‘Coordinated efforts key to building effective carbon market’

Environment Minister Abdul Awal Mintoo has stressed the need for coordinated efforts by all relevant ministries, divisions and stakeholders to establish a transparent, accountable and effective carbon market that safeguards Bangladesh’s national interests.

He made the remarks on Tuesday at an inter ministerial meeting on the “Bangladesh Carbon Market Framework” held at the conference room of the Ministry of Environment, Forest and Climate Change at the Bangladesh Secretariat. The meeting was chaired by the ministry’s Secretary, Dr Fahmida Khanom.
The environment minister said the international carbon market could create new opportunities for Bangladesh in climate finance, technology transfer and environmentally sustainable investment. 

However, he stressed that environmental integrity, transparency and accountability must be ensured in carbon market activities, while guaranteeing fair benefits for local communities and other relevant stakeholders.

He said the carbon market could play an important role in implementing Bangladesh’s Nationally Determined Contributions (NDCs). To achieve this, accurate accounting and verification of greenhouse gas emission reduction and removal activities, as well as compliance with international standards, are essential.

Under the overall supervision of the Ministry of Environment, Forest and Climate Change as the Article 6 Designated National Authority (A6 DNA) under the Paris Agreement, and with support from the World Bank’s Partnership for Market Implementation (PMI) programme, a draft Bangladesh Carbon Market Framework has been prepared.

Speaking as the special guest, State Minister for Environment, Forest and Climate Change Sheikh Faridul Islam said that although carbon trading has started on a limited scale in Bangladesh through private initiatives, the government has not yet formally launched the system. He said the Prime Minister has directed that it be initiated as quickly as possible.

He also said that two crore trees will be planted in the country’s coastal areas during December and January. “We are working on how Bangladesh can earn carbon credits from this initiative,” he added.