Bangladesh committed to building trillion-dollar climate-resilient economy: PM

Prime Minister Tarique Rahman on Thursday said Bangladesh is committed to building a trillion-dollar, climate-resilient and sustainable economy, stressing that economic growth and environmental protection must go hand in hand.

"Guided by our philosophy of 'Bangladesh Before All', we believe economic growth and environmental protection must go hand in hand. Our industrialisation and development must protect nature and maintain ecological balance," he said while addressing the High-Level Segment of the UN Climate Change Conference (COP31) in Antalya, Turkiye.

The Prime Minister said Bangladesh is on the frontline of climate change, although its contribution to global greenhouse gas emissions is less than 0.5%. "Despite these challenges, we remain committed to building a trillion-dollar, climate-resilient and sustainable economy," he said.

Outlining the steps taken towards a green transition, Tarique Rahman said the government has set a target of meeting 20% of the country's electricity needs from renewable sources by 2030, in line with the Paris Agreement and the goal of net-zero emissions.

"We are working to develop 4,000 megawatts of solar power, supported by special tax incentives. We are promoting waste to energy as well," he said.

Tarique Rahman said the government is encouraging green industrialisation, with close to 300 LEED-certified ready-made garment factories now operating in the country.

"We are advancing eco-friendly transport, including electric vehicles. We are promoting environment-friendly products such as jute bags. We are also developing a national framework for carbon trading," he added.

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PM calls for five urgent actions to protect climate-vulnerable countries

The Prime Minister said Bangladesh plans to plant 250 million trees over the next five years. "To protect our environment, we are digging 20,000 kilometres of rivers and canals, alongside the Padma Barrage and Teesta Barrage Master Plan, to retain water, reduce flood risks, revive wetlands, and recharge groundwater," the premier said.

Mangroves are also being restored on reclaimed coastal land to protect communities and strengthen climate resilience, he added.

Pointing to the limitations of the global climate finance system, the Prime Minister said it remains inadequate and does not properly address the needs and priorities of developing countries.

"Climate-related losses and damages are putting a heavy burden on our economies. At the same time, rising debt payments and limited financial resources are making things even harder," he said.

"Climate-vulnerable countries need grants, not more loans that increase their debt," the Prime Minister said, adding that they also need reliable financial support, access to modern technology and stronger support for adaptation.

Guided by the principle of Common but Differentiated Responsibilities and Respective Capabilities, he called for five urgent actions.

Tarique Rahman called for allocating at least 50% of international climate finance to adaptation, based on each country's priorities, while also supporting emission reduction efforts.

He also urged introducing debt-relief measures, including Debt-for-Climate Swaps and Climate-Resilient Debt Clauses, for vulnerable countries, and ensuring fair access to climate-friendly technologies and their transfer to developing countries.Bangladesh committed to building trillion-dollar climate-resilient economy.