July 14, 2024, 7:11 pm

Bangladesh needs $876b to implement climate action plans: Saber

  • Update Time : Saturday, June 1, 2024
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BSS, Dhaka:

Environment, Forest and Climate Change Minister Saber Hossain Chowdhury today said Bangladesh needs US$ 876 billion to implement its ambitious climate action plans and that is why international cooperation is crucial in this regard.

He said the National Adaptation Plan (NAP) of the country estimates an investment of US$ 230 billion for adaptation till 2050.

The Environment Minister said this while speaking at an inaugural function of a three-day workshop organised by the Economic Relations Division (ERD) held in BRAC CDM, Savar.

Additionally, he said, implementation of the Nationally Determined

Contributions (NDC) requires US$ 175 billion.

“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 coordination 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.

“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 honor 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.

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.

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