Protecting livelihoods in the era of climate change: KfW and Green Climate Fund launch first cooperative programme in Bangladesh
Main (ots)
- Adapting urban infrastructure to the impacts of climate change - Reducing the risk of flooding
KfW and the Green Climate Fund (GCF) have signed their first financing agreement, thereby marking the start of their joint promotion of climate change adaptation measures in Bangladesh. With a financial contribution of USD 40 million, GCF is providing important funding for a programme to increase the resilience of urban infrastructure against climate change. In particular, the programme is focusing on cyclone protection shelters and coastal roads in Bangladesh, significantly improving the population's protection against the risk of flooding. KfW is contributing USD 15 million from funds of the German Federal Ministry for Economic Cooperation and Development (BMZ). Bangladesh is also providing a counterpart contribution in the amount of USD 25 million for the project.
Bangladesh is one of the countries most heavily affected by climate change and also one of the world's poorest. Two thirds of its surface area are less than three metres above sea level, putting the majority of the country's 160 million inhabitants at severe risk from rising sea levels.
"Floods and increasingly strong storms have been causing huge problems in Bangladesh for a long time. GCF's first investment is a milestone on the path to climate-change-adjusted development and the start of a shift in the paradigm. This structural transformation will see climate protection requirements become a constant factor in infrastructure planning," says Prof. Dr Joachim Nagel, Member of the Executive Board of KfW Group.
This joint CRIM project (Climate Resilient Infrastructure Mainstreaming) is helping Bangladesh to set up national expert authorities that will make sure climate change adaptation measures are incorporated into public infrastructure investments. When infrastructure was designed in the past, the consequences of climate change, such as heat waves, storms and floods, were often underestimated, so it often lacks resilience to any such natural catastrophes.
The CGF is largely co-financed by the German Federal Ministry for Economic Cooperation and Development (BMZ). With a contribution of EUR 750 million, Germany is one of the most important donors of the fund, which up to now has been supporting 54 climate change protection and adaptation projects in developing countries and emerging economies. Germany's contribution to the CGF is stemming from funds of the Federal Ministry for Economic Cooperation and Development (BMZ).
CRIM is the first joint project between GCF and KfW. With its accreditation in 2015, KfW became one of the first five institutions able to implement GCF financing. Preparations for further joint projects are already underway.
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Contact:
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