Bangladesh is facing a tough situation with climate adaptation funding. International grants are decreasing, and domestic resources are scarce. This was a hot topic at a recent roundtable organized by Care Bangladesh in Dhaka, called “Scaling Climate Adaptation: Addressing Shrinking International Grants.”
The event brought together government officials, donors, development practitioners, and private sector representatives to discuss solutions. Emebet Menna, Deputy Country Director at Care Bangladesh, emphasized the need for strong local leadership. She highlighted that climate adaptation must involve vulnerable communities, especially women and youth, to ensure everyone is taken care of.
A staggering $230 billion is needed by 2050 for Bangladesh’s National Adaptation Plan, which averages to about $8 billion a year. However, in 2023-24, the country could only mobilize $3.3 billion, just 27% of what’s needed. With fewer international grants coming in, it’s crucial for government bodies and local authorities to work closely with the private sector.
One challenge is that most adaptation projects are not financially attractive for private investors. Experts suggest that blending public and private funds is vital, but this must also include vulnerable communities. Mohammad Rajibul Islam from the Economic Relations Division pointed out that increasing private sector involvement is key, but there’s a persistent issue of misusing climate funds. Transparency and effective governance are essential to build trust among stakeholders.
Dr. Fazle Rabbi Sadeque Ahmed from PKSF noted that while the Paris Agreement aims to allocate $1.3 trillion globally, only a small portion helps adaptation projects. Bangladesh needs nearly $25 billion annually, but much of the funding is loan-based, making it costly and often unsuitable.
Interestingly, rural communities are already investing in their resilience, even if it’s not recognized. Dr. Haseeb Irfanullah emphasized the importance of focusing on local projects rather than just global narratives. Tailored climate finance strategies are needed to address the specific needs of various regions in Bangladesh.
Bangladesh has developed its own expertise in climate adaptation. Kazi Amdadul Hoque from Friendship mentioned the importance of combining traditional and nature-based solutions, like green embankments, to protect coastal areas. However, relying solely on corporate social responsibility (CSR) is insufficient; a broader policy approach is required.
According to Ahmed Zubaer Mahbub from Bangladesh Bank, the country has potential opportunities in climate-smart agriculture and renewable energy. However, clear priorities and coordinated efforts are necessary to mobilize sustainable investment.
The discussion also highlighted the role of data and transparency in making initiatives successful. For instance, the media can support accountability in climate funding, as indicated by Mollah Amzad Hossain from Energy and Power. A reliable structure and monitoring systems can make a big difference in adaptation success.
In summary, Bangladesh is at a critical crossroads for climate adaptation funding. With the right focus on collaboration, transparency, and community involvement, the country can work towards a more resilient future for all.
