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

June 02, 2024 00:00:00

Environment, Forest and Climate Change Minister Saber Hossain Chowdhury said Bangladesh has a requirement of US$ 876 billion to implement its ambitious climate action plans and International cooperation is crucial in this regard, reports UNB.

The minister revealed this information at the inaugural ceremony of a three-day workshop organised by the Economic Relations Division (ERD) held in BRAC CDM, Savar on Climate Finance Access and Mobilization in Bangladesh on Saturday.

The workshop was organised aiming to address the crucial issue of securing financial resources to combat climate change.

The National Adaptation Plan (NAP) of the country estimates an investment of $230 billion for adaptation until 2050, he said.

Additionally, Implementation of the Nationally Determined Contributions (NDC) requires $175 billion.

The Mujib Climate Prosperity Plan (MCPP) and the Bangladesh Delta Plan 2100 estimate USD 471.72 billion to implement the identified priority projects.

Partnership is fundamental. To coordinate among development partners, the Government formed Bangladesh Climate Development Partnership.

"Climate change is not just an environmental issue; it is an economic, social, and developmental issue that affects every sector of our society.

Mobilising 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.

Besides, developed countries have a moral and legal responsibility to support developing countries in their climate actions, said the minister adding "We call upon our international partners to honour 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 mobilise the necessary resources, implement transformative actions, and build a better, safer, and more sustainable world for future generations."

Shahriar Kader Siddiky, Secretary, Economic Relations Division, Ministry of Finance; Nayoka Martinez-Bäckström Deputy Head of Development Cooperation, The Embassy of Sweden; Matt Cannell, Deputy High Commissioner and Development Director, British High Commission, Dhaka; Edimon Ginting, Country Director, Asian Development Bank; Stefan Liller, Resident Representative, UNDP Bangladesh also spoke.

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.

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