Bangladesh needs $876 billion for climate actions, crucially depends on international support: Environment minister
Developed countries have a moral and legal responsibility to support developing countries in their climate actions, said the minister
Environment, Forest, and Climate Change Minister Saber Hossain Chowdhury said Bangladesh needs $876 billion to implement its ambitious climate action plans, and International cooperation is crucial in this regard.
The minister revealed this information on Saturday at the inaugural ceremony of a three-day workshop on climate finance access and mobilization in Bangladesh organized by the Economic Relations Division (ERD) in BRAC CDM, Savar.
The workshop addressed the crucial issue of securing financial resources to combat climate change.
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He said the country's National Adaptation Plan (NAP) estimates an investment of $230 billion in adaptation until 2050.
Additionally, Implementation of the Nationally Determined Contributions (NDC) requires $175 billion.
The Mujib Climate Prosperity Plan (MCPP) and the Bangladesh Delta Plan 2100 estimate that $471.72 billion will be needed to implement the identified priority projects.
Partnership is fundamental. To coordinate among development partners, the Government formed Bangladesh Climate Development Partnership.
"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," he said.
Besides, developed countries have a moral and legal responsibility to support developing countries in their climate actions, said the minister adding "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 there.
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.
