Challenges And Opportunities Of Climate Change For Bangladesh: Review Of Regional Climate Summit 2023 – Analysis

Bangladesh has been showing its climate leadership in South Asia by voicing its concerns on multilateral platforms over the years. In the last decade, Bangladesh has shared its best practices and experiences in climate change adaptation and disaster risk management with other countries in the region. Following these developments, Bangladesh became the host of the regional climate summit.

The regional climate summit was a three-day event that took place from September 8 to September 10, 2023. The summit had four thematic segments: Environment and Climate Change, Water and Waste, Future of Energy, and Regional Cooperation and Regional Climate Fund for Sustainable Future. The summit was jointly organized by the Climate Parliament Bangladesh, The Earth Society, the Observer Research Foundation (ORF), and the Climate Parliament. The summit aimed to promote regional cooperation and dialogue on climate change and sustainable development among South Asian countries.

The summit was significant because it included a special discussion on Lifestyle for the Environment (LIFE), a campaign that Indian Prime Minister Narendra Modi proposed to promote environmentally conscious living. The summit concluded with a declaration that highlighted the common challenges and opportunities faced by South Asian countries in addressing climate change and achieving sustainable development goals.

There were priority actions and financing needs outlined by the summit that aligned with Bangladesh’s interests. The summit highlighted cooperation among South Asian countries, especially on issues such as transboundary water management, renewable energy, disaster risk reduction, and green recovery. Further, Bangladesh also needs climate-resilient agricultural growth, food security, and nutrition by supporting crop diversification, food safety, and digital agricultural services. Bangladesh wants to mobilize additional financing for climate action from various sources, such as budget prioritization, carbon taxation, external financing, and private investment. The report estimates that Bangladesh could raise $12.5 billion in additional financing in the medium term for climate action.

The current status of climate change in Bangladesh is alarming and challenging. Climate change impacts threaten the lives, livelihoods, and futures of millions of people, especially the poor and children. Bangladesh also faces the risk of mass migration, both internally and externally, due to climate change-induced displacement. Bangladesh has been taking various measures to adapt to and mitigate the effects of climate change, such as developing a national climate change strategy and action plan, implementing community-based adaptation projects, enhancing disaster preparedness and resilience, and promoting low-carbon development. However, Bangladesh still needs more support from the international community and other stakeholders to address the climate crisis effectively and equitably.

Bangladesh has a national climate change strategy and action plan that outlines the vision, goals, principles, strategies, and actions of Bangladesh to address the challenges and opportunities of climate change. The document was developed in 2009 by the Ministry of Environment, Forestry, and Climate Change. It outlines that the poorest and most vulnerable communities can cope with the adverse impacts of climate change on their livelihoods, health, and well-being, and Bangladesh can reduce the risks and damages from natural disasters such as floods, cyclones, droughts, and earthquakes.

This document highlights low-carbon development pathways that reduce greenhouse gas emissions and enhance carbon sinks while meeting the energy and development needs of the country. The document estimates that Bangladesh will need about $5 billion for short-term programs, $50 billion for medium-term programs, and $500 billion for long-term programs. The document is considered a blueprint for other climate-vulnerable nations to follow, as it demonstrates the proactive policies and investments of Bangladesh to strengthen its resilience against climate-related disasters, leveraging community-led action. The document is also aligned with the National Adaptation Program of Action (2005), which identifies 15 priority adaptation projects for Bangladesh. The document is also consistent with the Sustainable Development Goals (SDGs) and the Paris Agreement on climate change.

According to the IMF, Bangladesh has received a combined $4.7 billion under the Extended Credit Facility, the Extended Fund Facility, and the Resilience and Sustainability Facility to support its economic policies and climate investment priorities. Bangladesh received funding from both national and international sources by 2020 to mitigate climate change to the tune of Tk 808.72 crore and Tk 12,091.08 crore, respectively. The Bangladesh Climate Trust Fund is a source of funding for the implementation of the Bangladesh Climate Change Strategy and Action Plan. However, Bangladesh would need about $3 billion per year to achieve climate adaptation by 2030 and about $2 billion per year to mitigate the effects of climate change.
However, the current level of domestic and international funding is insufficient and uncertain to meet the demand.

Bangladesh also faces difficulties in accessing and utilizing climate finance from various sources, such as multilateral funds, bilateral donors, and the private sector. Bangladesh has a complex institutional structure for climate change governance, involving multiple ministries, agencies, and stakeholders. However, there is a lack of coordination, integration, and harmonization among them, leading to duplication, fragmentation, and inefficiency. Moreover, Bangladesh faces a shortage of skilled human resources, data, information, and technology to plan, implement, monitor, and evaluate climate change actions at all levels.

Bangladesh has benefited from the summit in several ways. Bangladesh has shown its climate leadership in South Asia by hosting the summit and sharing its best practices and experiences in climate change adaptation and disaster risk management with other countries in the region. Bangladesh has strengthened regional cooperation and dialogue on climate change and sustainable development among South Asian countries, which is essential for addressing the common challenges and opportunities faced by the region. Bangladesh has gained access to new sources of financing and technology for climate action, as the summit outlined priority actions and financing needs to help Bangladesh address the climate crisis. Bangladesh has raised awareness and mobilized support from various stakeholders, including members of parliament, ambassadors, policymakers, the corporate sector, development partners, domestic and international organizations, and experts.

However, Bangladesh faces high uncertainty and complexity in projecting and assessing the future impacts of climate change on various sectors and regions. The impacts of climate change are likely to be nonlinear, dynamic, and cascading, affecting multiple dimensions of development. Moreover, Bangladesh has to deal with the transboundary implications of climate change, such as shared water resources, regional cooperation, and security issues.

In conclusion, Bangladesh has demonstrated its commitment to low-carbon development and green recovery by signaling its intention to transition away from coal and submit an ambitious climate plan with a net zero target through this summit. It also strengthened regional cooperation and dialogue on climate change and sustainable development among South Asian countries, which is essential for addressing the common challenges and opportunities faced by the region.