The International Finance Corporation (IFC) and the Danish International Development Agency (DANIDA) have signed transformative agreement on Tuesday to establish a Bangladesh Climate Advisory Partnership (B-CAP).
Building on successful Partnership for Cleaner Textile (PaCT) program, which provided advisory support for a green transition in Bangladeshs textile industry, B-CAP expands this collaboration to broader climate advisory.
This initiative aims to boost climate-smart private investment in Bangladeshs key growth sectors, contributing to carbon mitigation and reduction of greenhouse gas emissions, says a press release.
Climate change poses significant risks to Bangladeshs development, requiring substantial investments in mitigation and adaptation.
The IFC-DANIDA partnership, backed by $5.3 million assistance, aims to catalyze $50 million in climate-smart private investments by 2027, with a focus on manufacturing and green finance.
B-CAPs core pillars include accelerating climate-smart investments, enhancing green finance, promoting sustainable practices, and gender inclusiveness.
Aligned with IFCs strategic objective, this project aims to accelerate an inclusive transition to low-carbon, resilient growth focused on the people, jobs and sustained industrial progress in Bangladesh.
"By catalyzing climate-smart private investments in Bangladesh, we
e tackling climate change while fostering resilient, eco-friendly development," said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal.
"Teaming up with DANIDA allows us to pool expertise and resources, ensuring our projects uphold the highest environmental and social standards, supporting Bangladeshs development journey." he added.
Christian Brix Møller, Ambassador of Denmark to Bangladesh said on this occasion, "This collaboration with IFC is a significant step towards advancing our global climate action goals.
By investing in Bangladeshs transition to a green economy, we are reinforcing our commitment to sustainable development and international cooperation."
