Enhancing climate finance access is crucial for sustainable development in Bangladesh

Capacity Development Workshop Aims to Strengthen Climate Finance Mobilization and Stakeholder Engagement

June 2, 2024

Panelists at the "Climate Finance Access and Mobilization in Bangladesh" workshop on June 1, 2024, in Dhaka. The event featured speakers including Nayoka Martinez-Bäckström, Matt Cannell, Shahriar Kader Siddiky, Minister Saber Hossain Chowdhury, Stefan Liller, and Edimon Ginting.

©UNDP Bangladesh

A four-day capacity development workshop titled "Climate Finance Access and Mobilization in Bangladesh" jointly inaugurated by the International Climate Finance Cell (ICFC), Economic Relations Division, Ministry of Finance, Bangladesh Climate Development Partnership (BCDP), Ministry of Environment, Forest and Climate Change (MoEFCC), and the United Nations Development Programme (UNDP) today ( June 1) in Dhaka, to enhance understanding of climate finance, mobilize additional funds, engage key stakeholders, and utilize existing climate finance platforms. The workshop brought together over 45 participants from 16 ministries, divisions, agencies, research institutes, and academia across Bangladesh.

Minister of Environment, Forest and Climate Change, Saber Hossain Chowdhury, MP, speaks at the inaugural session of the "Climate Finance Access and Mobilization in Bangladesh" workshop on June 1, 2024, in Dhaka, emphasizing the urgent need for adequate climate finance to support national climate plans and build resilience against climate change impacts.

©UNDP Bangladesh

Minister of Environment, Forest and Climate Change, Saber Hossain Chowdhury, MP, was the chief guest in the inaugural session.  In his remarks, Minister Saber Hossain Chowdhury emphasized Bangladesh's vulnerabilities to climate change and the urgent need for adequate climate finance to support national plans like the Mujib Climate Prosperity Plan, National Adaptation Plan, and Nationally Determined Contributions (NDCs). "This programme will strengthen our ability to access and utilize global funds while catalyzing investments from diverse sources,” the minister said. 

Saber Hossain Chowdhury also highlighted three key challenges: scaling up the global donor base through inclusive partnerships, ensuring policy coherence and coordination across ministries to maximize co-benefits such as health and employment, and conducting a comprehensive financial needs assessment as the current $230 billion estimate is likely understated. Addressing these challenges through collaboration is essential for securing sustainable climate financing.

Among others Shahriar Kader Siddiky, Secretary, the Economic Relations Division (ERD); Stefan Liller, Resident Representative, UNDP Bangladesh, Matt Cannell, Deputy High Commissioner and Development Director, British High Commission, Dhaka, Nayoka Martinez-Bäckström, Deputy Head of Development Cooperation, Embassy of Sweden, Edimon Ginting, Country Director, Asian Development Bank also spoke during the inaugural session.

Shahriar Kader Siddiky in his remarks said, "Integrating climate change into public financial management is crucial for aligning national budgets and fiscal policies with climate priorities.” " Our goal is to create a Knowledge Circle in both the public and private sectors that can access and utilize climate finance from national and global sources effectively”, he further added.

"UNDP remains committed to supporting Bangladesh in its pursuit of climate-resilient development pathways. This workshop will lay the ground for enhanced collaboration and coordination among stakeholders to mobilize additional climate finance from diverse sources," said Stefan Liller. “Bangladesh has received substantial financing from vertical funds like the Global Environmental Facility, the Green Climate Fund and the Adaptation Fund, but the process of accessing such funds needs to be simplified and the utilization of these need to be made quicker, more efficient, and in an accountable and transparent way to make Bangladesh best in class both in mobilizing and delivering climate finance - in support of its mitigation and adaptation priorities and larger development aspirations,” Stefan added.

Matt Cannell, Deputy High Commissioner and Development Director at the British High Commission in Dhaka, reaffirmed his country's commitment, stating, "The UK is committed to supporting climate action in Bangladesh through enhanced finance and capacity building. Leveraging international finance and multilateral balance sheets is critical for increased access to climate funding and prioritizing adaptation. But we must also unlock meaningful private sector participation with true government ownership, as climate change impacts us all profoundly.”

