Standard Chartered advocates collective climate action

The current model of development requires a critical reevaluation. Rather than prioritising development and investment as the core focus, we must shift our attention to sustainability, nature, natural resources, and communities, said Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forest and Climate Change.

She made the comment while speaking at a workshop, organised by Standard Chartered Bangladesh, at the Westin Dhaka recently, according to a press release.

"It's time to redefine what development and investment truly mean by placing these essential elements at the centre of our approach," Hasan said.

The workshop, titled "Catalysing Climate Adaptation Action and Mobilising Investment," brought together leading policymakers, financial institutions, development partners, and private sector representatives to discuss the urgent need for climate adaptation investments.

The discussion centred on the country's National Adaptation Plan, financing strategies, and the role of multi-stakeholder partnerships in accelerating climate resilience efforts.

Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, said, "Bangladesh's vulnerability to climate change is undeniable."

However, Standard Chartered's Adaptation Economy study shows that every dollar invested today in climate resilience and adaptation will generate ten times the 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 mobilise the necessary investments to ensure climate resilience," he added.

Sarah Cooke, the British high commissioner to Bangladesh; Gwyn Lewis, resident coordinator of the United Nations; Hoe Yun Jeong, country director of the Asian Development Bank, Bangladesh; and Arinjoy Dhar, senior director of microfinance at BRAC, also participated in the discussion.

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

The event featured two case study presentations by Nandan Mukherjee, assistant professor at BRAC University and a researcher at the University of Dundee, UK; and FH Ansary, managing director of ACI Agrobusiness.

John Murton, senior sustainability adviser at Standard Chartered, along with policymakers, financial institutions, development partners, and private sector representatives from different organisations, was present.