PM HASINA AND GCA CEO MEET AHEAD OF COP28; COMMIT TO DRIVE $1BN IN CLIMATE FINANCE IN SUPPORT OF MUJIB CLIMATE PROSPERITY PLAN

Dhaka, Bangladesh, Nov 1 (Bernama-GLOBE NEWSWIRE) -- The Global Center on Adaptation CEO, Professor Patrick Verkooijen, concluded a high-level mission to Bangladesh with the following statement:

“I wish to thank Her Excellency Prime Minister Sheikh Hasina for her gracious hospitality and constructive discussions on the deep and longstanding partnership between GCA and the Government of Bangladesh to drive adaptation action. I come out of these discussions hugely impressed and inspired by the continued bold leadership of Bangladesh in reducing the threat of climate change for people in the most vulnerable communities.” 

“With accelerating climate impacts, more investment for adaptation is vital. GCA is committed to leveraging its resources to work with the Government and its partners to design, finance, and implement adaptation solutions to sustain this path to prosperity. I want to especially highlight the strong commitment of the UK and Canada in making the upstream investments that enable GCA to drive forward the adaptation agenda rapidly and at scale.”

Bangladesh is on the frontline of a climate emergency that risks costing the country 7% of its GDP by 2030. The Government of Bangladesh spends an estimated US$1.2bn each year to finance adaptation needs. However, the financing needs identified in the government’s Mujib Climate Prosperity Plan (MCPP)  to address the threat of climate change exceed US$8.5bn each year.

In a meeting with Dr. AK Abdul Momen, Hon’ble Minister of Foreign Affairs, and member of the GCA Board, Professor Verkooijen outlined how GCA is supporting the government in unlocking adaptation finance by mainstreaming adaptation solutions into large scale investments to deliver a step-change in adaptation action. With support from the UK and Canada, GCA is working with partners including the Asian Development Bank, World Bank, IMF, and other International Financial Institutions (IFI) to design adaptation solutions, including nature-based solutions, into $1 billion of investments for coastal and urban communities in the most climate vulnerable regions with the goal of rapidly scaling this up further.  

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