Dhaka: A high-level consultation on climate finance was held in Dhaka, organized by the Finance Division of the Ministry of Finance in partnership with UNDP and supported by Agence Francaise de Developpement (AFD). This consultation is part of the country's forthcoming Climate Finance Strategy and aimed at enhancing the mobilization and management of climate resources amidst increasing environmental challenges.
According to Bangladesh Sangbad Sangstha, the event brought together government officials, development partners, and international financing institutions under the Inclusive Budgeting and Financing for Climate Resilience (IBFCR) project. The workshop is timely, as climate impacts are intensifying, noted an UNDP press release. Despite contributing less than 0.56 percent to global emissions, Bangladesh is among the most climate-vulnerable countries, with annual climate financing needs estimated at US$26.12 billion, or about 5.8 percent of its GDP.
Syeda Rizwana Hasan, Adviser to the Ministry of Environment, Forest and Climate Change, emphasized the need for innovative thinking and capacity building to make climate finance more effective. Md. Hasanul Matin, Additional Secretary and Super-Wing Chief of the Finance Division, stressed the urgency of addressing climate change as a current reality for Bangladesh, highlighting the necessity of a strong fiscal system to handle climate finance.
AKM Sohel, Additional Secretary and UN Wing Chief of the Economic Relations Division, pointed out the country's inability to take on more loans, advocating for equity-based and guaranteed funding. AFD's Deputy Country Director Cecilia Cortese discussed the importance of accelerating climate finance to local levels through effective sovereign tools and strategies.
Nayoka Martinez Backstrom from the Embassy of Sweden highlighted Sweden's role in helping Bangladesh prioritize climate finance through a coordinated, inter-ministerial approach. The event also included input from Md. Nazrul Islam, Dr. Maliha Muzammil, Andreas Biermann, and Owais Parray, among others.
The consultation featured technical discussions on public and private financing opportunities, sector-specific needs, and collaborative approaches that will guide the development of a national strategy aligned with global best practices. The outcomes of the workshop aim to shape the next phase of strategy development and bolster the country's long-term climate and development planning.