Enhanced EU Cooperation in Climate Finance and Renewable Energy-State Minister

Enhanced EU Cooperation in Climate Finance and Renewable Energy-State Minister
Cheif Reporter:Antalya (Turkiye), 15 November:
State Minister for Environment, Forest and Climate Change Sheikh Faridul Islam has called for enhanced financial and technical cooperation from the European Union (EU) to address the impacts of climate change, expand renewable energy and implement climate-resilient development initiatives in Bangladesh.
He made the call during a bilateral meeting with Ms. Diana Acconia, Director for International Affairs and Climate Finance of the European Union, on the sidelines of the United Nations Climate Change Conference (COP31) in Antalya, Turkiye. The meeting focused on strengthening cooperation in climate finance, energy transition, renewable energy and climate adaptation.
State Minister Stated That Bangladesh’s priorities and plans for tackling climate change. He stated that Bangladesh has set a target of generating 10,000 megawatts of electricity from solar power over the next five years. The government is prioritising the expansion of renewable energy and the transition to clean energy to ensure environmentally sustainable development.
The State Minister further stated that Bangladesh plans to plant 250 million trees over the next five years, of which 35 to 40 percent will be mangrove species, as part of its efforts to protect the environment and address the impacts of climate change. He also highlighted initiatives to modernise waste management, introduce environmentally friendly electric buses and reduce air pollution from brick kilns.
Highlighting the potential for renewable energy development in coastal areas, the State Minister proposed the implementation of cyclone-resilient wind power projects. He noted that increasing salinity and shortages of safe drinking water in Bangladesh’s coastal regions have become major challenges due to climate change. He emphasised that increased investment in renewable energy, alongside effective adaptation projects, is essential to addressing these challenges. In this regard, he sought climate finance, advanced technology and technical assistance from the European Union.
The EU representative reaffirmed the European Union’s commitment to implementing the Paris Agreement and the New Collective Quantified Goal (NCQG) on climate finance. She stated that the annual climate finance target of USD 100 billion had been achieved and that efforts were underway to meet the new USD 300 billion target. She also mentioned the proposed allocation target of 50 percent for climate- and biodiversity-related activities under the EU’s proposed external budget for 2028–2034.
The EU representative further informed the meeting that Bangladesh is one of three countries selected under an Advisory Facility jointly financed with the European Investment Bank (EIB). The facility supports the identification and preparation of investment-ready climate adaptation projects.
She also stated that the European Union is supporting Bangladesh in developing its renewable energy sector and electrifying its railway network. Regarding Bangladesh’s proposal for coastal and offshore wind power projects, she expressed her willingness to convey the proposal to relevant colleagues in Brussels and explore opportunities for the participation of European companies, as well as potential investment and financing under EU guarantee mechanisms.
Both sides emphasised the importance of further strengthening mutual cooperation in climate finance, renewable energy, clean transportation, environmental pollution control and climate adaptation initiatives. The two sides also agreed to maintain regular communication through the EU Delegation in Dhaka to follow up on the issues discussed and explore potential areas for future cooperation.