On December 10, 2023, Bangladesh vehemently called upon developed nations to honor their commitment to providing $100 billion in climate finance. Speaking at the COP-28 in Dubai, UAE, Environment Minister Md Shahab Uddin underscored the imperative need to bolster key climate funds, namely the Green Climate Fund (GCF), Least Developed Countries Fund (LDCF), Adaptation Fund (AF), and GEF Trust Fund. Emphasizing the urgency of this matter, Minister Uddin urged for the augmentation of these funds with sufficient resources and the facilitation of quick and accessible access.

During the 15th Conference of Parties (COP15) of the UNFCCC in Copenhagen in 2009, developed nations pledged to collectively generate $100 billion annually by 2020 to support climate initiatives in developing countries, contingent on meaningful mitigation efforts and transparent implementation. This commitment was formalized during COP16 in Cancun and reaffirmed at COP21 in Paris, extending the target to 2025. In 2021, the total climate finance contributed and mobilized by developed countries for developing nations reached $89.6 billion, marking a notable 7.6% increase from the previous year. Public climate finance, including both bilateral and multilateral sources, nearly doubled from $38 billion to $73.1 billion between 2013 and 2021, constituting the majority of the $89.6 billion total in 2021. Adaptation finance experienced a $4 billion (-14%) decline in 2021, causing its share of total climate finance to decrease from 34% to 27%. Concurrently, cross-cutting finance rose from $6 billion in 2020 to $11.2 billion in 2021. Mobilized private climate finance, with comparable data available only from 2016, amounted to $14.4 billion in 2021, representing 16% of the total. Despite these efforts, it is acknowledged that the current levels are still insufficient.

In lieu of arbitrary benchmarks, the nascent objective necessitates a meticulous quantification methodology that is both responsive to the evinced needs of nations and characterized by a tracking mechanism grounded in consensus. Developing nations confront a dual imperativeness: simultaneous allocation of resources toward developmental pursuits and climate mitigation and adaptation, all while contending with the fiscal implications of loss and damage. The enormity of this exigency is underscored by the palpable dearth of electricity access for nearly 900 million individuals globally, coupled with the absence of a reliable social safety net for a........

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