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2:33 am | April 25, 2024
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bangladesh government is spending 6 7% of its annual budget on climate change adaptation
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Bangladesh Government is spending 6-7% of its Annual Budget on Climate Change Adaptation

Bangladesh Government is spending 6-7% of its Annual Budget on Climate Change Adaptation: Minister of Environment, Bangladesh


Md. Shahab Uddin, Minister of Environment, Forests and Climate Change (MoEFCC), Bangladesh, has said, “The government is spending about 6 to 7 percent of the annual budget on climate change adaptation. Seventy-five percent of this expenditure comes from domestic sources.”

He spoke at a Ministerial-level meeting on “Local Climate Adaptive Living Facilities” organized by the United Nations Capital Development Fund  (UNCDF) in Brussels, Belgium.

Shahab Uddin said, “With the increase in natural disasters, the demand for adaptation financing will increase. Our adaptation costs for cyclone growth by 2050 has estimated at $55.17 billion.

In this case, the annual recurring cost will be $112 million. Internal seasonal expenditure was estimated at $26.71 billion. Such high costs due to climate change will affect our allocations for welfare, income growth, and poverty alleviation programs.”

Calling for international cooperation to implement Bangladesh’s National Adaptation Plan-2022, Environment Minister Shahab Uddin said additional pressure on the domestic government and private sources to move beyond Least Developed Countries (LDCs) status by 2026.

We need to explore more opportunities to access the International Climate Fund . The United Nations Capital Development Fund and our Ministry of Local Government are implementing local programs in Bangladesh.

The program is helping to transfer grants to local governments for climate adaptation activities. The implementation of the long-term Bangladesh Delta Plan-2100 will cost $23.23 billion,

“We need $4.65 billion between 2017 and 2040,” he said. The government plans to raise $2 billion a year from the Green Climate Fund. The rest of the money intends to come from other development partners, foreign direct investment, and the private sector.”

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