Thursday, 25 July, 2024, Reg No- 06
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BD needs $876b to implement climate action plans: Saber

Published : Sunday, 2 June, 2024 at 12:00 AM  Count : 253

Bangladesh requires $ US 876 billion to implement its ambitious climate action plans; however, as per the National Adaptation Plan (NAP) government needs around $US 230 billion for adaptation till 2050 immediatly.

Environment, Forest and Climate Change Minister Saber Hossain Chowdhury revealed this information at the inaugural ceremony of a three-day workshop organized by the Economic Relations Division (ERD) held in BRAC CDM, Savar on Climate Finance Access and Mobilization in Bangladesh on Saturday.

"The Mujib Climate Prosperity Plan (MCPP) and the Bangladesh Delta Plan 2100 estimate US$ 471.72 billion to implement the identified priority projects.

Partnership is fundamental. To coordinate among the development partners, the government formed Bangladesh Climate Development Partnership," he said.
Saber Chowdhury said climate change is not just an environmental issue; it is an economic, social and developmental issue that affects every sector of the society, according to a release .

"Mobilizing climate finance is essential to support our transition to a low-carbon, climate-resilient economy.

We must leverage private sector investments, international climate funds, and innovative financing mechanisms.

We need to build robust institutional frameworks and enhance our technical capacities to effectively access, manage, and deploy climate finance," he said, adding that developed countries have a moral and legal responsibility to support developing countries in their climate actions.

"We call upon our international partners to honour their commitments and provide predictable, adequate, and accessible financial support. At the same time, we must also explore innovative sources of finance, such as green bonds, climate insurance and public-private partnerships. Let us work together to mobilize the necessary resources, implement transformative actions and build a better, safer and more sustainable world for future generations," he continued.

Secretary of Economic Relations Division, Ministry of Finance Shahriar Kader Siddiky, Deputy Head of Development Cooperation, the Embassy of Sweden Nayoka Martinez-Bäckström, Deputy High Commissioner and Development Director of British High Commission in Dhaka Matt Cannell, Country Director of Asian Development Bank Edimon Ginting and Resident Representative of UNDP Bangladesh Stefan Liller also spoke on the occasion.

The event brought together key stakeholders from government agencies, international organisations, financial institutions and civil society to discuss strategies for enhancing climate finance and its effective utilization in Bangladesh.

Partnership is fundamental. To coordinate among development partners, the Government formed Bangladesh Climate Development Partnership.  

Experts highlighted the need for a multi-faceted approach that combines public and private sector efforts, as well as international cooperation, to effectively address climate finance gaps, according to a release.

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