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COP27: BD to reiterate for $100b pledged for developing nations

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COP27

Global leaders are progressing for the COP27 next month, November — to take action towards achieving collective climate goals set under Paris Agreement and the Convention.

The 27th Conference of the Parties to the UN Framework Convention on Climate Change, or ‘COP27’, will build on the outcomes of COP26 to deliver action on an array of issues critical to tackling the climate emergency.

These actions are: urgently reducing greenhouse gas emissions, building resilience and adapting to the inevitable impacts of climate change, and delivering on the commitments to finance climate action in developing countries.

Bangladesh will reiterate its call to materialize the pledge of providing $100 billion funds per year to developing nations at the most prior, authorities stated.

Bangladesh will also highlight the importance of “enhanced funds” for climate change mitigation and adaptation at the conference that will take place from November 6 to 18 in Sharm el-Sheikh, Egypt.

Nations are expected to demonstrate at COP27 that they are in a new era of implementation by turning their commitments under the Paris Agreement into action.

Heads of state and governments will attend the Sharm el-Sheikh Climate Implementation Summit on November 7 and 8 while a high-level segment primarily attended by ministers will take place from November 15-18.

The Vulnerable 20 (V20) and Group of 7 (G7) will jointly launch the Global Shield Against Climate Risks at COP27 in a wider effort to accelerate pre-arranged financing at speed and scale.

The V20 membership stands at 58 economies representing some 1.5 billion people including Bangladesh.

The Vulnerable 20 Group of Finance Ministers from climate-vulnerable economies and the G7 Presidency have already revealed they have reached an agreement on financial protection cooperation that responds to loss and damage as a contribution to the Paris Climate Treaty.

Foreign Minister AK Abdul Momen has called for the implementation of climate financing pledges commensurate with the principles of loss and damage ahead of the climate conference going to take place in Sharm El Sheikh next month.

State Minister for Planning Dr. Shamsul Alam has said Bangladesh firmly believes that climate change is a security issue and it must be discussed at regular intervals at the United Nations Security Council (UNSC).

Bangladesh has been a significant player in global climate diplomacy and during the presidency of CVF, Bangladesh emerged as a bold voice in the climate change negotiations under the leadership of Prime Minister Sheikh Hasina.

Bangladesh has launched the “Mujib Climate Prosperity Plan” with the aim to put her on a journey from climate vulnerability to resilience to climate prosperity. The government sees it as one of the landmark policy guidelines for climate-vulnerable countries.

As government representatives start to finalize the agenda for the COP27 climate change conference in Egypt next month, the UN chief told journalists in New York that the work ahead is “as immense as the climate impacts we are seeing around the world”.

“At COP27, I will launch an action plan to provide early warning systems for all within five years,” said UN Secretary-General Antonio Guterres. He seeks the governments, international financial institutions and civil society to support it.

“We came out of Paris, COP21, with a historic agreement which set out a framework of what needs to be done, and then in Glasgow previous year, an agreement on how to do it,” said Simon Stiell, the sixth Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) or UN Climate Change.

2022 marks seven years since the adoption of the Paris Agreement on Climate Change – a landmark international treaty to tackle the climate crisis.

The agreement calls for limiting global warming to well below 2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C. To get there, the world needs to halve its carbon emissions by 2030.

 

 

 

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Economy

Major American Corporations Eye Investments in Bangladesh: State Minister

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State Minister Ahsanul Islam

State Minister for Commerce Ahasanul Islam Titu announced on Tuesday (May 28) that major American conglomerates, including Amazon, Chevron, Coca-Cola, and Boeing, are showing keen interest in investing in Bangladesh.

“We are working to streamline the investment process for American companies, ensuring they can operate smoothly without any obstacles,” State Minister Titu told reporters following a meeting with a delegation from the US-Bangladesh Business Council at the Ministry of Commerce.

The minister highlighted that the discussion focused on simplifying investment procedures and removing any barriers that might deter new American companies from entering the Bangladeshi market.

A representative from Amazon attended the meeting, where discussions centered on the potential for Amazon to integrate Bangladeshi products into its global supply chain and enhance the local e-commerce infrastructure. “Amazon is looking into establishing a central warehouse in Bangladesh to facilitate regional and international product distribution,” Titu added.

The US delegation also explored opportunities in energy, digital payments, and startup sectors.

