Govt to form BCDP to attract global partners in climate actions: Saber

Environment, Forest, and Climate Change Minister Saber Hossain Chowdhury today (18 April) said the Bangladesh government is going to form Bangladesh Climate Development Partnership (BCDP).

"BCDP will be instrumental in helping the government produce the necessary information to inform policies, enhance project pipelines, and increase Bangladesh's participation in global climate forums," he told a consultation with development partners on BCDP at Hotel Intercontinental in the capital.

Saber Hossain said by working collaboratively with external partners and the private sector and implementing a strong climate-resilient project pipeline alongside a progressive policy framework, Bangladesh should attract significant global capital invested in climate change agenda.

He said effective and well-coordinated solutions are needed to address these issues, while collective action is required to combat climate change, as markets and generations have failed to do so.

"In order to obtain investments that will enable us to accomplish our common objective of enhancing our prosperity and resilience while lowering our susceptibility to climate change, we are keen to work with significant economies and partners," the environment minister said.

He said the government has allocated Tk37,000 crore ($3.4 billion) in the current budget to address this issue, and "we will vigilantly oversee the work carried out by 25 ministries and departments. However, the government requires $11 million of climate finance per year, resulting in a significant finance gap."

"We need immediate action to ensure the availability of ready, bankable projects in the pipeline. It is also crucial to gain a better understanding of the compounded climate risks faced by vulnerable regions/upazilas in the country to inform policies, adaptation actions, and project design. Therefore, we demand more knowledge and understanding of these dynamics," Saber said.

He said the government can take advantage of its strong climate-resilient project pipeline and progressive policy framework to extend the availability of concessional finance for climate-related projects.

This will enable the government to predict the financing that will be available for adaptation from development partners over the next 10 years and to utilise this financing to mobilise private sector funding for adaptation, the minister added.

He said the partnership can assist the government in mobilising climate finance from global climate funds, thereby improving the overall global climate finance structure.

It is crucial that the government utilises this opportunity to its full potential, as it will have a significant impact on the country's ability to combat climate change and ensure a sustainable future for its citizens, Saber Hossain said.

Principal Secretary to the Prime Minister M Tofazzel Hossain Miah presided over the meeting.

Environment, Forest and Climate Change Secretary Dr Farhina Ahmed, Country Director of Bangladesh Resident Mission, Asian Development Bank, Edimon Ginting, also spoke.

Additional Secretary (Climate Change) of the ministry Iqbal Abdullah Harun presented guidelines on BCDP implementation.