The private sector must place its climate agendas at the forefront
The matter at hand is no longer an “if” but how we will face and overcome these challenges. The need of the hour is a call for collaborative action
With its densely populated and low-lying coastal geography, Bangladesh faces significant challenges due to climate change. The potential displacement of millions of individuals and the impact on 17% of the country's land due to a 1-meter increase in sea levels is a serious concern.
By 2050, it is estimated that up to 20 million people may be affected by rising sea levels. It is important to address these issues and take necessary actions to mitigate the impact of climate change on vulnerable communities.
Bangladesh is currently grappling with severe weather events caused by climate change, which include cyclones, floods, droughts, and storm surges. Cyclone Sidr in 2007, for example, impacted 8.9 million individuals and resulted in economic losses of approximately $1.7 billion.
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Moreover, the country has experienced a temperature increase of 1.1°C since pre-industrial times, leading to heat waves, heat stress and adverse effects on both human health and agricultural productivity.
Climate change in Bangladesh causes water shortages due to changing rainfall patterns and rising sea levels. This decreases freshwater sources and farming productivity, with a 1°C temperature increase reducing rice yield by 10%.
We must acknowledge the urgent and pressing threats of climate change. The matter at hand is no longer an "if" but rather how we will face and overcome these challenges.
Despite the policies and strategies adopted by the government of Bangladesh to combat climate change, implementing these measures remains a major obstacle. The insufficiency of financial resources, limited capabilities, and inefficient bureaucracy significantly hinder the successful adaptation and mitigation of climate change.
Climate change must be integrated into different sectors and policies, aligning goals with development plans for a coordinated approach.
By 2030, Bangladesh plans to decrease its greenhouse gas emissions by 5% below business-as-usual levels. With the help of international support, it hopes to increase this target to 15%. The country also aims to generate 40% of its energy from renewable sources, including 40 GW from solar and 5 GW from wind. This shift towards renewable energy is vital, and urgent action is required.
To effectively address climate change, the private sector must place its climate agendas at the forefront and collaborate with the government to demonstrate its dedication. Additionally, researching global models and creating tailored solutions that meet the unique requirements of the local community is crucial.
Businesses across the globe also must make renewable energy a top priority, either by acquiring a significant portion or all of their energy from renewable sources. Major corporations need to play a significant role in achieving carbon neutrality and even carbon negativity.
Microsoft and Google are leading the way by investing in renewable energy, energy efficiency measures, and offsetting emissions through nature-based solutions.
Take IKEA, for instance, which serves as an excellent model of a company fully committed to producing renewable energy that matches their consumption, thus demonstrating their unwavering dedication to sustainability.
To effectively mitigate the effects of climate change, it is essential for companies to conduct climate risk assessments, identify vulnerabilities, and develop adaptation strategies.
Coca-Cola has implemented water conservation measures in response to water scarcity risks in various regions, setting a great example for other businesses. It is high time for all companies to take responsibility and act now to combat climate change.
Many companies collaborate with suppliers to enhance sustainability, reduce emissions, and strengthen the supply chain's resilience. Walmart's Project Gigaton is a programme that requires suppliers to lower their greenhouse gas emissions, resulting in a significant decrease in emissions.
Assisting humanity in combating climate change does not have to be complicated. To encourage sustainable and environmentally friendly practices, the Bangladesh government should provide tax incentives, grants and business policy guidelines.
Collaborative efforts between the public and private sectors are necessary for sharing knowledge, transferring technology, and mobilising resources to address climate change effectively.
By addressing our limitations and fostering private sector involvement, Bangladesh can enhance its climate resilience efforts and pave the way for a sustainable and prosperous future.
Khairul Basher Is a communication and advocacy professional and founder of Konnect Consulting.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
