FBCCI President: The private sector is implementing environmentally

FBCCI President: The private sector is implementing environmentally

The private sector is collaborating with the government of Bangladesh to achieve environmentally friendly industrialization, according to Md. Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

He said this at a roundtable discussion yesterday at the Commonwealth Trade & Investment Summit 2022 in London on “Financial and Professional Services – the role of norms and regulations on the road to net zero.”

The president of the FBCCI spoke at the roundtable as one of the participants. In spite of being one of the lowest emitters in the world, Bangladesh pledged to reduce carbon emissions by 89.47 million tonnes, or 21.85% of carbon dioxide, by 2030 as part of efforts to reduce emissions globally.

According to a news statement issued today, Bangladesh will reduce its energy sector emissions—including those from brick kilns, fugitive emissions, households, businesses, and transportation—by 96.1% to meet its goal.

Agriculture and livestock, forestry, as well as municipal solid waste and wastewater, will be reduced by the final 3.9%.

The FBCCI President highlighted that Bangladeshi businesses are increasingly seeking to innovate and make strides toward upholding environmental norms.

According to him, Bangladesh’s present share of the world’s greenhouse gas emissions (GHG) is only 0.4%, which is a negligible amount. Only 0.09 percent of the world’s carbon emissions come from it.

The head of the nation’s highest-ranking trade organization also informed the delegates that Bangladesh has a National Action Plan on Climate Change ready, which calls for $230 billion over the next 27 years, until 2050, with 113 interventions, 90 of which are high-priority.

He stated that by 2050, an additional $50 trillion in investments will be needed to get the world economy to net-zero emissions and stop a global warming catastrophe.

At the 27th Conference of the Parties to the UN Framework Convention on Climate Change (COP27), Bangladesh, a leading proponent of combating climate change, placed a major emphasis on climate finance.

Jashim recommended that a combination of climate finance, private sector investment, creative financings like green or blue bonds, risk transfer mechanisms, or insurance may be used to generate funding for the fight against climate change. Green transformation and a surge in utilizing multilateral money for global climate finance may be options.

According to Article 9 of the Paris Agreement, the fiduciary rules of international climate funds like the GCF should be reviewed and lowered collectively to close the climate finance gap in severely climate-vulnerable nations like Bangladesh (2015).

Additionally, the Commonwealth has to adopt and widely publicize a Simplified Approval Process (SAP) and a larger quota for overseas funding in the budgeting framework.

The president of the FBCCI stressed working together to develop and standardize policies and standards throughout the Commonwealth.

Additionally, he sees positive discussions and potential interactions with the Commonwealth for joint venture partnerships at different points in the clean energy supply chain as well as the infrastructure, technologies, know-how, and workable business models aimed at increasing energy productivity and guaranteeing access to energy for everyone.

2023 will bring more hardship for the global economy following a bleak year.

Bronek Masojada, Chair of the East End Community Foundation and Alderman of the City of London, moderated the roundtable.

Lord Lindsay, the head of the UK Accreditation Service, Susan Taylor Martin, the CEO of BSI, Marco Forgione, Nicholas Nyamali, the group managing director of Investment One Financial Services Limited, Mostofa Azad Chowdhury Babu, the senior vice president of the FBCCI, Md. Jamal Uddin, Mohammed Bazlur Rahman, Abu Hossain Bhuiyan (Ranu), and other members of the Bangladesh business delegation were also present