Carbon Trading in Bangladesh
বৃহস্পতিবার, এপ্রিল ২৭, ২০২৩
Uncontrolled industrialization, inefficient burning of fossil fuels, and consumption of energy have endangered the global environment as well as the entire human species. The effects of climate change include an upward trend in global mean temperature, a rise in sea level, and a probable increase in the frequency of some extreme weather events such as drought, changing rain patterns, floods, etc. In its annual report on climate change, the IPCC has already identified Bangladesh as one of the most vulnerable countries to climate change.
Carbon trading is the trading of carbon dioxide emissions by exchanging it from one’s limit fixed according to Kyoto Protocol by the state.
Carbon trading is a market-based mechanism that allows countries, companies, and organizations to buy and sell carbon credits as a way to reduce their carbon emissions. In Bangladesh, carbon trading has emerged as a potential tool for reducing greenhouse gas emissions and promoting sustainable development.
Bangladesh is a signatory to the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, which commit the country to reducing its carbon emissions. The government of Bangladesh has launched several initiatives to promote carbon trading and encourage investment in low-carbon technologies.
One such initiative is the Bangladesh Climate Change Trust Fund (BCCTF), which aims to promote climate change adaptation and mitigation activities. The BCCTF has implemented several projects that generate carbon credits, such as solar energy projects and biogas plants. These carbon credits can be sold to companies or organizations that need to offset their carbon emissions.
In addition, the Bangladesh Bank, the central bank of the country, has launched a green banking initiative that encourages banks to finance green projects and promote sustainable development. This initiative also includes provisions for carbon trading and offsets.
Overall, while carbon trading is still a relatively new concept in Bangladesh, the government and other organizations are taking steps to promote its use and encourage investment in low-carbon technologies. As the country continues to develop, it will be important to balance economic growth with environmental sustainability, and carbon trading may be one tool to help achieve this balance.
Department of Environmental Science and Engineering,
Jatiya kabi Kazi Nazrul Islam University, Mymensingh.