Bangladesh will receive money from Green Climate Fund next year to enhance the country's adaptation to climate change, Hasan Mahmud, state minister for forest and environment, said yesterday.
He was talking to reporters on returning home from the Cancun Climate conference.
The minister said all the money from the Green Climate Fund would be spent on forestation in the coastal belt, construction of cyclone shelters and dredging of rivers.
He said the commitment enshrined in the Copenhagen Accord to raise a fund of $30 billion within 2010-2012 has been ensured at the Cancun Climate Conference.
Most vulnerable countries like Bangladesh will be given priority to get access to this fund.
Under the long-term finance, the developed nations would contribute $100 billion every year until 2020. This amount is additional to annual development aid.
The Bali Action Plan will be given priority in the use of the money.
The Green Climate Fund will be operated by a 24-member board with equal representation from the developed and developing countries. The World Bank will be working as a trustee of the fund for an interim period, said the state minister.
Activities of the World Bank will be reviewed within next three years and later on a decision would be taken whether to keep the World Bank as trustee or not, he added.
A 40-member Transitional Committee was constituted to make the Green Climate Fund effective. Fifteen from the developed countries and 25 from the developing nations would remain members of the Transitional Committee.
Of the 25 members from the developing nations, two members must come from the LDCs. Bangladesh has already gained its membership.
The state minister said Kyoto Protocol will expire in 2012 and a decision will be taken on the extension of the Protocol at COP-17 to be held in Durban.