to other Global South countries is that there is a very detailed policy framework in this country.”

He also highlighted the Mujib Climate Prosperity Plan and National Adaptation Plan of Bangladesh for adapting and mitigating the impact of climate change.

According to Prof Verkooijen, currently, Bangladesh is the only country in the world investing $1.2 billion of taxpayers' money in adaptation.

“That’s an extraordinary amount to invest in adaptation. Although $1.2 billion is a huge figure, the adaptation work requires a lot more - $8.5 billion,” he added.