Bangladesh will Spend $80 Billion by 2030 to Become Climate Resilient

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by KnowESG

The Bangladeshi government plans to invest $80 billion by 2030 to transform the country from climate-vulnerable to climate-resilient, Finance Minister AHM Mustafa Kamal said when announcing the national budget for the fiscal year 2022–2023. The Mujib Climate Prosperity Plan (MCPP) spearheads the investment.

The finance minister referred to the MCPP as a strategic investment framework in his budget speech, stating that the planned investments will be funded from both domestic and international sources.

He updated the parliament about the government's actions and plans for environmental conservation during his speech.

“Considering the immense importance of environmental protection, the government has made it mandatory to follow a pragmatic and inclusive environment-friendly plan in all development activities," he said.

The minister stated that the government updated the NDC (Nationally Determined Contribution), a non-binding national target to reduce greenhouse gas emissions, to reduce carbon dioxide emissions by 6.73 per cent by 2030 using the country's financing and technological capabilities.

He said the country has a strategy to reduce emissions by another 15.12 per cent, contingent on international finance and technical help.

He reaffirmed Bangladesh's resolve to phase out fossil fuels, saying the government has reconsidered its decision to close four coal-fired power units and replace them with renewable energy or gas.

He also stated that the country is on track to produce 40% of its energy from renewable sources by 2041.

Mostafa Kamal praised the government's efforts to protect the environment, stating that 35 new protected areas have been established in the last 13 years. Nine national parks, 18 wildlife refuges, three eco-parks, one botanical garden, two marine protected areas, and two special biodiversity areas are among them. Bangladesh now has a total of 51 protected areas.

The $80 billion fund, according to Syeda Rizwana Hasan, chief executive of the Bangladesh Environmental Lawyers Association (BELA), will not be enough to address Bangladesh's difficulties. She also questioned how the money would be distributed around the country.

Source: Asia News Network

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