The public-private partnerships (PPPs) are being recognised as a prospective source for financing climate actions in Bangladesh, State Minister for Public Administration Farhad Hossain said Tuesday.
"Mobilising PPPs for addressing 'loss and damage' of climate change in Bangladesh offers a promising way forward," he said.
Farhad was addressing a COP26 side event titled "Public private partnership approach to climate finance in Bangladesh" at Bangladesh Pavilion in Scotland's Glasgow.
As an early adopter and advocate of climate change adaptation policy, Prime Minister Sheikh Hasina continues to be a great example as world leaders seek to take action on climate change as part of the Sustainable Development Goals, the state minister said.
Sheikh Hasina put forward a five-point proposal at the V20 Climate Vulnerable Finance Summit as the President of Climate Vulnerable Forum (CVF), calling upon the developed countries to reduce their carbon emissions drastically.
Farhad said the CVF has also initiated a new programme "Mujib Climate Prosperity Plan – Decade 2030" to move from climate vulnerability to climate resilience and turn climate resilience into climate prosperity.
The Bangladesh government is focusing on the development of solar and wind power to boost renewable energy generation in the country according to the key strategic focus of Perspective Plan 2041, he said.
"We are preparing the National Adaptation Plan and have finalised the interim nationally determined contributions (NDC)," the state minister added.
He said the NDC calls for undertaking a number of mitigation actions that will help limit the country's greenhouse gas emissions, playing a key role in realising its shift towards a low-carbon, climate-resilient economy.