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Engagement of private sectors is necessary in climate finance: Saber

UNB . Nairobi
01 Mar 2024 19:51:12 | Update: 01 Mar 2024 19:52:16
Engagement of private sectors is necessary in climate finance: Saber
— UNB Photo

Involvement of private sectors is crucial in climate finance, Environment, Forest and Climate Change Minister Saber Hossain Chowdhury said on Friday.

He said the private sector is not interested in Climate Adaptation financing. They need to be incentivized and motivated to invest in adaptation activities.

The minister was addressing a session entitled “Ensuring Public and Private Financial Flows Aligned with Environmental Goals to Close the Massive Funding” at the 6th United Nations Environment Conference being held in Kenya's Nairobi on Friday.

Chowdhury said the leadership of the government of the world made pledges in the past in which promises were un-kept. The environmental goals even become stiffer and the resources we need are going to be far greater. Urgency and delivering of commitment not just signing, pledges and making landmark resolutions but implementing is a must.

Environment Minister said Bangladesh formulated a plan for transitioning from vulnerability to resilience and ultimately to prosperity. It requires a significant investment, estimated at nearly $80 billion. Bangladesh, with its abundant offshore wind and nature-based solutions, has outlined a plan for climate finance.

High Commissioner of Bangladesh in Kenya Tareque Muhammad, Joint Secretary of Ministry of Environment, Forest and Climate Change Md Abdul Wadud Chowdhury, and Third Secretary at the Bangladesh High Commission in Kenya Md Sabbir Ahmed were present among the members of Bangladesh Delegation.