Dhaka, Broadcasting News Corporation: Minister for Environment, Forest and Climate Change Md. Shahab Uddin said Bangladesh needs more international support for successful implementation of Bangladesh’s National Adaptation Plan 2022. United Nations Capital Development Fund (UNCDF) and Local Climate Adaptive Living Facility (LOCAL) may provide useful technical support to explore innovative financing instruments, such as scaling up insurance, climate bond, strengthening capital market, blended climate finance based on public-private partnership where public finances can catalyze. They may also help explore other innovative approaches as well.
The environment minister said this at Ministerial Meeting titled Local Climate Adaptive Living Facility organized by the UNCDF held thursday in Brussels, Belgium.
The Minister said that the government is currently spending around 6 to 7 percent of our annual budget for climate change adaptation. More than 75 percent of this amount is financed from domestic sources. The adaptation financing needs will increase with the increase of frequency of extreme events. By 2050, our adaptation costs of tropical cyclones and storm surges are estimated to be 55.17 billion dollars and the annual recurrent expenditure will be 112 million dollars. Cost of inland monsoon is estimated to be 26.71 billion dollars and recurrent yearly spending will require 54 million dollars. Such high expenditure for climate change induced causes will affect our allocation for welfare, income generation and poverty reduction programs, he said.
Shahab Uddin said implementation of our long-term Bangladesh Delta Plan 2100 will cost 23.23 billion dollars and we need 4.65 billion dollars during 2018 to 2040 period. We plan to manage 2 billion dollars from the Green Climate Fund every year. Rest of the amount is planned to be received from other development partners, foreign direct investment, and the private sector. The country is set for graduation from LDC status by 2026, and this will put extra pressure on domestic public and private sources. We need to explore more opportunities for accessing international climate funds. UNCDF and our Ministry of Local Government is implementing Local Program in Bangladesh. This program is helping grant transfer to local government for climate adaptive activities. And we need large and immediate interventions.
UNCDF Executive Secretary Preeti Sinha, Ministers of the LDCs, SIDS and African countries were present in the session. Other members joined in the conference are Secretary, Ministry of Environment, Forest and Climate Change Md Mostafa Kamal and Assistant Private Secretary of the Minister Kabiruzzaman Chowdhury.