Minister of Environment, Forest and Climate Change Saber Hossain Chowdhury said a Memorandum of Understanding related to Article 6, which governs carbon markets under the Paris Agreement, is ready and expected to be finalised within two months.
The finalized MoU on Article 6 will be a step forward in solidifying this partnership and enhancing climate action efforts.
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Saber said this to journalists after a meeting with South Korean Ambassador to Bangladesh Park Young-sik at the former’s office room at the Secretariat on Thursday.
He said they talked about mechanisms for carbon credit exchange and cooperation under the Paris Agreement. They also discussed on engaging private sector in environmental initiatives and investments.
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Discussions were held on South Korea’s financial contributions to green technology and infrastructure. The discussion involved the development of EPZs with a focus on sustainable practices.
The minister reiterated Bangladesh's unwavering dedication to achieving the Sustainable Development Goals (SDGs), particularly those related to environmental conservation and climate action.
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In the meeting they explored collaborative efforts to address environmental issues and climate change mitigation. The conservation and management of forests would be crucial for both countries, considering their role in carbon sequestration.
They also discussed initiatives related to the adoption of renewable energy sources. The use of solar-powered pumps can enhance sustainable agricultural practices. They will involve the application of advanced technologies to monitor and manage environmental health.
At the meeting, the South Korean ambassador exchanged insights on innovative strategies to combat climate change, preserve forest ecosystems, and promote sustainable development.
The meeting concluded with a shared commitment to further strengthen bilateral cooperation through knowledge sharing, technology transfer, and joint initiatives aimed at mitigating the adverse impacts of climate change and preserving our planet's precious natural resources.