Tk 100cr allocation proposed for tackling climate crisis

Finance Minister Abul Hassan Mahmood Ali has proposed to set aside a special allocation of Tk 100 crore for climate change and environmental protection in the national budget for the fiscal year 2024-25.

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"Bangladesh is one of the most vulnerable countries to the impact of climate change. Considering the depth and extent of these impacts, we are taking all the necessary steps to increase the capacity of adaptation to climate change and reduce the impact. To speed up activities in this regard, I am proposing a special allocation of Tk 100 crore in this year's budget," he said during his budget speech at the parliament today.

The proposed fund will support the Bangladesh Climate Change Strategy and Action Plan (BCCSAP), which was initially formulated in 2009 and currently undergoing updates. The BCCSAP has been instrumental in guiding the nation's climate action, with a total of Tk 3969 crore allocated from FY10 to FY 24 for the Climate Change Trust Fund (CCTF).

This fund has facilitated 969 projects, with 721 already completed.

"Currently, we are assessing the amount of climate-related allocation and actual expenditure in the budgets of 25 climate-related ministries or divisions," said the minister.

Additionally, the recent establishment of the Bangladesh Climate and Development Platform (BCDP) aims to enhance coordination among various projects targeting climate change impacts, he added.