Bangladesh organized a side event at the COP31 climate summit in Antalya, calling for fair, predictable and grant-based climate finance that matches the needs of the Global South.
The session took place at the Bangladesh Jute Pavilion in the Green Zone and was organized by the Ministry of Foreign Affairs with partners.
Speakers noted that the New Collective Quantified Goal agreed at COP29 sets a floor of $300 billion a year from developed countries by 2035, within a wider ambition of $1.3 trillion, and calls for adaptation finance to be at least tripled. Adaptation needs in developing countries are estimated at about $305 billion a year by 2035, while public provision is roughly one-tenth of that. Bangladesh's National Adaptation Plan for 2023-2050 requires an estimated $230 billion.
They said public finance still leans toward mitigation and relies heavily on loans rather than grants, and that rising debt servicing costs are crowding out climate action in many Least Developed Countries and Small Island Developing States.
Speakers called for public finance led by developed countries to remain central and largely grant-based, since private capital has not scaled up enough. They also asked for finance aligned with national plans rather than donor priorities, a shift away from non-concessional loans, debt relief and the channeling of Special Drawing Rights, and a credible replenishment of the Fund for Responding to Loss and Damage.
They described climate finance as a matter of historical responsibility and equity under the principle of common but differentiated responsibilities, not charity.
The session also showcased Bangladesh's jute sector, including carbon-negative cultivation, regenerative agriculture and biodegradable plastic alternatives. Direct access, South-South cooperation and trade-climate synergies were discussed as ways to deliver finance.
Negotiations at COP31 run until November 20, and delegates and media are invited to visit the Jute Pavilion.
