Involvement of private sectors is necessary in climate finance: Saber

The private sector needs to be incentivised and motivated to invest in adaptation activities as the sector is not interested in climate adaptation financing, said Environment, Forest and Climate Change Minister Saber Hossain Chowdhury in an UN environment conference on Friday.

“Private sector needs to be involved in climate finance,” the minister said.

The Environment Minister made the remarks while addressing a session entitled 'Ensuring Public and Private Financial Flows Aligned with Environmental Goals to Close the Massive Funding' at the 6th United Nations Environment Conference being held in Nairobi, Kenya.

He said the leadership of the governments of the world made pledges in the past that were unkept.

The environmental goals are even stiffer, and the resources we need are going to be far greater. Urgency and delivery of commitments—not just signing, making pledges, and making landmark resolutions—are a must, he added.

The minister said Bangladesh has formulated a plan for transitioning from vulnerability to resilience and ultimately to prosperity. It requires a significant investment, estimated at nearly $80 billion.

Bangladesh, with its abundant offshore wind and nature-based solutions, has outlined a plan for climate finance, he said.

Tareque Muhammad, High Commissioner of Bangladesh in Kenya; Md Abdul Wadud Chowdhury, Joint Secretary, Ministry of Environment, Forest and Climate Change and Md Sabbir Ahmed, Third Secretary at the Bangladesh High Commission in Kenya were present among the members of Bangladesh delegation.

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