Day: October 4, 2022

State Minister for Planning Dr Shamsul Alam on Tuesday said Bangladesh firmly believes that climate change is a security issue, and it must be discussed at a regular interval at the United Nations Security Council (UNSC).

 

“Strict implementation of Paris Agreement is necessary to reduce the adverse impacts of climate change,” he said adding that this is high time for the major emitters to meet the mitigations target swiftly.

 

He also said the issue of loss and damage must be addressed with utmost importance.

 

Speaking at a hybrid seminar titled “Climate Diplomacy: Constraints and Choices for Bangladesh” as chief guest, Alam noted that Bangladesh has been a significant player in global climate diplomacy.

 

Bangladesh Institute of International and Strategic Studies (BIISS) organised the seminar at its auditorium.

 

During the presidency of Climate Vulnerable Forum, Alam said, Bangladesh emerged as a legitimate voice in the climate change negotiations under the able leadership of Prime Minister Sheikh Hasina.

 

‘Climate change is a security issue’

 

The country has launched the “Mujib Climate Prosperity Plan” with the aim to put her on a journey from climate vulnerability to resilience to climate prosperity, the State Minister said.

 

“It is indeed one of the landmark policy guidelines for climate vulnerable countries,” he said.

 

Professor Saleemul Huq , Director of International Centre for Climate Change and Development (ICCCAD), said they need to understand and take into account that the UN-backed COP, which only takes place once a year, is no longer the only place where climate diplomacy takes place.

 

He said every diplomat in Bangladesh missions across the world now needs to make climate change as a core issue of bilateral discussion.

 

BIISS Chairman Kazi Imtiaz Hossain said climate diplomacy has become a necessity due to climate change and ensuing threats.

 

Like many other countries Bangladesh is also enhancing effort in this field, he said.

 

‘Climate change is a security issue’

 

The government is now involving not only ministries, but also its different wings for promoting greater coordination, said Hossain, also a former ambassador.

 

For example, he said, at national levels, the 8th Five Year Plan, the Perspective Plan to 2040, and the BDP 2100—all incorporate addressing climate change issues as a key priority.

 

Acting Director General, BIISS Colonel M A Saadi, said that both human actions and inactions are creating planetary crises like climate change, biodiversity loss and pollution.

 

He said Bangladesh, as one of the most climate vulnerable countries, is actively pursuing the causes of environmental justice in international forums.

 

Moreover, he said, the country has led the Climate Vulnerable Forum (CVF) and has been an exemplary model by translating its vulnerability into resilience through different climate actions and diplomatic efforts.

 

The fundamental bases of Bangladesh’s climate diplomacy are: adhering to multilateralism in climate policy, accelerating domestic action and raising global ambition, and enhancing international climate cooperation through advocacy and outreach, Saadi added.

 

The working session of the seminar was chaired by former Foreign Secretary Shamsher M. Chowdhury, BB.

 

Professor Mizan R Khan, Deputy Director, ICCCAD, Arif M. Faisal, Program Specialist (Nature, Climate and Energy), UNDP Bangladesh, Mirza Shawkat Ali, Director, Climate Change and International Convention, Department of Environment and Dr. Sufia Khanom, Senior Research Fellow, BIISS, spoke.

 

Senior officials from different ministries of government, ambassadors and high commissioners, former diplomats, senior military officials, academia, researchers, teachers and students from different universities, representatives from different international organizations, participated in the discussion.

 

Source: United News of Bangladesh

 

State Minister for Power, Energy and Mineral Resources Nasrul Hamid sincerely expressed his regrets to the consumers for the “temporary inconvenience” created following the grid failure on Tuesday.

 

In a statement, he also requested the power customers to be patient and said that engineers and technicians of Power Grid Company of Bangladesh and the Power Development Board (BPDB) and other related departments have been working tirelessly to restore power to its previous state.

 

“Power supply will be completely normal soon. We will always remain by the consumer’s side,” he added.

 

The electricity supply was first restored in Ashuganj-Sirajganj 230 KV transmission line which gradually started restoring supply to Dhaka, Chattagram, Sylhet, Comilla, Mymensingh regions.

 

The power generation reached 8,431 MW at 9:00pm and now the normalisation of power supply is in progress with highest caution.

 

The system is gradually being normalised by commissioning large generation centres in the eastern part of the national grid which covers Ghorashal, Ashuganj, Meghnaghat, Haripur, and Siddhirganj power stations.

 

Dhaka received 1750 MW at 9:40 pm against a demand for 2300 MW. Electricity supply restoration started in Dhaka at 5.15 pm.

