Online Desk: Minister of Environment, Forest, and Climate Change Saber Hossain Chowdhury on Thursday said the Bangladesh government is going to form the Bangladesh Climate Development Partnership (BCDP).

BCDP will be instrumental in helping the government produce the necessary information to inform policies, enhance project pipelines, and increase Bangladesh’s participation in global climate forums.

By working collaboratively with external partners and the private sector and implementing a strong climate-resilient project pipeline alongside a progressive policy framework, Bangladesh should be able to attract significant global capital invested in the climate change agenda, he said.

Saber was speaking at a consultation meeting with development partners on the Bangladesh Climate Development Partnership (BCDP) in the Hotel Intercontinental in the capital on Thursday.

“The environment minister said effective and well-coordinated solutions are needed to address these issues. Collective action is required to combat climate change, as markets and generations have failed to do so. In order to obtain investments that will enable us to accomplish our common objective of enhancing our prosperity and resilience while lowering our susceptibility to climate change, we are keen to work with significant economies and partners,” he added.

Saber said, “The government has allocated Tk37,000 crore ($3.4 billion) in the current budget to address this issue, and we will vigilantly oversee the work carried out by 25 ministries and departments. However, the GoB requires USD 11 million per year of climate finance, resulting in a significant finance gap.”

“We need immediate action to ensure the availability of ready, bankable projects in the pipeline. It is also crucial to gain a better understanding of the compounded climate risks faced by vulnerable regions and upazila in the country to inform policies, adaptation actions, and project design. Therefore, we demand more knowledge and understanding of these dynamics,” he also said.

The partnership can assist the government in mobilising climate finance from global climate funds, thereby improving the overall global climate finance structure. It is imperative that the government utilise this opportunity to its fullest potential, as it will have a significant impact on the country’s ability to combat climate change and ensure a sustainable future for its citizens.

Principal Secretary to the Prime Minister M Tofazzel Hossain Miah presided over the meeting.

Dr Farhina Ahmed, Secretary, Ministry of Environment, Forest and Climate Change, and Edimon Ginting, Country Director, Bangladesh Resident Mission Asian Development Bank, spoke on the occasion.