01 Jun 2024, 13:00
Update : 01 Jun 2024, 20:53

Bangladesh needs $876b to implement climate action plans: Saber

DHAKA, June 1, 2024 (BSS)- Environment, Forest and Climate Change Minister
Saber Hossain Chowdhury today said Bangladesh needs US$ 876 billion to
implement its ambitious climate action plans and that is why international
cooperation is crucial in this regard.

He said the National Adaptation Plan (NAP) of the country estimates an
investment of US$ 230 billion for adaptation till 2050.

The Environment Minister said this while speaking at an inaugural function of
a three-day workshop organised by the Economic Relations Division (ERD) held
in BRAC CDM, Savar.

Additionally, he said, implementation of the Nationally Determined
Contributions (NDC) requires US$ 175 billion.

"The Mujib Climate Prosperity Plan (MCPP) and the Bangladesh Delta Plan 2100
estimate US$ 471.72 billion to implement the identified priority projects.
Partnership is fundamental. To coordination among the development partners,
the government formed Bangladesh Climate Development Partnership," he said.

Saber Chowdhury said climate change is not just an environmental issue; it is
an economic, social and developmental issue that affects every sector of the

"Mobilizing climate finance is essential to support our transition to a low-
carbon, climate-resilient economy. We must leverage private sector
investments, international climate funds, and innovative financing
mechanisms. We need to build robust institutional frameworks and enhance our
technical capacities to effectively access, manage, and deploy climate
finance," he said, adding that developed countries have a moral and legal
responsibility to support developing countries in their climate actions.

"We call upon our international partners to honor their commitments and
provide predictable, adequate, and accessible financial support. At the same
time, we must also explore innovative sources of finance, such as green
bonds, climate insurance and public-private partnerships. Let us work
together to mobilize the necessary resources, implement transformative
actions and build a better, safer and more sustainable world for future
generations," he continued.

Secretary of Economic Relations Division, Ministry of Finance Shahriar Kader
Siddiky, Deputy Head of Development Cooperation, the Embassy of Sweden
Nayoka Martinez-Bäckström, Deputy High Commissioner and Development Director
of British High Commission in Dhaka Matt Cannell, Country Director of Asian
Development Bank Edimon Ginting and Resident Representative of UNDP
Bangladesh Stefan Liller also spoke on the occasion.

The event brought together key stakeholders from government agencies,
international organisations, financial institutions and civil society to
discuss strategies for enhancing climate finance and its effective
utilization in Bangladesh.

Experts highlighted the need for a multi-faceted approach that combines
public and private sector efforts, as well as international cooperation, to
effectively address climate finance gaps.

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