DHAKA, May 12, 2022 (BSS) - Environment, Forest and Climate Change Minister Md Shahab Uddin has urged the international community to provide more support to Bangladesh for successful implementation of its National Adaptation Plan (NAP) 2022.
He made the call while speaking at the Ministerial Meeting titled 'Local Climate Adaptive Living Facility' organized by the UNCDF in Brussels, Belgium, on Wednesday, according to a message received here today (Thursday).
The minister said the United Nations Capital Development Fund (UNCDF) and Local Climate Adaptive Living Facility (LoCAL) may provide 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.
He said they may also help explore other innovative approaches as well.
The environment minister said the government is currently spending around 6 percent to 7 percent of the country's annual budget for climate change adaptation.
More than 75 percent of this amount is financed from domestic sources, he said, adding that 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 at US$ 55.17 billion. Annual recurrent expenditure will be US$ 112 million. Cost of inland monsoon is estimated to be US$ 26.71 billion and recurrent yearly spending will require US$ 54 million," Shahab Uddin said.
He said such high expenditure induced by climate change will affect the country's allocation for welfare, income generation and poverty reduction programs.
Shahab Uddin said implementation of Bangladesh Delta Plan 2100 will cost US$ 23.23 billion dollars.
"We need US$ 4.65 billion during 2018 to 2040 period. We plan to manage US$ 2 billion 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," he said.
The minister said 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. The 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," he added.
UNCDF Executive Secretary Preeti Sinha, ministers of the LDCs, SIDS and African countries were present on the session.
Environment, Forest and Climate Change Secretary Md Mostafa Kamal also joined the meeting.