Environment

Platform launched to fight climate change in Bangladesh

Dhaka, Dec 3 (EFE).- International financial institutions, bilateral donors, and the private sector announced Sunday they would set up a new platform called the Bangladesh Climate and Development Platform (BCDP) to support the nation in addressing the impact of climate change.

The Asian Development Bank, the World Bank, and the International Finance Corporation are among the multilateral lenders to join the platform aimed at enhancing the nation’s ability to mitigate and adapt to the effects of climate change.

Multilateral Investment Guarantee Agency, Asian Infrastructure Investment Bank, Agence Française de Développement, the European Union, and the European Investment Bank, as part of Team Europe, the Green Climate Fund, Japan International Cooperation Agency, the South Korean government, and the United Kingdom are among the countries and development agencies to join the initiative.

This partnership, the first of its kind in Asia, was announced in Dubai on the sidelines of the UN climate conference COP 28.

It takes place in the context of the $1.4 billion Resilience and Sustainability Facility arrangement approved by the International Monetary Fund (IMF) for Bangladesh in January and other climate financing for the country.

“Bangladesh has been at the forefront of those warning about the elevated risks of climate change for vulnerable countries as well as stressing the importance of international collaboration to support those in need,” IMF managing director Kristalina Georgieva said in a statement.

“Bangladesh is also making significant strides to bolster climate resilience, adaptation, preparedness, and conservation,” she said, commending Bangladesh’s “steadfast implementation” of the country’s climate agenda and “tireless efforts” to promote global collective action to address climate change.

World Bank Group President Ajay Banga noted that the increasing climate risk is affecting the lives and livelihoods of millions of people in Bangladesh.

“The country has demonstrated leadership in disaster preparedness and adaptation. Today’s announcement once again shows Bangladesh’s strong commitment in collaborating with international and local partners to address climate challenges,” he said.

The World Bank’s $1 billion in Green and Climate Resilient Development Policy Credit series financing is helping Bangladesh’s transition to green and climate-resilient development.

Over the past decade, the World Bank has committed $7.2 billion to climate change mitigation and adaptation financing, representing 35 percent of total IDA commitments in Bangladesh across all sectors.

Bangladesh is one of the most vulnerable countries to the impact of climate change and has been a forerunner in climate change adaptation and disaster risk preparedness.

According to a World Bank report released in March 2018, the number of people displaced by climate change in Bangladesh could reach 13.3 million by 2050, making it the country’s number-one driver of internal migration. EFE

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