Bangladesh needs to invest an estimated US$ 12.5 billion in climate-change adaptation over the mid term, approximately 3.0 per cent of the FY 2021 GDP, to sustain strong economic growth, according to a latest report.
The financing for climate action can be raised through budget prioritisation, carbon taxation, external financing, and private investment, it said.
The report titled "Country Climate and Development Report (CCDR) for Bangladesh" was released by the World Bank (WB) on Monday at a hotel in the city.
Planning Minister MA Mannan addressed the event as the chief guest while WB acting Country Director for Bangladesh and Bhutan Dandan Chen, World Bank Vice President for South Asia Martin Raiser, WB Regional Director (South Asia Sustainable Development) John Roome, Department of Environment (DoE) Director General Dr Abdul Hamid, Foreign, Commonwealth & Development Office (FCDO) Team Leader (Climate & Environment) Alex Harvey, Former Principal Secretary to the Prime Minister Abul Kalam Azad, International Centre for Climate Change and Development (ICCCAD) Director Professor Saleemul Huq, Friendship Executive Director Runa Khan also spoke on the occasion.
According to the report, Bangladesh has significantly reduced disaster-related deaths over the years but continued to face severe and increasing disaster risks due to climate change.
"Without urgent action, including further adaptation and resilience measures, the country's strong growth potential could be at risk," it said.
Average tropical cyclones cost Bangladesh about $1.0 billion annually, while by 2050, a third of the agricultural GDP could be lost with 13 million people becoming internal climate migrants.
In the meantime, GDP could fall by as much as 9.0 per cent in case of severe flooding, the report noted.
WB vice president Mr Raiser said, "Bangladesh has led the way in adaptation and disaster risk management. Over the past 50 years, it has reduced cyclone-related deaths 100-fold from where other countries can learn."
"But with ever-increasing climate risks, further adaptation efforts are vital, and a low-carbon development path is critical to a resilient future for Bangladesh," he said.
At just 0.4 per cent, Bangladesh's current contribution to global greenhouse gas (GHG) emissions is not significant, he said, adding that with the country's large population and fast economic growth, GHG emissions will increase substantially.
Besides, the country also faces a high level of air pollution, which costs about 9.0 per cent of GDP annually.
Improved air quality standards across multiple sectors will improve health and increase climate resilience.
The country's 2021 Nationally Determined Contributions (NDCs) would help reduce emissions by 21.8 per cent by 2030, he mentioned.
By implementing policies that abate both air pollution and emissions, Bangladesh can reduce deaths from air pollution by half or save nearly 1 million lives within 2030.
Delivering his speech, the Planning Minister said Bangladesh is one of the early responders to climate change as it had created a climate fund with its own money.
He emphasised on global efforts to fight climate change related issues, no matter which country pollutes more or less, as disasters don't just harm a country but the world.
Meanwhile, Professor Saleemul stressed the need for investing more on the younger generation, particularly among the school and university students, and young professionals, because they will be the change makers in near future.
"Older generation don't want to change, they are still stuck in fossil fuel-based power while young engineers are stepping up with innovative renewable energy companies to change the world," he said.
He said that not just the money but rethinking policies are also important to tackle the effects of climate change.
Prime Minister's former principal secretary Mr Azad said indigenous knowledge is crucial while dealing with disasters, given the reason, climate actions are needed to spread from national to grassroots level.
The report recommends investments in infrastructure and services to strengthen climate resilience while supporting long-term growth.
Actions focused on improved agriculture productivity, energy and transport efficiency to lower future emissions intended to improve air, soil, and water quality.
It also said investments should be prioritised for climate hotspots such as in the Barind, coastal zones, haor areas, and Hill Tracts, and the regions facing higher poverty rates as well as natural hazards.
At the event, the WB also awarded the winners of "IdeaBuzz Championship", a youth competition seeking climate-smart solutions for inclusive growth in Bangladesh.
The first, second, and third prizes were awarded to three teams respectively from Islamic University of Technology (IUT), Bangladesh University of Engineering and Technology (BUET), and Institute of Business Administration (IBA) of University of Dhaka.
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