In the budget for the financial year 2023-24, the Ministry of Environment, Forests, and Climate Change has received a slightly higher allocation than the previous year.
Moreover, the total budget allocation for climate-relevant initiatives across 25 ministries and divisions accounts for 54.09% of their combined budgets.
The government has recognized the significance of addressing climate change and has accorded importance to this issue in the proposed allocations for other ministries.
Bangladesh's government has also given importance to dealing with the impact of climate change to ensure long-term sustainable development.
Of the total allocation for the 25 climate-relevant ministries and divisions, 8.99% is specifically set for climate-relevant expenditures.
The total climate change-relevant budget for these 25 ministries and divisions in FY24 has decreased by Tk167.23 crore.
However, compared to the revised climate budget of FY2022-23, the allocation in FY2023-24 is Tk5,643 crore more.
Meanwhile, the climate-relevant allocation for the current budget increased to 7.04% in FY2023-24 from 6.88% in FY2019-20.
In the same period, the development budget allocation for climate change increased to 10.84% from 9.83%.
In numerical terms, the climate-relevant allocation increased from Tk25,650.28 crore to Tk37,051.94 crore over the five-year period from FY2019-20 to FY2023-24, which accounted for 0.74% of the GDP in FY2023-24.
The proposed budget shows the allocation for each ministry and division based on the BCCSAP thematic areas. It further reveals that the highest allocation has been provided in the “Food Security, Social Safety, and Health” area among the six thematic areas. It is followed by “Infrastructure” and “Resilience and Low-Carbon Development.”
The budget is expected to attract stakeholders' attention toward resource allocation to address climate change-induced vulnerabilities and expenditure patterns and fulfill their demand for information from the public on climate financing.
It indicates that the government is committed to strengthening the country's climate resilience, reducing climate vulnerabilities, and embarking on a long journey towards a climate-smart economy through dedicated and sustainable resource allocation.
Meanwhile, the allocation of the Ministry of Water Resources has increased to Tk3,884 crore in the 2023-24 fiscal year.
And, for the first time, various cc or kilowatt-based environmental surcharges are being imposed on multiple vehicles to reduce environmental pollution.
The Ministry of Environment, Forestry and Climate Change and its subordinate departments have been allocated Tk1,639 crore for development and management in the national budget.
Finance Minister AHM Mustafa Kamal on Thursday proposed a Tk7,61,785 crore budget for the 2023–24 fiscal year in the national parliament.
The proposed budget will be 15.2% of the Gross Domestic Product (GDP).
