World Bank: Bangladesh needs $12.5 bn for climate action in the next 5 yrs

DHAKA, Bangladesh: A World Bank analysis estimates that Bangladesh will require at least $12.5 billion, or almost 3 per cent of its GDP, for climate action over the next five years.

Budget prioritisation, carbon taxation, outside funding, and private investment are among the financing alternatives, according to the World Bank Group’s Country Climate and Development Report for Bangladesh, which was cited by the Xinhua news agency.

Despite tremendous progress in lowering the death toll from climate disasters, it was stated that Bangladesh still faces serious and rising climate threats, which, in the absence of immediate action, could jeopardise the nation’s strong growth potential.

It added that on average, tropical cyclones cost Bangladesh approximately $1 billion a year and predicted that the poor and vulnerable will be the most severely impacted by climate change.

A third of agricultural GDP may be gone by 2050, and 13 million people may migrate within their own country due to the climate. According to the report, GDP might decrease by as much as 9 per cent in the event of catastrophic flooding.

According to Martin Raiser, Vice President of the World Bank for South Asia, “Bangladesh has led the way in adaptation and disaster risk management. Over the past 50 years, it has reduced cyclone-related deaths 100-fold. Other countries can learn from this. But with ever-increasing climate risks, further adaptation efforts are vital, and a low-carbon development path is critical to a resilient future for Bangladesh,” he said.

The study listed the top initiatives to undertake and the necessary funding for Bangladesh to address the climate catastrophe.

It stated that actions aimed at increasing energy, transportation, and agricultural output can reduce emissions while also enhancing the quality of the air, soil, and water.