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Substantial int’l finance needed for climate actions

Published : 26 May 2023 01:28 AM | Updated : 26 May 2023 01:28 AM

Bangladesh will need substantial international climate finance as well as technology transfer and capacity-building support for both adaptation and mitigation activities. 

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. 

Minister of Environment, Forest and Climate Change Md. Shahab Uddin said at a session titled ‘Green Growth Vision’ in Global Green Hub Korea 2023 organized for tackling climate change in Busan on Thursday.

Environment Minister said to drive a wider structural shift and foster sustainable transition in particularly vulnerable developing countries like Bangladesh, public funds from multilateral sources have to be prioritized rather than private financing and loans. The benefit of clean, green, and advanced green technologies needs to be shared with all the developing countries. The development needs of these particularly vulnerable nations must be prioritized. Bangladesh is pursuing a low-carbon green development path in the context of sustainable development in the country. We have installed more than 6.0 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. 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.

Shahab Uddin 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 industrialization adopting a green growth strategy with integrated environment and climate change considerations. Our government has taken numerous steps towards sustainable waste management and introduction of circular economy for sustainable use of resources. 

The Vision 2041 considers the green tax/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.