The World Bank has said on Thursday that green growth policies and investments will help Bangladesh achieve economic growth in a sustainable manner.
To achieve its vision of becoming an Upper Middle-Income Country by 2031, Bangladesh will need green growth, which can be attained through institutional strengthening, regulatory reforms, climate-responsive public and private finance, and an enabling policy framework, the World Bank said while launching its new report on Thursday.
"Global experience shows that growth that harms the environment cannot be sustained. On the other hand, green growth can offer a strong and effective way to reduce poverty while safeguarding our environment, essentially serving as a catalyst for growth," said Abdoulaye Seck, World Bank Country Director for Bhutan and Bangladesh.
Bangladeshs Green Growth agenda needs to take a holistic approach, encompassing clean air, water, and land, quality jobs, mobility, clean technology, and investments in human capital, the report reads.
"I am happy to see the Bangladesh governments commitment towards achieving green and resilient growth, which resonates well with the World Banks new vision of ending poverty on a livable planet," he added.
According to the "Framework for Implementing Green Growth in Bangladesh - 2023" report, green growth-by balancing economic prosperity with environmental compliance, benefits, and protection-can be a strong and sustainable driver of growth.
The report proposes nine key policy directions that aim to achieve three overarching objectives: effective environmental governance and energy transition, new engines and skills for green growth, and a just transition to a resilient, green, and healthy society.
Policy directions include strengthening environmental governance, promoting renewable energy trade, investing in green industries and human capital, and improving public health and well-being, among others.
The report also suggests robust financing mechanisms to support green growth initiatives, address environmental challenges, build skills for green financing among sectors, and establish public-private partnerships, among others. It is important that all the recommended policies work together for them to be successful.
"Coordination and coalitions among the ministries, between the public and private sectors, development partners, and other stakeholders will be essential for implementing the framework for green growth," said Eun Joo Allison Yi, World Bank Senior Environmental Specialist and co-author of the report. "Together, prioritising and implementing green growth policies and investments will help Bangladesh achieve economic growth in a sustainable manner."
The report recommends the creation of a governance framework for greener growth, the use of a mix of incentives to boost environmental markets, and the enhancement of institutional capabilities. The Framework can serve as a basis for how green growth can be realised in alignment with the countrys economic and sectoral priorities. This can be a positive step towards a future for Bangladesh that is greener, climate resilient, and more sustainable.