 

The statement mentioned there was an unexpected power outage at 2:04 pm in the eastern region of the national grid which covers Dhaka, Chittagong, Sylhet, Comilla, Mymensingh. The Power Division sincerely apologized for the unexpected power outage.

 

At that time, power supply was normal in the northern region that covers Rajshahi, and Rangpur division and southern region which covers Khulna and Barisal divisions.

 

A 6-member committee has been formed, headed by PGCB Executive Director (P&D) Yakub Elahi Chowdhury to find out the causes behind the grid failure, said the statement, adding two more committees will be formed by the Power Division.

 

Source: United News of Bangladesh

 

A visiting Bangladeshi business delegation met the Turkish Minister for Trade Dr. Mehmut MUS at his Ministry in Ankara and discussed ways to increase bilateral trade between the two brotherly nations.

 

The President of Dhaka Chamber of Commerce & Industry (DCCI) Rizwan Rahman led the business team in Turkiye.

 

During the meeting, Rizwan Rahman said that the bilateral trade at present between Bangladesh and Turkiye is around USD $900 million which is not satisfactory at all. The existing bilateral trade can be enhanced to over USD $2 billion through more trade diversification.

 

He also said that the progress in public-private and B2B partnership between the two countries remains low. Turkish investors can consider Bangladesh’s 100 economic zones and 28 high-tech parks as their preferred investment destinations.

 

Moreover, Joint Economic Commission meetings should be held regularly to arrange effective joint exhibitions and seminars on bilateral economic issues and address trade issues. Furthermore, Bangladesh and Türkiye can work and advocate together to form an effective D-8 economic bloc, Rizwan said.

 

The Turkish Minister for Trade agreed that the bilateral trade between the two countries is not up to the expected level.

 

He also termed Bangladesh as an attractive investment destination. Both countries should work together to enhance this trade volume.

 

Mehmut said that a few Turkish companies are already doing their businesses in Bangladesh and they are doing very well. And this success will be an example for others to invest in Bangladesh.

 

The Ambassador of Bangladesh in Ankara, Mosud Mannan, was also present during the meeting.

 

Source: United News of Bangladesh

 

Bangladesh Bank spokesperson Md. Serajul Islam on Tuesday blamed the extreme volatility in the forex market in recent months on the global strength of the dollar against almost all currencies.

 

“Not only in Bangladesh but also in neighboring countries, the price of the US dollar has increased. In many South Asian countries, it is higher than it is in Bangladesh,” he said.

 

Serajul Islam, also executive director of the BB, said this in a briefing for a group of reporters on decreasing remittances and export earnings in the last month.

 

The inward remittance flow in September may have fallen due to the situation over the exchange rate, with a significant volume being diverted to the kerb market in search of a higher rate for the dollar, he believed.

 

Year on year, Bangladesh’s inward remittances dropped by 10.84 percent to $1.54 billion in September, the third month of the 2022-2023 fiscal, from $1.72 billion in the same month last year. It was the lowest inflow of remittances in 7 months.

 

The drop was even steeper, almost 25 percent, in comparison to the previous month (August 2022).

 

It followed a decision by banks on September 11 to pay a maximum of Tk 108 for each dollar to foreign exchange houses (like MoneyGram and Western Union, through which most expats send money). Prior to that, they had offered exchange houses up to Tk 115 for a dollar.

 

The Association of Bankers, Bangladesh (ABB) and Bangladesh Foreign Exchange Dealer’s Association (BAFEDA) were tasked to come up with the rate by the central bank, as an alternative to Bangladesh Bank frequently intervening in the market to set the rate, usually by selling dollars to support an artificially overvalued rate for taka.

 

But the “strongest dollar in a generation”, witnessed over the last year or so and likely to persist well into the foreseeable future, was starting to make the prevailing system very expensive to maintain for Shapla Chattor. The new system, meanwhile, would seem to be still going through ‘teething problems.’

 

Serajul Islam however said today that the price of the US dollar “is normalizing with the initiative of the central bank”.

 

“Bangladesh Bank should not provide any dollar support to the market. BAFEDA and ABB are also playing a role in overcoming the dollar crisis. Currently, the volatility of the dollar has also decreased somewhat,” he said.

 

The spokesperson said Bangladesh has to emphasize this issue by increasing export income.

 

“To that end, businessmen have to work to establish Bangladesh as a brand in the global market. If we can do this, this crisis will end quickly,” he added.

 

Source: United News of Bangladesh