LGED Achieves Milestone with Climate Resilient Masterplan

The Japan International Cooperation Agency (JICA) has signed two critical technical cooperation agreements with the Government of Bangladesh to enhance solid waste management and air pollution control.

The French government, through its development agency AFD, is offering a climate policy loan support of 300 million euros ($324 million) to Bangladesh. This support was announced during a meeting between the Ministry of Environment, Forest and Climate Change (MoEFCC) and the French Ambassador in Bangladesh at the Bangladesh Secretariat.

The International Finance Corporation (IFC) and the Danish International Development Agency (Danida) have launched the Bangladesh Climate Advisory Partnership (B-CAP) to stimulate private investments in climate-smart solutions. With an initial funding of $5.3 million, the initiative aims to leverage $50 million in green investments by 2027, focusing on manufacturing and green finance sectors.

Finance Minister Abul Hassan Mahmood Ali has proposed a special allocation of Tk 100 crore in the national budget for FY2024-25 to tackle the climate crisis. Bangladesh, being highly vulnerable to climate change, necessitates proactive measures.

Bangladesh's Environment Minister disclosed at a workshop that the nation needs $876 billion to implement its climate action plans. This includes $230 billion for adaptation, $175 billion for Nationally Determined Contributions (NDC), and $471.72 billion for priority projects like the Mujib Climate Prosperity Plan and Bangladesh Delta Plan 2100.

Bangladesh stands to potentially earn billions of dollars annually from global carbon trading if carbon reduction projects are effectively implemented. The global carbon trading market, valued at $4.5 trillion in 2022, could reach $8.98 trillion by 2050.