Foreign Minister Dr AK Abdul Momen has proposed establishing a fund by V20 for the rehabilitation and reintegration of climate migrants to societies, or else, they could be a "security risk".

"V20 (Vulnerable Twenty) may think of establishing a Fund for their rehabilitation and reintegration to societies, otherwise they could be a security risk," he said.

Each year, Dr Momen said, thousands of people are uprooted from their sweet homes and traditional jobs due to global warming, inundation and river erosion.

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"These displaced people, we term them as ‘Climate Migrants’ need to be rehabilitated," he said while addressing the Climate Vulnerables' Finance Summit on Thursday night. 

The first ‘V20 Climate Vulnerables' Finance Summit’ was opened by Bangladesh Prime Minister Sheikh Hasina who declared “Mujib Climate Prosperity Plan – Decade 2030” in honor of the birth centenary of the Father of the nation on that occasion.

The V20 Group of Finance Ministers released a Communique that called for leadership by industrialized nations and cooperation to urgently transform and align the global economic system with the goals of the Paris Climate treaty for a more robust, greener, and equitable recovery.

Dr Momen said climate change is a major contributor to environmental degradation, affecting global food, energy, health and also economic security and most importantly life and living of human beings. 

Bangladesh is one of the most vulnerable countries to climate change.

Also read: V20 Climate Finance Summit 

Despite this, Dr Momen said, Bangladesh has emerged as a global leader in climate change adaptation. "We’re spending nearly 5 billion US dollars each year for adaptation and mitigation. We’re the first LDC to set up the Climate Change Trust Fund from our own resources."

Bangladesh recently established the South Asia Regional office of the Global Centre on Adaptation (GCA) for promoting and disseminating locally based adaptation mechanisms. 

"It’s important to fund this entity, and I call upon the different developed and developing countries, as well as the international financial institutions, to provide funds for the South Asia Regional office of GCA so that it can be very effective," he said. 

Dr Momen said they believe climate change and related disasters is a development and economic issue. 

Therefore, he said, the 2030 Agenda for Sustainable Development Goals, the Paris Agreement and the Sendai Framework must be implemented in their true spirit. "That’s why financial resources and transfer of green technology are crucial."

Also read: Help achieve green recovery of CVF-V20 countries: Hasina to developed nations

Dr Momen said major economies, including G7, G20, and other major economies, need to come forward to provide adequate resources and technology support to the most vulnerable countries to address the climate changes. 

He said it is of existential importance that the global community reaches the target of restraining the global temperature rise to 1.5 degrees Celsius. 

"Bangladesh Parliament overwhelmingly adopted a resolution called “Planetary Emergency” to save this planet. It’s necessary to save it as this is the only planet where we live in," he said. 

The commitment of 100 billion US dollars per year as promised in the Paris Agreement must be fulfilled urgently, with equal distribution between mitigation and adaptation, Dr Momen said.

"It’s also critical that all countries, particularly the major emitting countries, declare ambitious and aggressive NDCs, and then take urgent steps to reach the targets."

He said they will continue to work through the CVF to champion the cause of the climate vulnerable nations. 

"We can unitedly achieve much more in terms of preparing and delivering climate actions for a better, safe and sustainable planet for our next generation," said Dr Momen.