DHAKA, May 16, 2024 (BSS)-Speakers at a seminar today stressed the need for preparing policy guidelines to apply carbon financing as it can be a useful means in dealing with climate change impacts.

They said it assigns a monetary value to carbon emissions and enables businesses willing to offset their own emissions to purchase carbon credits generated by sustainable initiatives.  

Bangladesh Institute of International and Strategic Studies (BIISS) organised the seminar titled “Application of Carbon Financing: Challenges and Policy Options for Bangladesh” at its auditorium here.

State Minister for Finance Waseqa Ayesha Khan graced the seminar as the Chief Guest while BIISS Director General Major General Md Abu Bakar Siddique Khan delivered the welcome address.

Dr Mahfuz Kabir, Research Director of BIISS, presented a keynote paper titled “Pathways of Carbon Financing: Imperatives for Bangladesh”. The keynote presentation was followed by a panel discussion.

Eun Joo Allison Yi, Senior Environment Specialist, the World Bank; Arif M Faisal, Programme Specialist, UNDP Bangladesh; Alamgir Morshed, Executive Director and CEO, Infrastructure Development Company Limited (IDCOL); Shams Mahmud, Managing Director, Shasha Denims Ltd and Director, BGMEA; and Dr Md Nazrul Islam and Additional Foreign Secretary, the Ministry of Foreign Affairs, took part in the panel discussion.

BIISS Chairman Ambassador AFM Gousal Azam Sarker moderated and wrapped the session with some remarks.

The speakers reflected on Bangladesh’s role as an active voice in global climate diplomacy, combating climate change and implementing the SDGs.

They noted that the country is among the least carbon emitters, but remains highly vulnerable to climate change impacts and that is why carbon financing can be a useful instrument to this end.

During 2006 to 2023, the speakers informed, IDCOL from Bangladesh sold over 2.53 million carbon credits equivalent to US$16.25 million and there remain greater prospects for the country.

They focused on the need for establishing comprehensive policy guidelines, raising awareness, and effective participation of all relevant stakeholders.

Senior officials from different ministries, diplomatic missions and media, researchers, businesspeople, teachers and students from various universities, and representatives from different think tanks, international organisations participated in the seminar.