Standard Chartered advocates collective climate action

Leading policymakers, financial institutions, development partners and private sector representatives convened at a seminar hosted by Standard Chartered Bangladesh to discuss the urgent need for climate adaptation investments.

The workshop' Catalysing Climate Adaptation Action and Mobilising Investment' was recently held at the Westin Dhaka. The discussion centred on the country's National Adaptation Plan (NAP), financing strategies, and the role of multi-stakeholder partnerships in accelerating climate resilience efforts.

Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forest and Climate Change, said, "The model of development that we are pursuing needs serious reconsideration. Instead of putting development and investment at the centre, we put sustainability, nature, natural resources, and communities and redefine development and investment."

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, 'Bangladesh's vulnerability to climate change is undeniable. However, Standard Chartered's Adaptation Economy study shows that every dollar invested today in climate resilience and adaptation will generate 10 times the economic benefit by preventing economic damage and loss of GDP growth. With the right mix of policy reform, financial innovation, and multi-sector collaboration, we can mobilise the necessary investments to ensure climate resilience.'

John Murton, Senior Sustainability Adviser at Standard Chartered, said, 'Global experience shows that investing in climate adaptation is good business. To overcome hurdles and achieve large-scale impact, we must accelerate policy alignment, unlock private capital, and strengthen partnerships among governments, financial institutions, multilateral partners, and businesses.'

Sarah Cooke, British High Commissioner; Gwyn Lewis, Resident Coordinator, the United Nations; Hoe Yun Jeong, Country Director, Asian Development Bank (ADB), Bangladesh; and Arinjoy Dhar, Senior Director, Microfinance, BRAC, also participated in an insightful panel discussion. The participants highlighted that the country requires USD 230 Billion in investment by 2050 for climate resilience and adaptation, 40% of which is expected to come from the private sector. Practical climate actions and investment require collaboration across sectors and stakeholders, which partnership platform partnership platforms can facilitate.

The speakers cited Bangladesh Climate Development Partnership (BCDP), launched earlier in the week, as an example of a country-led climate action platform which aims to promote strong partnerships within the government, development partners, NGOs, civil society, and last but not least, the private sector. The speakers also focused on the need for continued investment in scaling up early warning systems, building on local skills in managing natural resources, enabling locally led adaptation through financial resources and technology, embedding climate resilience in infrastructure investments, new financial instruments and blended finance to unlock private sector climate investments.

The event featured two case study presentations. Dr. Nandan Mukherjee showcased pioneering research on climate-resilient housing solutions, highlighting how academia, private sector and government partnerships can develop scalable adaptation technologies tailored to the country's unique geographical challenges. Dr F H Ansary, Managing Director, ACI Agrobusiness, highlighted the role of climate adaptation in enhancing the resilience of the agriculture sector and the need for investments in climate-smart farming, sustainable irrigation, and resilient supply chains.

As a leading international bank in Bangladesh, Standard Chartered remains dedicated to championing climate finance and adaptation initiatives. Operating for 120 years, the Bank has steadfastly fostered Bangladesh's economic growth and resilience. Standard Chartered has pioneered several sustainable finance initiatives in Bangladesh, including financing the country's first utility-scale solar power plant and introducing green and green zero-coupon bonds.  With a strong legacy of driving sustainable investment, the Bank continues to collaborate with stakeholders to ensure a resilient and climate-secure future for Bangladesh.