Page - 464 - in Loss and Damage from Climate Change - Concepts, Methods and Policy Options

464 M.Haqueet al. Table19.1 Annual allocations to the trust fundareas follows (BCCT) Fiscalyear Allocation (BDTincrore) Allocation (USDinmillions, approximatefigures) 2009–2010 700 902 2010–2011 700 902 2011–2012 700 902 2012–2013 400 515 2013–2014 200 258 2014–2015 200 258 2015–2016 100 129 2016–2017 100 129 Total 3100 399 SourceBangladeshClimateChangeTrustFund As per Climate Change Trust Act, 2010, a maximum of 66% of the allocated amount can go towards the projects. The remaining 34%, approximately totaling USD135million orBDT1054 crore, is kept in a fixed deposit account in various privateandpublicbanks.Oneof the reasonswhy thegovernmenthaskeptacertain portioninreserveisthat inthefuturetheinterestcancreatethepossibilityoffunding climatechangeprojectswithoutallocatinganamount fromtheannualbudget.Asof July2016,431projectshavebeenundertaken—368projectsarebeingimplemented by the government, semi-government and autonomous agencies, 63 projects are being implemented byNGOs. AGCF accredited national organisation called the Palli Karma-Sahayak Foundation (PKSF)manages the portion of funds that goes towardsNGOs.Projectshavetosatisfytheenvironmentalandsocialsafetystandards as recommended by the technical committee in order to receive funding from the BCCTF.Majorprojectsunder theBCCTFincludeconstructionofcoastalseadykes, embankments, river protectionwork; development of cyclone resilient houses and multipurpose cyclone shelters in vulnerable areas; establishing agro-met stations; water supply for irrigation; excavation/re-excavation of canals and construction of drainsatdifferent ruralmunicipalities;afforestationprojects toprotectcoastalareas andconservebiodiversity;biogasplants; improvedcook-stoves;solarhomesystems aremitigation projects funded from the trust fund. In the fiscal year 2014–15 the MinistryofLocalGovernmentandEngineeringdepartmentwasawardedthehighest numberofprojects, followedby theMinistryofWaterResources (seeFig.19.6). The financial management and accounting procedures are maintained in strict adherence to existing government financial rules. BCCTFhas been audited by the Officeof theComptroller andAuditorGeneral andnoobjectionhasbeen received. ThereisanInternalAuditCommitteeheadedbytheSecretaryofBCCTthatauditsall fileswithfinancial implications andadopts correctivemeasures.Theexternal audit is doneby theOfficeof theComptroller andAuditorGeneral ofBangladeshasper thedirectionofClimateChangeTrustActof2010.