Press Release
Dhaka, 29 November 2023: Transparency International Bangladesh (TIB) has opined that the forthcoming COP-28 (climate conference), scheduled to take place in the United Arab Emirates (UAE), is becoming a ‘conference of mockery’. The anti-corruption watchdog has expressed concerns and strongly condemned the persistent surge in aggressive investments in fossil fuels by the most affluent and developed nations - primarily responsible for environmental degradation and climate change. These investments are further accompanied by questionable activities of influential fossil fuel enterprises operating on the sidelines of COP-28.
TIB has appealed to stakeholders to veer away from escalating investments, businesses, and usage of fossil fuels, emphasising the need to prioritise establishment and management of the proposed loss and damage funds, reduction in fossil fuel usage, financing for adaptation and mitigation, and heightened investments in renewable energy sectors.
The organisation has opined that expectations that the fuel shortage sparked by the Russia-Ukraine conflict would catalyse the expansion of renewable energy have been mirred by the reality. Credible sources indicate that the United Kingdom has announced the issuance of new licenses for oil and gas extraction on an annual basis. Conversely, the United States, a significant player in the fossil fuel industry, has contrarily planned to extract 12.9 million barrels per day of unrefined oil in 2023 amidst the ongoing climate crisis.
The developed countries have escalated their investments in the fossil fuel sector, and global fossil fuel corporations amassing a record-breaking profit of US$ 4.0 trillion in 2022. Alarmingly, half of the countries that pledged to diminish coal dependency have, instead, increased their usage of coal, with the US raising its usage by 14 per cent.
In a press release issued today, TIB Executive Director (ED) Dr. Iftekharuzzaman said, "The developed countries have faltered in curbing investments in fossil fuels, restraining coal usage, and delivering promised adaptation and mitigation funds for the affected countries. Despite falling short of their commitments, they have continued to escalate the production and consumption of fossil fuels to unprecedented levels. Disregarding all scientific evidence on climate change, the reckless stance of the developed nations contradicts global pledges to combat climate change and minimise carbon emissions."
The UAE, host of this year's climate conference, stands as one of the largest investors in fossil fuels, with the chief executive of the country's national oil company presiding over the conference. Global media reports have indicated that the nation plans to conduct consultation meetings with stakeholders from the fossil fuel industry during the conference, leveraging its position as the organiser to bolster investments in fossil fuel sectors. This reveals that the climate conference is being manipulated to safeguard interests of the fossil fuel companies.
Dr. Iftekharuzzaman highlighted that this not only represents a flagrant abuse of power but also constitutes a severe breach of the code of conduct and principles, established by the UNFCCC for the organising country and conference stakeholders.
He added, "The conference and the affected countries are being subjugated by powerful lobbying groups and the vested interests of the fossil fuel companies linked with the affluent and developed nations. At a time when a substantial population faces the brunt of global climate change and their future hangs in the balance, utilising the platform of the climate conference to further business interests of the fossil fuel investors is nothing but a mockery."
The TIB statement further mentioned that the developed countries are endeavouring to evade responsibility for the proposed "loss and damage" fund and are utilising the conference as a platform to expand their fossil fuel enterprises — an act deemed unacceptable, unethical, and contradictory to the Paris Agreement.
TIB has urged representatives from Bangladesh and the Climate Vulnerable Forum (CVF) to proactively advocate for maintaining transparency in the conference's decision-making processes, including financing, disqualifying participation from the entities with conflicts of interest, halting the unethical intervention of fossil fuel lobbyists and influential bodies, and ensuring integrity and accountability in the conference-related activities.
TIB has also demanded that the "loss and damage" fund should not be disbursed as loans to Bangladesh and other affected developing countries. Rather, it should be disbursed as unconditional grants for compensation.
Media Contact:
Sheikh Manjur-E-Alam
Director, Outreach and Communication
Phone: +88024102126770
Email: manjur@ti-bangladesh.org
