Bangladesh, South Korea to sign MoU on carbon market: Saber
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A Memorandum of Understanding related to Article 6 of the Paris Agreement, which governs carbon markets, is ready and expected to be finalised within two months, said Environment, Forest and Climate Change Minister Saber Hossain Chowdhury on Thursday.
The finalised MoU on Article 6 will be a step forward in solidifying this partnership and enhancing climate action efforts, he said.
The Environment Minister briefed the media after his pivotal discussions with South Korean Ambassador to Bangladesh Park Young-sik at his office room in the Secretariat.
Mr Chowdhury said they talked about mechanisms for carbon credit exchange and cooperation under the Paris Agreement. They also discussed engaging the private sector in environmental initiatives and investments.
They discussed South Korea’s financial contributions to green technology and infrastructure. The discussion involved the development of EPZs, with a focus on sustainable practices.
Minister Chowdhury reiterated Bangladesh's unwavering dedication to achieving the Sustainable Development Goals (SDGs), particularly those related to environmental conservation and climate action.
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, he said.
They have discussed initiatives related to the adoption of renewable energy sources. The use of solar-powered pumps can enhance sustainable agricultural practices, the minister added.
They will involve the application of advanced technologies to monitor and manage environmental health, according to the ministry.
During the deliberations, the esteemed diplomat 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.