Titu outlined the primary goals of the United States-Bangladesh Business Council: improving market access for Bangladeshi products, facilitating US investments in Bangladesh, and strengthening bilateral relations. These efforts align with the government’s Smart Bangladesh strategy aimed at strategic growth.

Addressing concerns about some American companies withdrawing their investments from Bangladesh’s capital market, Titu emphasized the importance of welcoming international conglomerates. “If Facebook, Amazon, Chevron, Coca-Cola, and Boeing become involved in Bangladesh’s business landscape, it will significantly ease the country’s progress,” he stated.

Titu also mentioned Bangladesh’s scheduled graduation from the Least Developed Countries (LDC) category in 2026 and stressed the importance of securing market access in various countries within the next two years.

He assured that the government is committed to attracting international investors through policy support, emphasizing Bangladesh’s potential as a significant market with a stable government expected for the next five years.

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Bond Market Reforms Key to Investment Growth: Salman F Rahman

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salman f rahman

Prime Minister’s Private Industry and Investment Adviser Salman F Rahman today underscored the need to bolster the country’s capital market to secure funding for investors.

“Globally, the capital market is the primary source for raising finance for investors. However, in our country, businessmen typically rely on bank loans for mid-term investments or expansion. We are working towards improving the bond market,” he stated.

Salman made these remarks following a meeting with an executive business delegation from the US-Bangladesh Business Council at the Bangladesh Investment Development Authority (BIDA) Bhaban in the city, sources said.

The meeting was attended by Board Chair of the US-Bangladesh Business Council and President and CEO of Excelerate Energy, Steven Kobos, along with President of the US-Bangladesh Business Council and South Asian Vice President of the US Chamber of Commerce, Ambassador (ret) Atul Keshap, among others.

Speaking to reporters, Salman mentioned the government’s efforts to safeguard the capital market from manipulation. “Share prices depend on the market. The government never interferes in this regard. The primary role of the government is monitoring,” he added.

He also highlighted the importance of institutional investors in strengthening the country’s capital market.

Moreover, Salman noted that US entrepreneurs have shown increased interest in investing in Bangladesh, recognizing the current government’s various development initiatives.

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PM Sheikh Hasina Seeks U.S. Business Support for ‘Smart Bangladesh’ Vision

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Sheikh Hasina

Prime Minister Sheikh Hasina today called on U.S. businessmen to support Bangladesh’s goal of becoming a developed and smart nation by 2041. Addressing a delegation from the US-Bangladesh Business Council at her official residence in Ganabhaban, she emphasized the importance of their partnership in this transformative journey.

“We aim to become a ‘Smart Nation’ by 2041. Your support in enhancing our global competitiveness and expanding our export base is crucial,” she said.

The Prime Minister highlighted Bangladesh’s imminent graduation from a “least developed” to a “developing” country in 2026, attributing this progress to sustained efforts over the last 15 years. “Our efforts have led to Bangladesh being recognized globally as a ‘Role Model of Socio-Economic Development’,” she stated, citing good governance, the rule of law, rural investment, women’s empowerment, and ICT advancements as key factors.

Sheikh Hasina noted the longstanding economic and developmental partnership with the U.S., which is Bangladesh’s largest export destination and source of foreign direct investment. She expressed optimism about further strengthening this relationship.

“To protect our economy from current pressures, investment—both domestic and foreign—is vital. The implementation of Bida’s One Stop Service (OSS) will facilitate this,” she said, addressing the OSS implementation progress review meeting at the Bangladesh Investment Development Authority’s (Bida) headquarters.

She urged the U.S. business community to invest in Bangladesh’s high-potential sectors, including renewable energy, shipbuilding, pharmaceuticals, and ICT. “We are establishing 100 Special Economic Zones (SEZs) and 28 hi-tech parks, making Bangladesh a prime destination for IT investments,” she added.

Highlighting Bangladesh’s competitive advantages, she mentioned the availability of a young, skilled workforce at competitive wages and the country’s liberal investment policy. She reassured investors of the government’s commitment to improving the investment environment.

In response to the Prime Minister’s address, Bida Executive Member Mohsina Yasmin presented a report on OSS progress, while NBR Chairman Abu Hena Md Rahmatul Muneem assured the business community of considering logical amendments to the Customs Act.

Sheikh Hasina underscored Bangladesh’s significant socio-economic achievements, including reduced poverty rates, increased life expectancy, and higher literacy rates, particularly among women. She noted that Bangladesh is currently one of the world’s fastest-growing economies, projected to be the 25th largest by 2030.

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