Bangladesh launches second phase of climate finance programme
Bangladesh has stepped up its climate resilience efforts with the launch of the second phase of its Inclusive Budgeting and Financing for Climate Resilience (IBFCR) programme, designed to address the country's annual $12.5 billion financing gap for climate action.
The Finance Division under the Ministry of Finance, in collaboration with the United Nations Development Programme (UNDP) and supported by Agence Française de Développement (AFD), launched the initiative at an event in Dhaka today, according to a press release.
For all latest news, follow The Daily Star's Google News channel. IBFCR Phase II will build on lessons from the first phase by updating the climate fiscal framework, strengthening climate finance tracking, and developing a national climate finance strategy.
The programme will also expand the use of tools such as the Local Adaptation Plan of Action and the Climate Vulnerability Index to ensure financing reaches vulnerable communities.
Speaking at the event, Finance Division Secretary Md Khairuzzaman Mozumder said Bangladesh remains one of the most climate-vulnerable countries despite its minimal contribution to global emissions. "We are fully committed to adaptation and mitigation measures, and I believe the second phase of the IBFCR programme will take us another step forward in building resilience for our people and economy," he said.
Global warming reached a record 1.55 degrees Celsius above pre-industrial levels in 2024, intensifying risks for Bangladesh, which contributes less than 0.56 percent of global greenhouse gas emissions.
Tropical cyclones alone wipe out 0.7 percent of GDP annually, while agricultural output in the southern belt could shrink by 18 percent by 2040, according to the World Bank.
The launch was attended by UNDP Resident Representative Stefan Liller, AFD Deputy Country Director Cecilia Cortese, and senior officials from the Finance Division.
A panel discussion stressed the need for climate-informed public financial management to align with the Paris Agreement, the Sustainable Development Goals, and Bangladesh's own national adaptation plan.