PM’s Special Envoy for Climate Change Saber Hossain Chowdhury has said Bangladesh is one of the most climate-vulnerable countries in the world, climate change is causing Bangladesh to lose 2% of its gross domestic product.
Saber Hossain Chowdhury, chairman of the Parliamentary Standing Committee on the Ministry of Environment, Forest and Climate Change, was speaking at a seminar titled “Investing in Our Planet: Introducing the Norfund Climate Investment Fund,” jointly organized by the Norwegian embassy in Dhaka and the Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh on Monday, as the chief guest.
This event highlighted Norway's significant commitment to supporting the transition to renewable energy in Bangladesh.
"Bangladesh is not only in need of investments in tackling climate impacts but also requires technical assistance in building knowledge and capacity, and the Nofund Climate Investment Fund can be a great facilitator," Saber Hossain Chowdhury said.
Edwin Keokkoek, first counsellor on Energy and Climate Action in the European Union (EU) Delegation to India, said 2023 had been the hottest year on record, and the next year would be even warmer.
He also expressed hope for cooperation including investment in the green energy sector of Bangladesh.
Dr Sayed Masum Ahmed Choudhury, additional secretary of the Power Division, said: “We are moving ahead with a target of generating 40% of our electricity from clean energy by 2041… As the renewable energy sector is expensive, all sectors need to cooperate.”
NCCI President Tahrin Aman said: “Bangladesh's energy and power sector is in the midst of a profound transition, shifting from traditional fossil fuels to renewable energy sources. This transition is not merely a change in our energy sources; it is a testament to our determination to build a sustainable and resilient future.
“The Mujib Climate Prosperity Plan reflects our nation's unwavering commitment to a green, prosperous and sustainable future. Over the years, various stakeholders, including NGOs, think tanks, financial institutions, the private sector and energy experts have been relentless in their efforts to push the green energy agenda. Their dedication, their passion and their collective vision are the driving force behind our transition to green energy.”
In his opening remarks, Espen Rikter-Svendsen, the ambassador of Norway to Bangladesh, stated: “Access to capital – so important to develop the renewable energy industry. Reliable and experienced financial partners are key to facilitating further developments in renewable power generation.”
He has also emphasized removing obstacles and creating a dynamic business climate for renewable energy through improved governance and transparency, well-regulated markets and smart incentives that promote the right kind of investments.
The Climate Investment Fund (CIF) managed by Norfund marks a "significant step" in Norway's commitment to global energy transition.
The CIF, with an allocation of $912.89 million (NOK 10 billion) from 2022 to 2027, is dedicated to investing in renewable energy and low-carbon technologies in developing countries with significant emissions from coal and other fossil fuel power production. Among them, Bangladesh holds a prominent position.
The fund is targeted to invest in a wide range of renewable energy projects, including large-scale endeavours like solar power plants and wind farms, as well as smaller opportunities such as rooftop solar installations.
Additionally, the CIF supports enabling technologies with substantial climate impact, such as energy storage and transmission infrastructure.
The seminar served as a platform to introduce the Climate Investment Fund and Norfund's role in advancing renewable energy in Bangladesh.
It brought together key stakeholders, including government officials, industry experts, investors and thought leaders, to explore opportunities for collaboration and investment in the green energy transition.