Inclusive green finance a must to tackle climate crisis: Experts

Climate experts have said a balanced and inclusive green finance has to be ensured to tackle the current climate crisis.

They made the observation at a workshop on climate finance at the InterContinental Dhaka on Wednesday.  

The workshop is a part of 'The Asia-Pacific conference on financing inclusive and sustainable development', which is being held at the same venue on 10-12 December. 

The International Chamber of Commerce (ICC), the UN Economic and Social Commission for Asia and the Pacific (ESCAP), the Government of Bangladesh, and the Asian Development Bank have jointly organised the conference. 

Speaking at the workshop, ICC Vice President Rokia Afzal Rahman said, ''More than 70 percent of the people in Bangladesh are dependent on agriculture."

But farmers are badly affected here by the climate change, she said. 

''A farmer cannot cultivate the crops according to his/her plan as the timing of rainfall has changed due to climate change," said Rokia.  

"That is why farmers need adequate support," she said, demanding compensation from the countries which are more responsible for their contributions to the climate change. 

Dr Tientip Subhanij, chief of financing for development at the ESCAP, argued, ''It is not climate change – rather it is climate crisis. We need sustainable financing to face the crisis.''

Meantime, Albert Oung, president of the World Green Organization, observed that green entrepreneurship can be an alternative.

Khandkar Morshed Millat, general manager (Sustainable Finance Department) of the Bangladesh Bank, said Bangladesh has been running green projects in eight categories.

He suggested strengthening the coordination among different government ministries and departments to tackle the climate issues. 

Alper Aras, an independent climate expert form Turkey, said people are not interested to run a climate-friendly business if there is no profit. Therefore, he recommended giving incentives to those who are running such businesses. 

Vic Abainza, senior consultant of the Association of Development Financing Institutions in Asia and the Pacific; Jean Paula from the Climate Change Commission of the Philippines; Adhesha Perera, core member of the Sri Lanka Banks' Association's Sustainable Banking Initiative, also spoke at the workshop.