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Climate finance to address impacts of climate change: Speakers

  • Staff Correspondent
  • 28 March, 2022 12:00 AM
  • Print news

Speakers at a workshop stressed the need for climate finance to help adapt to the current and future impacts of the changing climate in Bangladesh.

“Bangladesh is at the front line of high-risk countries of climate change and agriculture is one of the most affected sectors. To address this risk, Bangladesh must be provided adequate assistance from international climate funds,” the speakers added. 

The speakers made the remarks at a high-level consultation workshop on identifying priority projects for accessing international climate finance held at Bangabandhu International Conference Centre (BICC) in the capital.

Economic Relations Division (ERD) under the Ministry of Finance and Improved Coordination of International Climate Finance (ICICF) project implemented by GIZ, a German development agency, jointly organised the workshop on Thursday, a press release said.

The objective of the workshop was to engage relevant stakeholders from sectoral ministries, financial institutions, and the private sector to collectively identify and prioritise climate change project ideas for accessing international climate finance for Bangladesh.

The workshop also aimed to create a better understanding within the stakeholders on the role of ERD.

In his speech, Joint Secretary, also Wing Chief of ERD, Amal Krishna Mandal said the ICICF project aims to develop institutional structures, processes, and capacities for increasing access to different climate funds.

“It has three components - one of which will be managed by us, one will be through the governance innovation unit (GIU) of the Prime Minister's Office and the other will be done by Bangladesh Bank. Also, ERD will set up an International Climate Finance Cell for coordinating international climate finance through this cell,” he said.

Ministry of Agriculture Additional Secretary Md Ruhul Amin Talukder said, “Bangladesh must be provided adequate assistance from international climate funds. We have already contacted different development partners in this regard and expect to receive the necessary funding through the combined efforts of various stakeholders,” he added.

During the workshop, Principal Advisor of the ICICF project, GIZ, Dr Firdaus Ara Hussain explained the scope of work at the German technical assistance project.

She said, “The hard-earned economic development of Bangladesh is at-risk due to climate change and the existing funding sources will not be sufficient to address the adverse effects of climate change.

The ICICF project will support ERD to strengthen the capacities of national and local actors for accessing different funding sources for climate change projects, read the release.

Climate change expert Dr SM Munjurul Hannan Khan began the technical session by giving an overview of the interviews carried out by the project with the relevant stakeholders to discuss priority areas for climate change action in Bangladesh.