Bangladesh incurs loss of $5b every year for climate change

Bangladesh incurs losses to the tune of $4.5-5 billion annually due to climate effects, although the country contributes scantily to the causes of climate change, experts said on Wednesday.

Furthermore, the biodiversity and agricultural production have been under threat due to changes in course and timing of monsoons in recent years.

The experts once again accentuated the need for adaptation, mitigation, and resilience as well as capacity building to address climate change impacts.

They were addressing a discussion styled 'COP28: Bangladesh Perspective - Expectations and Challenges' held at PKSF Bhaban in the capital.

Despite limited resources, they speakers said, the government was trying to address and mitigate the impacts of climate change.

PKSF chairman M Khairul Hossain presided over the event where BRAC University's emeritus professor Dr Ainun Nishat and PKSF managing director Nomita Halder spoke as special guests.

Although Bangladesh is not responsible for climate change, according to Mr Khairul, the country is incurring losses equal to $4.5-5.0 billion every year.

The PKSF is implementing various activities to increase the coping capability of those living in climate-vulnerable regions, particularly of the poor.

The organisation that runs rural income-generating schemes has established an 'Environment and Climate Change Unit' to effectively implement these activities.

A 'Knowledge Hub' with extensive data and other documents on climate change was launched at this event.

Dr Nishat laid emphasis on the importance of conducting environmental surveys before undertaking any infrastructure development project.

Now that Bangladesh has graduated from the list of least developed countries, it needs to start finding new allies in global climate discussions.

As a source of renewable energy in Bangladesh, Dr Nishat wind power generation opportunities could be explored by installing wind turbines in coastal areas.

Ms Halder said the PKSF was implementing different projects to protect the ultra-poor with extreme vulnerability to climate change impacts.

Thanks to efficiency and transparency of these activities, the PKSF has already been recognised as the direct access entity of the Green Climate Fund (GCF) and a national implementing entity of the Adaptation Fund under the United Nations.

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