Global finance, technology transfer crucial for effective climate action

Bangladesh delegation in an international climate conference called for global finance and technology transfer apart from capacity development for an effective climate action in the country.
The team also sought to enhance collaboration with the international communities and development partners in the areas of environment, climate and energy.
Minister of Environment, Forest and Climate Change Md Shahab Uddin made the call on Thursday at the 'Green Growth Vision' session in Global Green Hub Korea 2023 in Busan, South Korea, organised for tackling climate change.
The minister urged the government of Korea and development partners to consolidate Bangladesh's partnership to ensure environment-friendly green growth and make the world safer for future generations.
He said for the implementation of the National Adaptation Plan, Nationally Determined Contributions, and Mujib Climate Prosperity Plan, Bangladesh will need substantial international climate finance as well as technology transfer and capacity-building support for both adaptation and mitigation activities.
The environment minister said to drive a wider structural shift and foster sustainable transition in particularly vulnerable developing countries like Bangladesh, public funds from multilateral sources
have to be prioritised rather than private financing and loans.
The benefits of clean, green, and advanced green technologies need to be shared with all the developing countries, he added.
The development needs of these particularly vulnerable nations must be prioritised, he viewed.
Bangladesh has installed more than 6.0 million solar home systems in off-grid areas ensuring clean electricity for 12 per cent of the population and distributed more than 4.5 million improved cook stoves in rural areas.
Bangladesh introduced the Polluters Pay Principle (PPP) concept as a compensation for environmental pollution, according to the ministry.
The updated Nationally Determined Contribution (NDC) of Bangladesh has included priority actions on - renewable energy and green hydrogen energy, promoting electric vehicles, increasing energy efficiency in industries and promoting energy efficiency in households and commercial buildings.
Shahab Uddin said Mujib Climate Prosperity Plan 2022-2041 has set the target of up to 40 per cent of the country's energy from renewable sources.
The Vision 2041 considers the green tax or carbon pricing as a useful policy to not only discourage the consumption of fossil fuels but also encourage the adoption of green technology and private investment in renewable energy.
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