BD requires $230b till 2050 to avert climate catastrophe

Bangladesh requires US$230 billion over the next 27 years till 2050 to avert a climate catastrophe as it committed to cut carbon emissions by 89.47 million tonnes or 21.85 per cent of carbon dioxide by 2030.

Bangladesh's current contribution to global greenhouse gas emissions and share of carbon emissions are only 0.4 per cent and 0.09 per cent respectively, which are not significant, but if Bangladesh needs funds to implement its projects, she needs to satisfy the multilateral money lenders including the World Bank, Asian Development Bank (ADB), JICA or Islamic Development Bank and other donors' to uphold their commitment to the global society.

"Prime Minister's Office (PMO) has been collecting necessary information and data from Power and Energy divisions and their associate bodies in the power and energy sector to make some policy decisions on power, gas and petroleum issues along with the other sector," Power Cell DG Mohammad Hossain told the Daily Observer on Saturday.

The energy sector is the largest contributor with 93.09 tonnes (55.07 per cent) in Bangladesh, agriculture, livestock and forestry contribute 27.35 per cent, amounting to 46.24 tonnes, cement and fertiliser contribute 3.32 per cent 5.6 tonnes, and municipal solid waste and wastewater contribute 14.26 per cent, which is 24.11 tonnes, according to the Nationally Determined Contributions (NDCs) of Bangladesh statement.

He mentioned that approximately $50 trillion in incremental investments is required by 2050 to transition to the global economy to net-zero emissions and avert a climate catastrophe.
Bangladesh has a national action plan ready on climate change. It not only requires billions of dollars over the next 27 years, it requires 13 interventions with 90 high-priority ones, which are the biggest challenges for us, Mohammad Hossain said.

"We have cancelled 10 coal-based power plants worth $12 billion of foreign investment because of climate change. Bangladesh has already endorsed the 133 Country Glasgow Leader's Declaration on Forest and Land use. We have installed more than six million solar-home systems in off-grid areas, and more than 4.5 million improved cooking stoves have been distributed in rural areas," Power Cell DG said.

According to the Power Cell, Bangladesh will increase renewable energy projects, use improved technology for power generation, use less emission-based transport systems, use solar energy in agriculture, reduce traditional brick kilns, reduce emission from rice fields, fertiliser use, deforestation reduction and will improve municipal solid waste management to achieve the new carbon emission target.
"Bangladesh's energy transition is something different from European or other developed countries as Bangladesh is still growing and growth has been its primary objective," Prime Minister's Energy Adviser Dr Tawfiq-e-Elahi Chowdhury said.

He said Bangladesh cannot go with the European Union's style on "Green Energy cooperation" as the primary goal of Bangladesh government is to ensure first the access to uninterrupted electricity at an affordable cost with a concept of clean energy, the Energy Adviser said earlier.

"To reach the target, Bangladesh will cut 96.1 per cent of emissions from the energy sector, however, power, transport, industry, households, commercial, agriculture, brick kilns, and fugitive emissions are the part of this areas," according to the updated Nationally Determined Contributions (NDCs) of Bangladesh statement said.

However, environmentalists alleged that India or China export air pollution (Carbon credit) by financing coal-fired power plants or exporting power from coal fired power plant in Bangladesh and the government has failed to protect it.