A Strategy to Engage the Private Sector in Climate Change Adaptation in Bangladesh
"There is a growing scientific consensus on the impact of greenhouse gas (GHG) emissions on global warming as well agreement that it is causing increased weather volatility with the effects increasing in intensity in coming years. Warming may induce sudden shifts in regional weather patterns such as the monsoon rains in South Asia or the El Niño phenomenon - changes that would have severe consequences for water availability and flooding in tropical regions and threaten the livelihoods of millions of people. In addition, the melting or collapse of ice sheets would eventually threaten land which today is home to 1 in every 20 people. On a global basis, while Adaptation is still seen as more of a public sector focus than mitigation, some increased focus has been evident. in their July 2008 CEO Climate Policy Recommendations to G8 Leaders, the World Business Council for Sustainable Development and the World Economic Forum recognized that “adaptation to climate change is a critical challenge for all countries, particularly for poor countries that will be hit hardest and earliest, and for all business sectors.…The international business community is starting to develop products and services that can help with adaptation.…In partnership with governments, international business can do much more in this space, particularly if the economic case for adaptation activities or markets for adaptation products is further developed” The importance of private sector involvement in terms of “scaling up” or leveraging public sector capital has been summarized as follows: The World Business Council for Sustainable Development (WBCSD) and the World Economic Forum argue that “Even under the most optimistic scenario of donor commitments, public funds will be nowhere near sufficient to meet the investment requirements of a successful climate change strategy. The new framework must create mechanisms that catalyse much greater volumes of portfolio and direct private sector investment in climate change-related activities” (WBCSD and WEF 2008). “"