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Singapore High Commissioner to Bangladesh Mitchel Lee has said Bangladesh has significant potential to participate in international carbon markets, creating new economic opportunities while strengthening its efforts to address climate change.
He made the remarks during a meeting with a delegation of the Climate Action and Justice Foundation (CAJF) at the Singapore High Commission in Dhaka on Wednesday evening, according to a press release issued on Thursday.
Lee called for stronger Bangladesh-Singapore cooperation in carbon trading, water management, renewable energy and climate technologies to promote environmental sustainability and address growing climate challenges.
He said carbon trading could provide Bangladesh with both economic and environmental benefits by allowing the country to utilise its climate-mitigation potential while generating new sources of revenue.
The high commissioner, however, stressed that Bangladesh needs to make the necessary preparations to take advantage of international carbon markets and ensure compliance with relevant mechanisms, standards and requirements.
The meeting covered a wide range of issues, including climate action and justice, carbon trading, renewable and clean energy, water management, climate technology, sustainable urbanisation, food security and knowledge sharing between the two countries.
Lee said Singapore’s experience and technological advances in water management, energy efficiency, waste treatment, sustainable urban development and vertical farming could provide useful lessons for Bangladesh.
The CAJF delegation was led by its Founder and Chairman Arifuzzaman Mamun.
Mamun stressed the importance of closer cooperation between Bangladesh and Singapore, saying the two countries could combine their experiences, technologies and innovations to address the growing challenges posed by climate change.
“The combination of the experiences of the two countries can open up new avenues of opportunity for addressing climate change,” he said.
Both sides also underscored the need to strengthen partnerships between the private sector and civil society in areas including climate action, environmental protection, clean energy, food security, urban management and carbon trading.
CAJF Secretary General Raoman Smita and other members, including journalist Moin Uddin Khan, Imtiaz Ahmed, SM Rana and Mehedi Hasan Khan, attended the meeting.