Any project we are undertaking through Public-Private Partnership Authority (PPPA) should internalise the cost of loss and damage induced by climate change, said Dr Ahmad Kaikaus, principal secretary to the prime minister.
We have a significant proportion of financing coming from the private sector in Bangladesh. Some 81 per cent of our annual GDP comes from the private sector and 19 per cent from the government. The cost of Loss and Damage can be internalised from this private financing, he said.
He made the suggestions while delivering his speech as the chief guest at a seminar titled ‘Addressing Climate Change Induced Loss and Damage in Bangladesh in Partnership with Private Sector' in the capital on Wednesday.
The seminar was co-organised by the Public-Private Partnership (PPP) Authority, Prime Minister’s Office, ActionAid Bangladesh and the International Centre for Climate Change and Development (ICCCAD).
“If we could internalise the costs, we could externalise the impacts of climate change-induced loss and damage” Dr Ahmad Kaikaus added.
We must understand, adaptation is not going to give a solution. Mitigation has to be done, said Saber Hossain Chowdhury, Chairman, Standing Committee of Ministry of Environment, Forest and Climate Change while addressing as Guest of Honor in the seminar.
Environment ministry secretary Md Mostafa Kamal invited the private sector to join hands with the public sector for long term climate financing.
Climate change and loss and damage should be taken into consideration while initiating any project and PPPA should ensure that infrastructures are climate-resilient, said Sultana Afroz, Secretary and CEO, Public-Private Partnership Authority (PPPA), who chaired the seminar.
Mia Seppo, UN Resident Coordinator in Bangladesh has appreciated the role of Bangladesh as the chair of the Climate Vulnerable Forum (CVF) and also recognised the early warning and anticipatory actions to disaster response.
Sudipto Mukerjee, Resident Representative, UNDP, mentioned that Private Sector has the expertise and resources to mitigate climate change impacts which can be utilised for making societies more resilient.
Dr Saleemul Huq, Director of ICCCAD said, climate change is happening, and we must be better prepared to deal with it. He also stated that damage can be repaired but the loss of something cannot be reverted.
Along with economic loss and damage, we are also facing social and cultural damages. Women and children are most vulnerable to the effects of climate change. We need additional funds and need to take this to a global level. We hope the private sector will listen and invest in climate change-induced loss and damage, said Farah Kabir, Country Director, ActionAid Bangladesh.
