Bangladesh is to get support from a two-year project funded by the Green Climate Fund (GCF) to help it transition to a more resilient and greener economy.
The project is implemented by the Food and Agriculture Organization of the United Nations (FAO), says a press release from the organization.
GCF is the world's largest climate fund. It responds to climate change by investing in low-emission and climate-resilient development in developing countries. GCF is supporting the Government of Bangladesh to mobilise large-scale resources essential to implementation of the country's climate change strategy.
FAO today held an inception workshop to launch the project that will provide technical support to the Economic Relations Division (ERD) to leverage public and private sector investment.
"Innovations crucial to achieve climate change adaptation and mitigation, as well as the UN's sustainable development goals, need appropriate funding," said Robert D. Simpson, FAO Representative in Bangladesh. "This initiative is an opportunity to strengthen partnerships and ultimately deliver results that will make Bangladesh's environment and economy cleaner and greener."
Pa Ousman Jarju, Director of Country Programming at GCF, said: "This readiness grant is well positioned to draw from Bangladesh's wealth of climate expertise to refine a pipeline of new projects to help achieve the country's climate priorities. The GCF stands with Bangladesh and is ready to support the country to accelerate climate action through innovative, inclusive finance."
At today's workshop a panel of climate sector experts discussed how to identify high quality projects consistent with national development goals and in adherence with best practice social and environmental safeguards. Participants came from the government, UN agencies, non-governmental organizations (NGOs), development partners, the private sector, and academia.
ERD is tasked to act as the interface with GCF for the country and to communicate Bangladesh's priorities for climate finance. GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change. Given the urgency and seriousness of this challenge, GCF aims to make an ambitious contribution to the united global response to climate change.