Thursday, May 02, 2024
Minister of Environment, Forest, and Climate Change Saber Hossain Chowdhury said the government is planning to form Bangladesh Climate Development Partnership (BCDP) to produce the necessary information to inform policies, enhance project pipelines, and increase the country’s participation in global climate forums instrumentally.
By working collaboratively with external partners and the private sector and implementing a strong climate-resilient project pipeline alongside a progressive policy framework, Bangladesh should be able to attract significant global capital invested in the climate change agenda.
He made the remarks at a consultation-meeting with Development Partners on Bangladesh Climate Development Partnership (BCDP) in the city’s Hotel Intercontinental on Thursday.
Principal Secretary to Prime Minister M Tofazzel Hossain Miah presided over the programme.
Secretary, Ministry of Environment, Forest and Climate Change Dr Farhina Ahmed, and Country Director, Bangladesh Resident Mission Asian Development Bank Edimon Ginting spoke on the occasion.
Additional Secretary (Climate Change) of the Ministry Iqbal Abdullah Harun presented the guidelines for BCDP Implementation.
Addressing the meeting, Saber pointed out that effective and well-coordinated solutions are needed to address these issues. Collective action is required to combat climate change, as markets and generations have failed to do so.
In order to obtain investments that will enable the country to accomplish its common objective of enhancing prosperity and resilience, while lowering susceptibility to climate change. Bangladesh is interested in working with significant economies and partners.
The government of Bangladesh has allocated Tk 37,000 crore ($3.4 billion) in the current budget to address this issue, and the ministry will vigilantly oversee the work carried out by 25 ministries and departments.
However, the government requires $11 million per year of climate finance, resulting in a significant finance gap, Saber added.
The country needs immediate action to ensure the availability of ready, bankable projects in the pipeline.
It is also crucial to gain a better understanding of the compounded climate risks faced by vulnerable regions/upazila in the country to inform policies, adaptation actions, and project design. Therefore, more knowledge and understanding of these dynamics is required.
The government can take advantage of its strong climate-resilient project pipeline and progressive policy framework to extend the availability of concessional finance for climate-related projects.
This will enable the government to predict the financing that will be available for adaptation from development partners over the next 10 years and to utilise this financing to mobilise private sector funding for adaptation.
He pointed out that the partnership can assist the government in mobilising climate finance from global climate funds, thereby improving the overall global climate finance structure.
It is imperative that the government utilises this opportunity to its fullest potential, as it will have a significant impact on the country's ability to combat climate change and ensure a sustainable future for its citizens.
