Special Correspondent :
Bangladesh must embrace green growth to fulfill its vision of becoming an Upper Middle-Income Country by 2031,
This was stated by a new World Bank (WB) report launched on Thursday.
The report, titled ‘The Framework for Implementing Green Growth in Bangladesh – 2023’, highlights that achieving this goal requires institutional strengthening, regulatory reforms, climate-responsive public and private finance, and an enabling policy framework.
The World Bank emphasized that green growth, which balances economic prosperity with environmental protection and benefits, can serve as a robust and sustainable driver of growth.
The report outlines nine key policy directions aimed at achieving three main 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.
The proposed policy directions include of strengthening environmental governance, promoting renewable energy trade, investing in green industries and human capital, 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, essentially serving as a catalyst for growth,” said Abdoulaye Seck, World Bank Country Director for Bhutan and Bangladesh. He praised the Bangladesh government’s commitment to green and resilient growth, aligning with the World Bank’s vision of ending poverty on a livable planet.
The report advocates for a holistic approach to Bangladesh’s Green Growth agenda, encompassing clean air, water, and land, quality jobs, mobility, clean technology, and investments in human capital. It also suggests the establishment of robust financing mechanisms to support green growth initiatives, address environmental challenges, and build skills for green financing across sectors. The creation of public-private partnerships is deemed essential.
Eun Joo Allison Yi, World Bank Senior Environmental Specialist and co-author of the report, stressed the importance of coordination among ministries, public and private sectors, development partners, and other stakeholders in implementing the green growth framework. “Together, prioritizing and implementing green growth policies and investments will help Bangladesh to achieve economic growth in a sustainable manner,” she stated.