DHAKA, June 25, 2024 (BSS)-The International Finance Corporation (IFC) and the Danish International Development Agency (DANIDA) have entered into a transformative agreement to establish a Bangladesh Climate Advisory Partnership (B-CAP). 

This initiative aims to boost climate-smart private investment in Bangladesh's key growth sectors, contributing to carbon mitigation and the reduction of greenhouse gas emissions. 

Climate change poses significant risks to Bangladesh's development, requiring substantial investments in mitigation and adaptation. The IFC-DANIDA partnership, backed by $5.3 million, aims to catalyze $50 million in climate-smart private investments by 2027, with a focus on manufacturing and green finance, a press release said here today.

 B-CAP's core pillars include accelerating climate-smart investments, enhancing green finance, promoting sustainable practices, and gender inclusiveness. 

Aligned with IFC's strategic climate an objective, this project aims to accelerate an inclusive transition to low-carbon, resilient growth focused on the people, jobs and sustained industrial progress in Bangladesh. 

“By catalyzing climate-smart private investments in Bangladesh, we’re tackling climate change while fostering resilient, eco-friendly development,” said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal. 

“Teaming up with DANIDA allows us to pool expertise and resources, ensuring our projects uphold the highest environmental and social standards, supporting Bangladesh's development journey." he added.

Building on the successful Partnership for Cleaner Textile (PaCT) program, which provided advisory support for a green transition in Bangladesh’s textile industry, B-CAP expands this collaboration to broader climate advisory.

Christian Brix Møller, Ambassador of Denmark to Bangladesh said, “This collaboration with IFC is a significant step towards advancing our global climate action goals. By investing in Bangladesh's transition to a green economy, we are reinforcing our commitment to sustainable development and international cooperation. "