According to Transparency International Bangladesh (TIB), the Green Climate Fund (GCF) is imposing a debt burden on countries like Bangladesh that are vulnerable to climate change, while also not adhering to its own allocation policies.
During the release of a research report titled ‘Accessibility of Vulnerable Countries to the Green Climate Fund: Governance Challenges and Solutions’ at the Midas Center in Dhaka on Tuesday (14 May), these concerns were raised by the organization’s executive director, Dr. Iftekharuzzaman.
At a press conference held at the TIB office in Dhanmondi, it was revealed that the GCF lacks a structure for accountability, and has been violating its own policies and engaging in discriminatory practices. Allegations of irregularities and corruption have also been reported against it, suggesting that the institution is failing to perform effectively. The GCF reportedly favors international agencies over national ones, increasing the debt burden on climate-affected countries like Bangladesh.
Dr. Iftekharuzzaman stressed that while corruption exists in Bangladesh, it should not be used as a pretext to deprive the country of its rightful international financing. He criticized the GCF for its disappointing role and lack of governance that leads to an increased financial load on developing nations through loans that need to be repaid with interest in foreign currency.
The report suggests that despite having a zero-tolerance policy for corruption, the GCF has reauthorized major agencies like the UNDP without resolving outstanding corruption allegations. The GCF has approved the highest number of projects for the UNDP, indicating a bias towards international entities.
The study highlights the need for clearer country ownership policies, increased fund allocation, and prioritization of climate-affected nations in funding decisions. These recommendations aim to ensure fair treatment and effective project implementation by national institutions in vulnerable countries.
