Climate Change Adaptation: ‘Bangladesh needs $5b every year’
Bangladesh needs to spend US$5 billion every year on climate change adaptation, said speakers at an event yesterday.
Being one of the 10 most affected countries by climate change, the country lost US$ 228.38 million during 1995–2014 due to incidents caused by it, according to Global Climate Risk Index 2017.
According to World Bank, the country needs to spend the aforementioned amount to combat climate change. However, it can allot US$1 billion due to a severe fund scarcity.
Climate change is a global challenge and international cooperation and partnership is essential to mitigate its distressing impacts.
Between 2023 and 2050, it needs UD$230 billion to enhance the adaptation capacity of its vulnerable population.
Stronger global commitment is necessary to support projects aimed at mitigating the adverse impact of climate change, stressed speakers while addressing the closing ceremony of the Improved Coordination of International Climate Finance Project, held at a city hotel.
The project, funded by German Federal Ministry for Economic Cooperation and Development and jointly implemented by Economic Relations Division (ERD), Ministry of Finance, and GIZ Bangladesh, aimed at mobilising climate finance resources on international and national levels.
This project facilitated training for numerous government officials, people's representatives, bankers, and academicians on climate finance topics, including project reviewing, prioritising, pitching, matchmaking and proposal development.
ERD also launched an interactive website to facilitate connections between climate change project developers and potential funders at the event.
"Such vital projects often close down due to unavailability of funds. Being one of the most vulnerable countries in this regard, we need continuous support for sustainable projects like ICFC," said Sharifa Khan, secretary of ERD.
Attending the event as chief guest, Planning Minister MA Mannan said, "Climate change is a global challenge and international cooperation and partnership is essential to mitigate its distressing impacts."
"We need support but not as hard loans. Rather, we need grants, concessions, and capacity-building resources," he added.
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