Platform launched to support Bangladesh’s climate change mitigation efforts
The platform is expected to leverage additional private sector investment
The government along with several development partners has launched a platform to support a package of measures for Bangladesh aimed at enhancing the country's ability to mitigate and adapt to the effects of climate change.
The Bangladesh Climate and Development Platform (BCDP) is expected to bolster Bangladesh's efforts to address the impact of climate change on vulnerable communities, said a press statement of the International Monetary Fund released on Sunday.
The BCDP, the first of its kind in Asia, takes place in the context of the $1.4 billion Resilience and Sustainability Facility (RSF) approved by the IMF, Green and Climate Resilient Development (GCRD) Policy Credits by the World Bank totaling $1 billion, and the Asian Development Bank's (ADB) ongoing funding for climate projects in Bangladesh.
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The partners in the BCDP are- the ADB, the World Bank, International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), Asian Infrastructure Investment Bank (AIIB), Agence Française de Développement (AFD), the European Union and the European Investment Bank (EIB), as part of Team Europe, the Green Climate Fund (GCF), the Government of South Korea, Japan International Cooperation Agency (JICA), and the IK.
Ajay Banga, World Bank Group president said, "Today's announcement once again shows Bangladesh's strong commitment in collaborating with international and local partners to address climate challenges."
"The urgency is high, and we all need to work together to share knowledge and provide financing to the countries that are most vulnerable to the impacts of climate change."
The BCDP will help implement Bangladesh's climate agenda through generating a robust pipeline of climate projects, integrated with a financing strategy, according to the IMF.
To improve the bankability of priority projects, a multi-donor/multi-sector project preparation facility will be established within the BCDP.
This will also support scalability to attract private investments across Bangladesh, mainstreaming projects in development plans, while reducing the financial burden on the public sector.
The ADB along with the World Bank are preparing the facility, which will enhance coordination jointly with other development partners.
