Bangladesh faces annual shortfall of $6b in climate financing


Photo: Collected

Bangladesh's annual funding requirement is of $9 billion for climate change initiatives, with the government presently allocating $3 billion, resulting in a substantial shortfall of $6 billion, Environment, Forest, and Climate Change Minister Saber Hossain Chowdhury said on Tuesday.

Stressing the pivotal role of assistance from institutions like the ADB and World Bank, he highlighted the necessity for both multilateral and bilateral cooperation, noting Bangladesh's efficient utilization of available funds to address national needs.

The environment minister made the remarks when Japanese Ambassador in Dhaka Iwama Kiminori met him at his Secretariat office in the capital.

During the meeting, they encompassed bilateral cooperation in environmental conservation, sustainable forestry practices, and climate change mitigation strategies.

Both reaffirmed their commitment to bolstering the enduring friendship between Japan and Bangladesh through collaborative efforts in tackling pressing environmental challenges.

Discussions delved into the preservation of biodiversity, waterbodies, natural resources, disaster management, climate change adaptation, as well as initiatives like the Mujib Climate Prosperity Plan and the Bangladesh Climate Development Partnership and Economic Partnership Agreement with Japan.

In the realm of economic collaboration, the meeting also touched upon Japanese companies' initiatives in promoting power plants and other projects in Bangladesh.

Ambassador Kiminori expressed Japan's keen interest in financing specific projects, particularly emphasizing disaster resilience and green financing through JICA.

They expressed anticipation for future projects and programs, with Ambassador Kiminori reaffirming Japan's unwavering support for Bangladesh's endeavors to combat climate change and bolster resilience to its impacts.

The meeting concluded with the shared commitment of Japan and Bangladesh to deepening mutual understanding and cooperation in environmental conservation efforts, echoing the enduring bonds of friendship and partnership between the two nations.

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