DHAKA, May 25, 2023 (BSS) - Environment, Forest and Climate Change Minister Md Shahab Uddin today said Bangladesh will need substantial international finance as well as capacity-building support to implement its climate activities.

"For the implementation of the National Adaptation Plan, the 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," he said. 

The environment minister made the remarks while speaking at 'Green Growth Vision' session in Global Green Hub Korea 2023 in Busan, Republic of Korea, according to a message received here.

He said Bangladesh is looking forward to enhancing collaboration in the areas of environment, climate and energy. 

"We urge the government of Korea, international communities and development partners to consolidate our partnership to ensure environment-friendly green growth and make the world a safer and better place for our future generation," Shahab Uddin said. 

He said public funds from multilateral sources have to be prioritised rather than private financing and loans aiming to drive a wider structural shift and foster sustainable transition in climate vulnerable developing countries like Bangladesh. 

The benefit of clean, green, and advanced green technologies needs to be shared with all the developing countries, the minister said, adding that the development needs of these particularly vulnerable nations must be prioritised.

He said Bangladesh is pursuing a low-carbon green development path in the context of sustainable development in the country. 

"We have installed more than six million solar home systems in off-grid areas ensuring clean electricity for 12 percent of the population and distributed more than 4.5 million improved cook stoves in rural areas," he added. 

Shahab Uddin said Bangladesh introduced the Polluters Pay Principle (PPP) concept as a compensation for environmental pollution. 

He said Bangladesh is also trying its best to make the country climate resilient. 

"For this, 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, promoting energy efficiency in household and commercial buildings, waste to energy and wastewater treatment," he said.

The environment minister said Mujib Climate Prosperity Plan 2022-2041 has set the target of up to 40 percent of the country's energy from renewable sources. 

The Strategic Goals of the Perspective Plan include industrialisation adopting a green growth strategy with integrated environment and climate change considerations, he said. 

Shahab Uddin added: "Our government has taken numerous steps towards sustainable waste management and introduction of a circular economy for sustainable use of resources". 

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, he said.