International Chamber of Commerce of Bangladesh (ICCB) urges private sectors to play more role in addressing climate change
The International Chamber of Commerce Bangladesh (ICCB) calls on the private sectors to play a more significant role in mitigating climate change. Temperatures are rising all over the world. Simultaneously, the sea level is rising.
Every year, droughts and floods claim the lives of many people and destroy their crops. Because of these factors, the world’s poorest population faces increasing dangers and food insecurity. Besides, their chances of living a better life are dwindling. They have stated that the government and private sector’s roles should expand in this situation.
According to the ICCB, these obligations are still distant from the Paris Agreement of the United Nations. Even if all of the commitments made so far to tackle climate change keep, according to the Climate Action Tracker, global warming will rise to 2.4 degrees Celsius by the end of the century.
ICCB welcomed the statement of a greater commitment to minimize the climate change effects and ensure the finance to the climate sectors at the Climate Adaptation Summit 2021 and Group of Seven (G-7) meeting.
According to the Paris Agreement, it is limiting global warming to 2 degrees Celsius (or, more ideologically, 1.5 degrees Celsius) by the end of the century, considering the pre-industrial period (before 1750 AC) as a baseline is insufficient.
Developed countries pledged in the Paris Agreement to contribute US$100 billion per year by 2020 to support developing countries’ climate adaptation activities. However, according to the United Nations, the $100 billion targets have not been met, and the figure is only US$79 billion as per data collected in 2018. However, climate funding is increasing.
According to the United Nations, a promise of $100 billion each year for climate finance of the Development nations is not typical. As per United Nations Environment Programme (UNEP) ‘s estimate, the Climate change adaptation expenditure will rise to US$100 – US$300 billion per year of the developing countries by 2030 and will increase to US$280-US$500 by 2050. Therefore, a significant budget gap will remain.
According to the ICCB’s editorial, the International Chamber of Commerce (ICC) is a permanent observer of the United Nations General Assembly. They feel that the UNFCCC and the Paris Agreement should assess the scope and implementation of climate policy measures to see how they may improve private sector participation.
Micro, Small and medium-sized enterprises (SMEs), according to the ICCB, are the global economy’s backbone. They account for 90 percent of world trade. They employ approximately 80% of the population in various nations. Their voices and presence, however, are not influential in the fight against Climate change.
According to the editorial, the government should encourage Small Scale Enterprises (SMEs) to take climate mitigation and adaptation measures.
SMEs will contribute to the implementation of each country’s commitment to combating the effects of climate change. Creation of a range of options inside the UNFCCC to address the pandemic’s social and economic impacts, particularly on the SSMEs sector.
The ICCB, even a private sector platform, may also encourage realistic dialogue on addressing climate change’s effects and achieving the economic recovery strategy.
