In the face of multiple severe risks from climate change, Bangladesh urgently needs to spur more private sector involvement not only to deliver the billions of dollars needed for climate action, but also to drive innovation and efficiency to benefit and protect the country’s people, said John F Gandolfo said, acting regional vice president for Asia and the Pacific of International Finance Corporation (IFC).
He revealed it while speaking at the event on World Bank Group’s Country and Climate Development Report for Bangladesh on Monday.
He said also said that increased private sector involvement in renewable energy and energy transmission, housing, transport, and climate-smart agriculture is both necessary and possible, with concerted efforts to speed up needed reforms to overcome barriers to domestic and foreign investment and green the financial sector so more funding is available for green projects.
Professor Saleemul Huq, director of the International Centre for Climate Change and Development (ICCCAD), emphasized the need to think differently, rethinking the reality on the ground and particularly investing in younger people.
“We need to think of how do we bring up the next generation within the next remaining years of this decade so that Bangladesh becomes a global leader, which it already is on adaptation, but it can be on development and tackling loss and damage as well,” he said.
Planning Minister MA Mannan sought cooperation from all stakeholders to deal with climate change impacts.
“It is a global issue. We will have to deal with it together. We would like to work with the World Bank and global friends to tackle this crisis,” the minister said.