Speakers urged for an implementation roadmap in the National Adaptation Plan (NAP) for effective integration of the private sector engagement in climate change adaptation.
They called for the move at a consultation with the private sector stakeholders in Dhaka Saturday (26 February) jointly organised by the Environment, Forest and Climate Change Ministry, Economic Relations Division (ERD) and United Nations Development Programme (UNDP) with support from the Green Climate Fund (GCF).
Over 40 representatives from different private sector entities, government ministries, departments and UNDP attended the event and provided their comments on how the private sector can support the NAP formulation, reads a press release.
Panning Commission Joint Secretary and ERD Wing Chief Amal Krishna Mandal attended the consultation as the Special Guest while Environment Ministry Additional Secretary (Admin) Iqbal Abdullah Harun was present as the Chief Guest.
NAP Formulation National Project Director Md Mizanul Hoque Chowdhury chaired the session.
Ms Masuma Khanam, Deputy Secretary and Director, Natural Resources Management; Mr A K M Azad Rahman, Programme Officer-Climate Change, UNDP and Dr A Atiq Rahman, Executive Director of Bangladesh Centre for Advanced Studies were also present.
Palli Karma Sahayak Foundation (PKSF) Deputy Managing Director Dr Fazle Rabbi Sadeque Ahmed said, "NAP must make concrete recommendations for the engagement of the private sector – the approach has to offer a business model ensuring profitability and environmental sustainability at the same time"
Meghna Life Insurance Executive Director Md Mazharul Islam Rana said, "There are ample scopes of involvement of the insurance sector in address climate hazards like cyclone and flood – we can work with the public sector in designing innovative business models, products and provide financial security to the vulnerable".
Chal Dal Limited Senior Director Ishrat Jahan recommended, "The government can consider tax rebate for special projects and initiatives by the private sector focusing on climate change adaptation".
Iqbal Abdullah Harun opined, "We need to innovate sustainable financing tools for encouraging the private sector in climate change adaptation."
Sustainable socio-economic development through long-term adaptation strategies and integration of climate change adaptation into the planning and financing process is key to adopting a planned adaptation approach.
NAP is expected to be an opening window for the private sector investment by leveraging investments in responding to climate change adaptation.