The European Union (EU) has launched the expanded Team Europe Initiative on Climate and Energy in Bangladesh, aiming to strengthen climate mitigation—especially in the energy sector—and climate adaptation, officials said.
EU Ambassador Michael Miller at an event recently urged Bangladesh to integrate decarbonization and climate resilience into its public policies, highlighting the vital role of private sector investment alongside public financing.
Ambassador Miller set out that the European Union, EU Member States, European financing institutions, Norway and Switzerland, working as Team Europe, and hand in hand with Bangladesh contributes more than €3.7 billion, addressing the energy sector modernisation (energy efficiency, renewable energy, and grid updating), climate mitigation, and also climate adaptation (climate resilient livelihoods and water management, including clean drinking water).
The ambassador said the European Union is unwavering in its support of the Paris Agreement.
Through the European Green Deal, driving transition to a net-zero economy by 2050, the EU has turned away from fossil fuels, embracing decarbonisation and clean technology, decoupling economic growth from emissions growth.
The Green Deal is the EU’s growth strategy and the European Union is committed to delivering on its objectives.
The EU Ambassador called upon Bangladesh to mainstream decarbonization and climate resilience in its public policies.
He recognized the key role of private sector investment in complementing public financing.
“To mobilize investments, we will need to see continued efforts undertaken - building on the work of the interim government - to restore good governance. And we will need to see the creation of a level playing field and greater transparency in procurement and investment decisions, such that EU economic operators may compete on the basis of commercial merit,” added Michael Miller.
He also referred to this week’s launch of the EU Global Gateway hub, which will globally support private sector investment projects.
Stressing the importance of a swift launch of the EU’s Global Green Bond Initiative in Bangladesh, Miller said: “Green bonds are one of the best ways to raise private funds for sustainable and climate-related investments. They draw in foreign and domestic investors, diversify issuers' funding sources, and include clear commitments to the SDGs and the Paris Agreement”.
Environment Adviser Syeda Rizwana Hasan said: "Climate change is a harsh reality for Bangladesh. Adaptation has long been part of our lives, but the growing scale and intensity of climate impacts have pushed our people beyond their limits.”
She emphasized that adaptation alone cannot ensure survival if global emission reduction commitments are not met. “If the 1.5°C target is not maintained, adaptation will not be enough for countries like Bangladesh,” she warned, calling on major emitters to fulfil their obligations under the Paris Agreement.
The Team Europe Initiative is co-chaired by Germany, France, the Netherlands, and the EU.
The event focused on connecting European and Bangladeshi companies working on flood management, desalinization, and climate smart agriculture and on how to crowd-in private sector innovation, funding, and interventions.