Own Correspondent: The private sector is working with the Bangladesh government to implement environment-friendly industrialization, said the president of the country’s top business organization FBCCI. Jasim Uddin.
He made this comment at the round table discussion titled ‘Financial and Professional Services – The Role of Standards and Regulations on the Road to Net Zero’ at the Commonwealth Trade and Investment Summit 2022 at London’s Mansion House on Monday (December 5) local time.
The FBCCI president said that despite being the world’s lowest emitting country, Bangladesh has committed to reduce carbon emissions by 89.47 million tons by 2030, which is equivalent to 21.85 percent of carbon dioxide, as part of global efforts to control emissions.
To achieve that goal, Bangladesh will reduce 96.1 percent emissions from energy sectors such as electricity, transportation, industry, household, commercial, agriculture, brick kilns and air emissions, he said. The remaining 3.9 percent will be reduced from agriculture and livestock, forestry and urban solid waste, said the FBCCI president.
Mentioning that the government of Bangladesh is working with the private sector to implement environment-friendly industrialization, he said that Bangladeshi industries have undertaken innovative activities to maintain environment-friendly standards.
The FBCCI president said that Bangladesh’s current contribution to global greenhouse gas (GHG) emissions is only 0.4 percent, and the share of carbon emissions is only 0.09 percent.
He said Bangladesh has formulated a national action plan on climate change, including 90 high-priority, total 113 actions. To implement them, 230 billion dollars are needed by 2050.
Md. Jasim Uddin also said that an incremental investment of around $50 trillion is needed by 2050 to transition the global economy to net-zero carbon emissions and avoid climate catastrophe.
Referring to Bangladesh’s emphasis on climate finance at the 27th United Nations Conference on Climate Change (COP-27), the FBCCI president said climate finance can be driven through private sector investment, innovative financing such as green or blue bonds, risk transfer mechanism or coordination of insuranceA good alternative would be to create a multilateral fund to finance greening and combating global climate change.
He also commented that according to Article 9 of the Paris Agreement (2015), the fiduciary standards of international climate funds like the Green Climate Fund or GCF should be reconsidered and relaxed to reduce the disparity of climate finance in high climate risk countries like Bangladesh.
The FBCCI President also opined that Simplified Approval Process-SAP and an increased quota for international funds in the budget framework should be introduced and popularized through the Commonwealth. He emphasized on working together in the Commonwealth to harmonize plans and standards.
The FBCCI President expressed hope for constructive discussions and possible engagement with Commonwealth countries for joint partnerships at various stages of the clean energy supply chain, including the pursuit of infrastructure, technology, efficiency, and viable business models.
Chairman of the East and Community Foundation and City of London Alderman Bronek Masozada moderated the round table meeting with UK Accreditation Service Chairman Lord Lindsay, British Standards Institution-BSI Chief Executive Officer Suzanne Taylor Martin, Institute of ExportAnd Director General of International Trade Marco Farzione, Senior Vice President of FBCCI Mustafa Azad Chowdhury Babu, Director Md. Jamal Uddin, Mohammad Bazlur Rahman, Abu Hossain Bhuiyan (Ranu) and other members of the Bangladesh business delegation were present.