DHAKA, May 12, 2022 (BSS) - Environment, Forest and Climate Change Minister Md Shahab Uddin said Bangladesh needs more international support for successful implementation of Bangladesh National Adaptation Plan 2022.

The minister said this at a ministerial meeting titled 'Local Climate Adaptive Living Facility' organized by the United Nations Capital Development Fund (UNCDF) held Wednesday in Brussels, Belgium on Thursday, said a press release issued here today.

He said UNCDF and Local Climate Adaptive Living Facility (LoCAL) may provide useful technical support to explore innovative financing instruments, such as scaling up insurance, climate bond, strengthening capital market, blended climate finance based on public-private partnership where public finances can catalyze.

They may also help explore other innovative approaches as well, he mentioned.

The minister said the government is currently spending around 6 percent to 7 percent of the annual budget for climate change adaptation.
 
More than 75 percent of this amount is financed from domestic sources while the adaptation financing needs will increase with the increase of frequency of extreme events, he said.

Shahab Uddin said by 2050, Bangladesh's adaptation costs of tropical cyclones and storm surges are estimated at 55.17 billion dollars and annual recurrent expenditure will be 112 million dollars.
 
Cost of inland monsoon is estimated to be 26.71 billion dollars and recurrent yearly spending will require 54 million dollars, he said.

Such high expenditure for climate change induced causes will affect the country's allocation for welfare, income generation and poverty reduction programs, he said.

"Implementation of our long-term Bangladesh Delta Plan 2100 will cost 23.23 billion dollars and we need 4.65 billion dollars during 2018 to 2040 period. We plan to manage 2 billion dollars from the Green Climate Fund every year," Shahab Uddin said.

Rest of the amount is planned to be received from other development partners, foreign direct investment, and the private sector, he said.
The minister said the country is set for graduation from LDC status by 2026, and this will put extra pressure on domestic public and private sources.

"We need to explore more opportunities for accessing international climate funds. UNCDF and our Ministry of Local Government are implementing Local Program in Bangladesh. This program is helping grant transfer to local government for climate adaptive activities. And we need large and immediate interventions," he said.

UNCDF Executive Secretary Preeti Sinha, Ministers of the LDCs, SIDS and African countries were present in the session.

Other members joined in the conference are Secretary, Ministry of Environment, Forest and Climate Change Md Mostafa Kamal and Assistant Private Secretary of the Minister Kabiruzzaman Chowdhury.