Minister of Environment, Forest, and Climate Change Saber Hossain Chowdhury said the government is going to form Bangladesh Climate Development Partnership (BCDP) to attract significant global capital invested in climate change.
He said this in a consultation meeting with Development Partners on Bangladesh Climate Development Partnership (BCDP) in a city hotel on Thursday.
The BCDP will be instrumental in helping the government to produce necessary information to inform policies, enhance project pipelines, and increase Bangladesh's participation in global climate forums. 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.
Principal Secretary to the Prime Minister M Tofazzel Hossain Miah presided over the occasion. Dr Farhina Ahmed, Secretary, Ministry of Environment, Forest and Climate Change, and Edimon Ginting, Country Director, Bangladesh Resident Mission, Asian Development Bank, spoke on the occasion while Additional Secretary (Climate Change) of the Ministry Iqbal Abdullah Harun presented the guidelines on BCDP Implementation. The Environment Minister said 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 us to accomplish common objective of enhancing our prosperity and resilience while lowering our susceptibility to climate change, we are keen to work with significant economies and partners,” he said.
Saber Hossain said the government of Bangladesh has allocated Tk 37 thousand crore ($3.4 billion) in the current budget to address this issue, and we will vigilantly oversee the work carried out by 25 ministries and departments. However, the GoB requires USD 11 million per year of climate finance, resulting in a significant finance gap.
He said, “We need 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/upazilas in the country to inform policies, adaptation actions, and project design. Therefore, we demand more knowledge and understanding of these dynamics.”
Saber Hossain said 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 also said 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.