Bangladesh may face risks if it does not invest in climate
Bangladesh could avoid billions of dollars in losses through quick investment to combat the potential impacts of climate change. Through this, it will be possible to prevent the impact on the country’s GDP in the next decade.
This information has been reported in a research report by Standard Chartered. The study was conducted on climate adaptation investment needs in 10 countries, including Bangladesh, India, China and Pakistan.
Bangladesh needs to invest at least 1.2 billion US dollars in climate adaptation by 2030 to avoid risks, according to the report “The Adaptation Economy.” It can cause a loss of 11.6 billion dollars.
According to the report, if at least 30 billion dollars are not invested in 10 countries to combat the effects of climate change, the loss could be 377 billion dollars.
The report assumes that global temperature rise will be limited to 1.5 degrees Celsius under the Paris Agreement.
If it rises to 3.5 °C, the minimum investment amount could double to over $62 billion, and the potential loss if not invested would significantly increase.
Climate adaptation projects involve constructing coastal embankments in flood-prone areas, studying crops that are resistant to drought, and implementing early warning systems for upcoming natural disasters.
According to the study, while global Paris Agreement targets are achievable, climate change adaptation strategies must be pursued alongside global decarbonization agendas. The banking sector will play an important role in financing.
Marissa Drew, chief sustainability officer at Standard Chartered, stated that the report emphasizes the importance of continued efforts to limit global warming to 1.5 degrees Celsius and the need to acknowledge and adapt to the impacts.
Countries and nations must adapt to climate change by continuing to develop and improve agriculture, industry and infrastructure.
Fast-growing economies need to focus on dealing with the harmful effects and risks of increasing temperatures and extreme weather.
BTP Das Chowdhury, Standard Chartered Bangladesh’s Country Head of Corporate Affairs, Brand and Marketing said, ‘The fight against climate change is one of the most important issues in a country like Bangladesh.’
‘If we fail to invest in adaptation this decade, it will increase the risk of missing opportunities. Now is the time to start our work, and this report proves that.’
