DHAKA, Feb 5, 2025 (BSS) -Policymakers, financial institutions, development partners, and private sector representatives put emphasis on further investment to address the challenges of climate change.

They came up with the observations at a seminar organised by Standard Chartered Bangladesh to discuss the urgent need for climate adaptation investments.

The workshop titled 'Catalysing Climate Adaptation Action and Mobilising Investment' was held at the Westin in the city recently, said a press release today.

The discission centered on the country's National Adaptation Plan (NAP), financing strategies, and the role of multi-stakeholder partnerships in accelerating climate resilience efforts.

Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forest and Climate Change, said, "The model of development that we are pursuing needs serious reconsideration. Instead of putting development and investment at the center we put sustainability, nature, natural resources, and communities at the center and redefine development and investment."

Naser Ezaz Bijoy, Chief Executive Officer, Standard Chartered Bangladesh, said, "Bangladesh's vulnerability to climate change is undeniable.

However, Standard Chartered's the Adaptation Economy study shows that every dollar invested today in climate resilience and adaptation will generate 10 times economic benefit by preventing economic damage and loss of GDP growth. With the right mix of policy reform, financial innovation, and multi-sector collaboration, we can mobilize the necessary investments to ensure climate resilience."

John Murton, Senior Sustainability Adviser at Standard Chartered, said, "Global experience shows that investing in climate adaptation is good business. To overcome hurdles and achieve large-scale impact, we must accelerate policy alignment, unlock private capital, and strengthen partnerships among governments, financial institutions, multilateral partners, and businesses."

Sarah Cooke, British High Commissioner; Gwyn Lewis, Resident Coordinator, the United Nations; Hoe Yun Jeong, Country Director, Asian Development Bank (ADB), Bangladesh and Arinjoy Dhar, Senior Director, Microfinance, BRAC also participated in an insightful panel discussion.

The participants highlighted that the country requires $230 Billion investment till 2050 for climate resilience and adaptation, 40% of which is expected to come from private sector. Effective climate actions and investment requires collaboration across sectors and stakeholders, which can be facilitated by partnership platforms.

The speakers cited Bangladesh Climate Development Partnership (BCDP), launched earlier in the week, as an example of a country led climate action platform, which aims to foster strong partnership within the government, development partners, NGOs, civil society, and last but not least, the private sector.

The speakers also focused on the need for continued investment in scaling up early warning systems, building on local skills on managing natural resources, enabling locally led adaptation through financial resources and technology, embedding climate resilience in infrastructure investments, new financial instruments and blended finance to unlock private sector climate investments.

The event featured two case study presentations. Dr. Nandan Mukherjee showcased pioneering research on climate-resilient housing solutions, highlighting how academia, private sector and government partnerships can develop scalable adaptation technologies tailored to the country's unique geographical challenges.

Dr. F H Ansary, Managing Director, ACI Agrobusiness, highlighted the role of climate adaptation in enhancing the resilience of the agriculture sector and the need for investments in climate-smart farming, sustainable irrigation, and resilient supply chains.