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In a landmark announcement, French President Emmanuel Macron revealed that France plans to sign an agreement with Bangladesh to finance climate change adaptation in the first half of 2024. This agreement will see France providing crucial financing for climate change adaptation, environmental governance and addressing loss and damage. The French Development Agency will inject €1 billion ($1.1 billion) in investment, complemented by up to $1 billion in new loans from the International Monetary Fund (IMF).
The urgency of establishing global governance mechanisms was a central theme in Macron’s statement. He revealed plans for a significant event—the One Water Summit—scheduled for September 2024. Co-hosted by France and Kazakhstan during the United Nations General Assembly, this summit aims to tackle pressing issues, with a primary focus on ensuring global access to water, a critical concern.
Macron underscored the necessity for vulnerable nations to secure the means to finance their climate change mitigation and adaptation efforts, emphasizing the need for unconventional fiscal and monetary policies.
Addressing the imperative of achieving carbon neutrality globally, Macron urged advanced economies, particularly the G7, to accelerate the transition away from fossil fuels. He proposed specific timelines for moving away from coal, oil, and gas, emphasizing the responsibility of emerging economies, including China, in this global effort.
Macron’s vision extends to reforms in the voluntary carbon market, with a proposal to establish an international carbon and biodiversity exchange to ensure credible carbon credit swaps.
France’s commitment to finance climate change adaptation and address loss and damage in Bangladesh holds substantial benefits for the South Asian nation. Firstly, the substantial financial injection provides Bangladesh with critical resources to enhance its resilience against the adverse impacts of climate change. This funding can be channelled into infrastructure projects, technology adoption, and community initiatives aimed at fortifying the country’s capacity to cope with rising sea levels, extreme weather events, and other climate-related challenges.
Secondly, the collaborative approach, as symbolized by the forthcoming One Water Summit signifies a concerted effort to address specific issues such as global water access. For Bangladesh, a country susceptible to water-related challenges like flooding and water scarcity, the summit offers a platform to share insights, best practices, and potential solutions. It opens avenues for international cooperation and knowledge exchange, enabling Bangladesh to tap into global expertise and resources to address its unique climate vulnerabilities.
Ultimately, France’s financial commitment and collaborative initiatives present Bangladesh with opportunities to bolster its climate resilience and contribute to broader global efforts in tackling the impacts of climate change.