Bangladesh needs $876b for climate actions: Environment minister

Environment, Forest and Climate Change Minister Saber Hossain Chowdhury said Bangladesh has a requirement of 876 billion dollars to implement its ambitious climate action plans and International cooperation is crucial in this regard.

The minister came up with the information at the inaugural ceremony of a three-day workshop organized by the Economic Relations Division (ERD) held in BRAC CDM, Savar on Climate Finance Access and Mobilization in Bangladesh on Saturday.

The workshop was organised aiming to address the crucial issue of securing financial resources to combat climate change.

He said the National Adaption Plan (NAP) estimates an investment of USD 230 billion for adaptation till 2050. Additionally, Implementation of the Nationally Determined Contributions (NDC) requires USD 175 billion. The Mujib Climate Prosperity Plan (MCPP) and the Bangladesh Delta Plan 2100 estimate USD 471.72 billion to implement the identified priority projects. A partnership is fundamental. To coordinate among development partners, the Government formed the Bangladesh Climate Development Partnership. 

Minister Chowdhury said climate change is not just an environmental issue; it is an economic, social, and developmental issue that affects every sector of our society. 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.

Saber Chowdhury said 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.

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

The event brought together key stakeholders from government agencies, international organizations, 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.