Echoing similar sentiments, Nayoka Martinez-Bäckström, Deputy Head of Development Cooperation at the Embassy of Sweden, said, "Enhancing climate finance is crucial for building resilience and achieving sustainable development in Bangladesh. Sweden remains a committed partner in this endeavor.”

Edimon Ginting, Country Director, Asian Development Bank emphasized, "Addressing climate change requires collaborative solutions harnessing all available resources and expertise. The Asian Development Bank is pleased to contribute to strengthening Bangladesh's climate finance architecture."

The four-day workshop, organized by UNDP with support from the Governments of Sweden and the UK, aims to strengthen Bangladesh's capacity to access and utilize climate finance. Discussions focused on attracting private sector investments through innovative instruments like green bonds, Islamic finance, carbon markets, and public-private partnerships, as well as exploring blended finance mechanisms and evidence-based tools for effective climate fund access.

Media Coverage:

 

Daily Sun: Enhancing climate finance access crucial for sustainable development in Bangladesh

BSS: Bangladesh needs $876b to implement climate action plans: Saber

UNB: Saber for urgent adequate climate finance to support Bangladesh initiatives

Business Post: Enhancing climate finance access key to sustainable dev

Asian Age: Bangladesh needs $876b to implement climate action plans: Saber

Observer: BD needs $876b to implement climate action plans: Saber

Financial Express: BD needs $876b to implement climate action plans: Saber

Daily Sun:

Business Standard: Workshop on Climate Finance Access and Mobilization in Bangladesh held

Business Insider: Bangladesh needs $876bn to implement climate action plans: Saber

 

Bangla: 

জলবায়ু কর্মপরিকল্পনা বাস্তবায়নে আন্তর্জাতিক সহায়তা জরুরি

Bangla Tribune: ‘জলবায়ু কর্মপরিকল্পনা বাস্তবায়নে আন্তর্জাতিক সহায়তা গুরুত্বপূর্ণ’

ABC News: জলবায়ু কর্মপরিকল্পনা বাস্তবায়নে আন্তর্জাতিক সহায়তা জরুরি : পরিবেশমন্ত্রী

Alokito Bangladesh: জলবায়ু কর্মপরিকল্পনা বাস্তবায়নে আন্তর্জাতিক সহায়তা গুরুত্বপূর্ণ

Naya Diganta: ‘জলবায়ু কর্ম পরিকল্পনা বাস্তবায়নে ৮৭৬ বিলিয়ন ডলার প্রয়োজন’

Somoy News: জলবায়ু কর্মপরিকল্পনা বাস্তবায়নে ৮৭৬ বিলিয়ন ডলার প্রয়োজন: পরিবেশমন্ত্রী

UNB News: ‘জলবায়ু কর্ম পরিকল্পনা বাস্তবায়নে ৮৭৬ বিলিয়ন ডলার প্রয়োজন’

Dhaka Post: ‌‘জলবায়ু কর্ম পরিকল্পনা বাস্তবায়নে ৮৭৬ বিলিয়ন ডলার প্রয়োজন’

Jay Jay Din: জলবায়ু পরিবর্তন মোকাবিলায় বিশ্বের সহায়তা প্রয়োজন পরিবেশমন্ত্রী

SaraBangla: ‘জলবায়ু কর্মপরিকল্পনা বাস্তবায়নে দরকার ৮৭৬ বিলিয়ন ডলার

BDNews24: জলবায়ু কর্মপরিকল্পনায় দরকার ৮৭৬ বিলিয়ন ডলার: সাবের

Khoborer Kagoj: জলবায়ু পরিকল্পনা বাস্তবায়নে দরকার ৮৭৬ বিলিয়ন ডলার: পরিবেশমন্ত্রী

Enhancing climate finance is crucial for building resilience and achieving sustainable development. Effective mobilization and utilization of diverse financial resources will drive Bangladesh towards a sustainable future.