Engage private sector in climate budget

The current climate budgeting process should be reformed by engaging private sector, recommended Fahmida Khatun, executive director of CPD, at a seminar yesterday.

She made the comments while presenting a key-note at a seminar titled "Review of Climate Budget and Recommendations for Green Public Finance Management in Bangladesh", organised by Centre for Policy Dialogue (CPD) at Brac Centre Inn in the capital.

In her presentation, she spoke about a large gap in expenditures on climate-related initiatives despite the presence of committed national and global funds for the cause.

There's a large gap in expenditures on climate-related initiatives despite the presence of committed national and global funds for the cause. Besides, the allocation for climate-vulnerable people in the social safety net should be increased.

— Fahmida Khatun CPD executive director

"Besides, the allocation for climate-vulnerable people in the social safety net should be increased," she added.

The implementation of the National Adaptation Plan (NAP) will require USD 230 billion between 2023 and 2050. Climate resilience will require seven times the current spending to transform adaptation, at a rate of USD 8.5 billion per year, with USD 6 billion per year from external sources, she said.

The allocation required is increasing each year while the budget allotted to this cause has decreased by 0.45 percent in the 2024 financial year from the previous year.

Citing a World Bank study, she said, "Bangladesh will need at least USD 12.5 billion, approximately 3 percent of its GDP, by 2025."

During her presentation, the executive director also recommended methods for reporting, monitoring, and verifying climate-related expenditures.

Speaking as the chief guest, Saber Hossain Chowdhury, chairman of parliamentary standing committee on the environment ministry, termed climate change a "long-existing crisis".

"Bangladesh has taken the first steps by addressing their challenges. They now need to solve the challenges that bars us from mitigating this problem. But many other countries are still unaware of their challenges," he said.

He concluded his speech, saying, "We have made many plans like the Mujib Prosperity Plan and Delta Plan 2100. Enough with the plans, we need to go into action now. Even the biggest allocations will prove to be inadequate if the world fails to resolve climate change issues."

Tanvir Shakil Joy, MP, a member of the committee, attended the event as special guest.

Dr M Asaduzzaman, former research director, Bangladesh Institute of Development Studies; Nayoka Martinez Bäckström, first secretary, environment & climate change, development cooperation section, Embassy of Sweden, Bangladesh; Dr Haseeb Md Irfanullah, visiting research fellow, Center for Sustainable Development, University of Liberal Arts Bangladesh; Dr Maliha Muzammil, climate change specialist, resilience and inclusive growth cluster, UNDP; and Partha Hefaz Shaikh, director  (policy and advocacy), WaterAid, were also present at the event,

Professor Mustafizur Rahman, distinguished fellow at CPD, chaired the event.