Bangladesh Climate Fiscal Framework 2014

Bangladesh is a land of rich socio-ecological diversity. The culture, society and economy of the country have evolved around its historic response to climatic condition. The climate of a country changes over time, but now anthropogenic climate change (CC) has become a grave concern for the global community since related changes are coming too fast and if this trend continues, the humankind will face its most critical challenge. It is now widely known that the anthropogenic CC has been largely due to inordinate dependence on carbon-based economic system in developed and fast growing economies. Bangladesh is an innocent victim of this change. The disasters arising from climate change cause an annual average loss of 1 percent of GDP in Bangladesh. The scale of the climate change challenge that now faces Bangladesh is vast. We cannot ignore this challenge as we move towards achieving the goal of ensuring greater welfare of the people by delivering the benefits of development. Therefore, the two climate change strategies, mitigation and adaptation, have to be embedded in our development agenda. The new sources of climate finance that are available have the potential to deliver multiple benefits, like poverty reduction and sustainable livelihoods, disaster risk reduction, biodiversity and wetland conservation, sustainable water and ecosystem management, enhanced socio-ecosystem resilience and ecosystem- based adaptation. It is, therefore, important at this stage for the developing countries to make their public finance system ready to absorb these funds which cannot happen overnight. The current Climate Fiscal Framework (CFF) is an attempt to make Bangladesh public finance system ready for utilizing the national and international climate finance, in the most efficient and effective manners possible. CFF is a key enabling framework aiming to (i) establish greater national ownership of climate finance, better aligning this with the country system, (ii) promote government-NGO-private sector harmonization, (iii) enhance result management, (iv) increase mutual accountability; and (v) broaden the opportunity for resilient development and green growth in Bangladesh.

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