PM Tarique Rahman holds meeting to boost carbon credits by reducing carbon emissions

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Prime Minister Tarique Rahman held a meeting with relevant officials to explore ways to increase Bangladesh’s carbon credits by reducing carbon emissions and to formulate an action plan.

The climate change-related meeting was held on Sunday at the Prime Minister’s Office under the Cabinet Division at the Bangladesh Secretariat, where the Prime Minister also issued necessary directives.

During the meeting, he emphasized expanding the use of renewable energy, promoting environmentally friendly technologies in the industrial sector, improving energy efficiency, conserving forests, and increasing carbon sequestration through large-scale tree plantation. He also instructed the authorities to adopt practical strategies to capitalize on Bangladesh’s potential in the international carbon market.

The Prime Minister further stressed ensuring transparency in carbon credit management, developing a reliable database, and strengthening coordination with international organizations.

To facilitate the country’s efforts in earning carbon credits, he directed the formation of a committee to enhance coordination among the relevant ministries and agencies.

Ministers and senior officials present at the meeting said that effective implementation of measures to reduce carbon emissions would significantly increase Bangladesh’s opportunities to earn carbon credits under international standards.

Carbon credit is an international financial mechanism designed to protect the environment. One carbon credit is awarded for reducing or removing one metric ton of carbon dioxide or an equivalent amount of greenhouse gas emissions from the atmosphere.

Carbon trading, on the other hand, is a market-based mechanism for controlling greenhouse gas emissions. Under this system, governments or international organizations set emission limits for countries, institutions, or companies. Those exceeding their allocated emission limits are required to purchase carbon credits from the market. Meanwhile, countries or organizations that reduce emissions or remove carbon from the atmosphere through afforestation, renewable energy, improved energy efficiency, or clean technologies can earn carbon credits. These credits can then be sold to countries or companies that exceed their emission limits.

Among those, State Minister for Environment, Forest and Climate Change Sheikh Faridul Islam; the Prime Minister’s Adviser on Education, Expatriates’ Welfare and Overseas Employment, and Labour and Employment Mahdi Amin; Special Assistant to the Prime Minister on Health Dr. S. M. Ziauddin Haider; Special Assistant on Environment, Forest and Climate Change Dr. Saimum Parvez; along with secretaries of the relevant ministries and other senior government officials, were also present.