Experts favor joint investment to address climate challenges
Experts believe that sustainable investment is necessary to address the challenges of climate change. At a recent high-level seminar in the capital, Standard Chartered Bangladesh, the country’s leading private bank, facilitated a discussion on this issue.
The workshop ‘Catalyzing Climate Adaptation Action and Mobilizing Investment’ gathered policymakers, financial institutions, development partners, and leading private-sector officials. This information was given in a press release on February 18.
During the workshop at the Westin Dhaka, speakers emphasized the significance of National Adaptation Plans (NAPs), climate finance strategies, and multilateral partnerships for boosting resilience. The discussants said that rapid and effective investment in the climate sector is essential to ensure sustainable development.
Syeda Rizwana Hasan, an advisor to the Ministry of Environment, Forest and Climate Change, stated that we need to rethink our current development model. We should redefine development and investment by prioritizing sustainability, nature, natural resources, and people.
Standard Chartered Bangladesh CEO Nasser Ejaz Bijoy stated that the risks of climate change in Bangladesh cannot be ignored. However, Standard Chartered’s Adaptation Economy study has shown that investing $1 today in climate resilience and adaptation can bring ten times the financial benefits in the future.
Because it prevents the loss of economic and GDP growth. Through the right policy reforms, financial innovation, and multilateral cooperation, we can accelerate investment. This will make it possible to ensure climate resilience.
John Merton, Senior Sustainability Advisor at Standard Chartered, stated, “Investing in climate adaptation is profitable based on our global experience.”
However, to have a large-scale impact, the pace of policy coordination and the opening up of private capital are needed. At the same time, partnerships between governments, financial institutions, multilateral organizations, and business organizations must be strengthened.
The event was attended by UK High Commissioner Sarah Cook, UN Resident Coordinator Gwen Lewis, ADB Bangladesh Country Director Hoey Yun Jeong, and BRAC’s Senior Director of Microfinance, Orinjoy Dhar.
By 2050, Bangladesh will need $230 billion for climate resilience and adaptation, with 40% expected from the private sector. Multilateral cooperation is essential for effective climate action and investment, which can be implemented through the partnership platform.
Panelists mentioned that the newly launched Bangladesh Climate Change Development Partnership (BCDP) aims to strengthen collaboration among the government, NGOs, civil society, development partners, and the private sector to enhance climate action in the country. Speakers.
Speakers at the seminar emphasized the need to enhance early warning systems, build local skills, boost financial and technical support, and ensure that infrastructure investments are climate-resilient.
The importance of encouraging private sector investment in climate change mitigation through new financing structures and blended finance was highlighted.
Two case studies were presented at the event. Dr. Nandan Mukherjee presented research on climate-resilient housing, focusing on how public-private partnerships can help scale up adaptation technologies.
Dr. F. H. Ansari, Managing Director of ACI Agro Business, emphasized the need for investments in climate-smart farming, sustainable irrigation, and resilient supply chains in agriculture.
Standard Chartered, a major international bank in Bangladesh, actively supports climate finance and adaptation initiatives. With 120 years of experience, the bank is working as a partner in building Bangladesh’s economic growth and resilience.
