Home ›› Climate

Enhancing climate finance access key to sustainable dev

Staff Correspondent
01 Jun 2024 21:44:32 | Update: 01 Jun 2024 21:44:32
Enhancing climate finance access key to sustainable dev
— Courtesy Photo

A four-day capacity development workshop titled "Climate Finance Access and Mobilisation in Bangladesh" has been jointly inaugurated in Dhaka.

International Climate Finance Cell (ICFC), Economic Relations Division, Ministry of Finance, Bangladesh Climate Development Partnership (BCDP), Ministry of Environment, Forest and Climate Change (MoEFCC), and the United Nations Development Programme (UNDP) launched the event on Saturday.

The goal of this workshop is to enhance understanding of climate finance, mobilize additional funds, engage key stakeholders, and utilize existing climate finance platforms, according to press release.

The workshop brought together over 45 participants from 16 ministries, divisions, agencies, research institutes, and academia across Bangladesh.

Minister of Environment, Forest and Climate Change, Saber Hossain Chowdhury, MP, was the chief guest in the inaugural session. 

In his remarks, Minister Saber Hossain Chowdhury emphasized Bangladesh's vulnerabilities to climate change and the urgent need for adequate climate finance to support national plans like the Mujib Climate Prosperity Plan, National Adaptation Plan, and Nationally Determined Contributions (NDCs).

"This programme will strengthen our ability to access and utilize global funds while catalyzing investments from diverse sources,” the minister said.

Saber Hossain Chowdhury also highlighted three key challenges: scaling up the global donor base through inclusive partnerships, ensuring policy coherence and coordination across ministries to maximize co-benefits such as health and employment, and conducting a comprehensive financial needs assessment as the current $230 billion estimate is likely understated.

Addressing these challenges through collaboration is essential for securing sustainable climate financing.

Among others Shahriar Kader Siddiky, Secretary, the Economic Relations Division (ERD); Stefan Liller, Resident Representative, UNDP Bangladesh, Matt Cannell, Deputy High Commissioner and Development Director, British High Commission, Dhaka, Nayoka Martinez-Bäckström, Deputy Head of Development Cooperation, Embassy of Sweden, Edimon Ginting, Country Director, Asian Development Bank also spoke during the inaugural session.

Shahriar Kader Siddiky in his remarks said, "Integrating climate change into public financial management is crucial for aligning national budgets and fiscal policies with climate priorities.”

“Our goal is to create a Knowledge Circle in both the public and private sectors that can access and utilize climate finance from national and global sources effectively.”

"UNDP remains committed to supporting Bangladesh in its pursuit of climate-resilient development pathways. This workshop will lay the ground for enhanced collaboration and coordination among stakeholders to mobilize additional climate finance from diverse sources," said Stefan Liller.

“Bangladesh has received substantial financing from vertical funds like the Global Environmental Facility, the Green Climate Fund and the Adaptation Fund, but the process of accessing such funds needs to be simplified and the utilization of these need to be made quicker, more efficient, and in an accountable and transparent way to make Bangladesh best in class both in mobilising and delivering climate finance - in support of its mitigation and adaptation priorities and larger development aspirations,” Stefan added.

Matt Cannell, Deputy High Commissioner and Development Director at the British High Commission in Dhaka, reaffirmed his country's commitment, stating, "The UK is committed to supporting climate action in Bangladesh through enhanced finance and capacity building. Leveraging international finance and multilateral balance sheets is critical for increased access to climate funding and prioritizing adaptation. But we must also unlock meaningful private sector participation with true government ownership, as climate change impacts us all profoundly.”

Echoing similar sentiments, Nayoka Martinez-Bäckström, Deputy Head of Development Cooperation at the Embassy of Sweden, said, "Enhancing climate finance is crucial for building resilience and achieving sustainable development in Bangladesh. Sweden remains a committed partner in this endeavor.”

Edimon Ginting, Country Director, Asian Development Bank emphasized, "Addressing climate change requires collaborative solutions harnessing all available resources and expertise. The Asian Development Bank is pleased to contribute to strengthening Bangladesh's climate finance architecture."

The four-day workshop, organized by UNDP with support from the Governments of Sweden and the UK, aims to strengthen Bangladesh's capacity to access and utilize climate finance.

Discussions focused on attracting private sector investments through innovative instruments like green bonds, Islamic finance, carbon markets, and public-private partnerships, as well as exploring blended finance mechanisms and evidence-based tools for effective climate fund access.