President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md. Jashim Uddin has said the private sector is working with the government of Bangladesh to implement environment-friendly industrialization.
He made this remark during a roundtable discussion on “Financial and Professional Services – the role of standards and regulations on the road to net zero” at the Commonwealth Trade & Investment Summit 2022 held at the Mansion House in London yesterday.
The FBCCI president attended the roundtable discussion as one of the speakers. He mentioned that despite being one of the lowest emitters in the world, Bangladesh committed to cutting carbon emissions by 89.47 million tonnes, equivalent to 21.85 per cent of carbon dioxide by 2030 as part of global efforts to control the emissions.
To reach the target, Bangladesh will cut 96.1 per cent of emissions from the energy sector such as power, transport, industry, households, commercial, agriculture, brick kilns, and fugitive emissions, said a press release today.
The remaining 3.9 per cent will be cut from agriculture and livestock, forestry, and municipal solid waste and wastewater.
The FBCCI President noted that the industries of Bangladesh are increasingly looking to innovate and move for maintaining environmentally friendly standards.
He said that at just 0.4 per cent, Bangladesh’s current contribution to global greenhouse gas (GHG) emissions is not significant. Its share of carbon emissions is only 0.09 per cent.
The chief of the country’s apex trade body also informed the delegates that Bangladesh has a National Action Plan ready on climate change that requires $230 billion over the next 27 years till 2050 with 113 interventions with 90 high-priority ones.
He mentioned that approximately $50 trillion in incremental investments is required by 2050 to transition the global economy to net-zero emissions and avert a climate catastrophe.
As a climate change champion, Bangladesh laid strong emphasis on climate finance at the 27th Conference of the Parties to the UN Framework Convention on Climate Change (COP27), he added.
Jashim suggested that climate financing may be mobilized through blending climate finance, private sector investment, innovative financings such as green or blue bonds, risk transfer mechanisms or insurance. Green transformation and a boost in harnessing global climate finance multilateral funds can be an option.
The fiduciary standards of international climate funds like the GCF should be revisited and relaxed cohesively to ease the climate finance gap in highly climate-vulnerable countries like Bangladesh as per Article 9 of the Paris Agreement (2015).
Also, a Simplified Approval Process (SAP) and an increased quota for international funds in the budgeting framework need to be introduced and popularized across the commonwealth.
The FBCCI President emphasized on joining forces to work and harmonize plans and standards across the Commonwealth.
He also envisions a constructive discussion and prospective engagements with the Commonwealth for joint venture partnerships at various stages of the clean energy supply chain; infrastructure, technologies, expertise, and viable business models targeting improved energy productivity, and ensuring energy for all.
The roundtable was moderated by Bronek Masojada, Chair of the East End Community Foundation and Alderman of the City of London.
Chairman of UK Accreditation Service Lord Lindsay, CEO of BSI Susan Taylor Martin, Director-General of the Institute of Export and International Trade Marco Forgione, Group Managing Director of Investment One Financial Services Limited Nicholas Nyamali, Senior Vice-President of FBCCI Mostofa Azad Chowdhury Babu, FBCCI Director Md. Jamal Uddin, Mohammed Bazlur Rahman, Abu Hossain Bhuiyan (Ranu), and other members of the Bangladesh business delegation were also present in the roundtable.