DHAKA, June 13, 2024 — To achieve its vision of becoming an Upper Middle-Income Country by 2031, Bangladesh will need to adopt green growth strategies. This approach can be realized through institutional strengthening, regulatory reforms, climate-responsive public and private finance, and an enabling policy framework, according to a new World Bank report launched today.
The "Framework for Implementing Green Growth in Bangladesh - 2023" report highlights that balancing economic prosperity with environmental compliance and protection can serve as a sustainable driver of growth. The report proposes nine key policy directions aimed at achieving three overarching objectives: effective environmental governance and energy transition, new engines and skills for green growth, and a just transition to a resilient, green, and healthy society. These policies include strengthening environmental governance, promoting renewable energy trade, investing in green industries and human capital, and improving public health and well-being.
“Global experience shows that growth that harms the environment cannot be sustained. On the other hand, green growth can offer a strong and effective way to reduce poverty while safeguarding our environment,” said Abdoulaye Seck, World Bank Country Director for Bhutan and Bangladesh. “I am happy to see the Bangladesh government’s commitment towards achieving green and resilient growth, which resonates well with the World Bank’s new vision of ending poverty on a livable planet.”
The report suggests that Bangladesh's Green Growth agenda should take a holistic approach encompassing clean air, water, land quality jobs, mobility clean technology investments in human capital robust financing mechanisms to support green growth initiatives address environmental challenges build skills for green financing among sectors establish public-private partnerships among others.
“Coordination and coalitions among the ministries between the public private sectors development partners other stakeholders will be essential for implementing the framework for green growth,” said Eun Joo Allison Yi World Bank Senior Environmental Specialist co-author of the report. “Together prioritizing implementing green growth policies investments will help Bangladesh achieve economic growth sustainably.”
The report recommends creating a governance framework for greener growth using incentives to boost environmental markets enhancing institutional capabilities. The Framework can serve as a basis for how green growth can be realized in alignment with the country’s economic sectoral priorities marking positive steps towards greener climate-resilient more sustainable future.