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$110m World Bank fund to face climate impacts
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The New Nation
Bangladesh signed a memorandum of understanding (MoU) with development partners on establishing a climate change fund to channelize 110 million US dollars or more in grant funds to millions of Bangladeshis in order to build their resilience to the effects of climate change.
The fund, known as Bangladesh Climate Change Resilience Fund, was established on Monday in the NEC Conference Room.
Economic Relations Division Secretary Musharraf Hossain Bhuiyan, World Bank Country Director Ellen Goldsstein, UK Department for International Development (DFID) Country Representative Chris Austin, Danish Ambassador Einar H Jensen, Swedish Ambassador Britt F Hagstrom and Head of Delegation of European Union Dr Stefan Frowen signed the MOU.
The Fund will support implementation of Bangladesh's Climate Change Strategy and Action Plan for 2009-2018, by supporting vulnerable communities in adapting to greater climate uncertainty and changing agricultural conditions.
The Fund will be managed and implemented by the government of Bangladesh, with initial contributions from Denmark US Dollar 1.6 million equivalent, the European Union US Dollar 10.4 million equivalent, Sweden US Dollar 11.5 million equivalent and the United Kingdom US Dollar 86.7 million equivalent. The World Bank will provide technical support for implementation by government and ensure that due diligence requirements are met.
Upon signing on behalf of the government, Musharraf Hossain Bhuiyan noted that this sets a good example for development partners to align to the highest priorities of Bangladesh and provide additional resources to address climate change as pledged in Copenhagen last year.
"Given the magnitude of our adaptation and mitigation needs, we hope these initial contributions will encourage support from other partners," he added.
Musharraf Hossain said the fund would have a two-tiered governance structure, consisting of a governing council and a management committee, both of which will be chaired by the government of Bangladesh, and include representatives from line ministries, development partners and civil society.
He said creation of this fund has confirmed Bangladesh's ownership over the fund as per commitment at the Copenhagen climate change conference.
Ellen Goldsstein said: "In coming years, we will be scaling up our Bangladesh portfolio aimed at reducing vulnerability to climate change and natural disasters."
"This fund will be a complementary activity, in which we provide technical support while ensuring that projects are implemented with due regard for economy, efficiency and effectiveness," she said, adding care has been taken to strengthen ownership of Bangladesh, which will be the key to successful implementation.
Speaking on behalf of the contributing development partners, Chris Austin said, "This mechanism puts the government firmly in control in directing external aid to the country's highest priorities.
It provides new grant money for adaptation and mitigation, and it demonstrates Bangladesh's leadership in the global challenge to combat the effects of climate change, he said, adding: "We look forward to seeing our pledges transformed into tangible results as soon as possible."
Ellen Goldsstein said these funds have the potential to help millions in Bangladeshi communities better adapt to the uncertainty and effects associated with climate change.
She said a right balance has been created between strong country ownership which is the key to successful implementation and providing the necessary technical support to ensure transparent and effective use of the resources.
Mentioning that the WB has its won Global and Regional Climate Change Strategies, she said: "In Bangladesh, we have already supported analytical work on the impact of climate change on coastal agriculture and saline water intrusion, the economics of adaptation to climate change and a special focus on the Sundarbans area."
"We are also undertaking studies on the regional dimensions of climate change like Ganges Basin assessment and Himalayan Glacial Melt, which are important for Bangladesh, which cannot solve these problems alone," she said.
At present, World Bank has made a number of large scale investments in climate change-related operations which are owned and implemented by the government of Bangladesh like the Emergency Cyclone Recovery Project (embankments, cyclone shelters, warning systems) and National Agriculture Technology Project which focuses on agricultural adaptation and productivity, Ellen Goldsstein said.
The World Bank has identified reducing environmental degradation and vulnerability to climate change as one of four main pillars of its support in coming years which include approximately $ 800 million in support in the next four years for Bangladesh's Climate Change Strategy and Action Plan, for investments in water resource management (embankments, river conservation, etc), agricultural adaptation, emissions reduction, and disaster preparedness, she said.
As with all World Bank-financed operations, these will be aligned with country priorities and implemented by the government and other local stakeholders, she said, adding: "We will continue to play our limited role in ensuring due diligence in the use of these resources, just as we will do for the initial contributions to the Bangladesh climate change Resilience Fund."
From: http://nation.ittefaq.com/issues/2010/06/02/news0153.htm, 2 June 2010.
