Bangladesh must prioritize green growth through capacity building, regulatory reforms, climate-responsive finance, and a supportive policy framework to achieve its goal of becoming an upper-middle-income country by 2031, according to a new report from the World Bank (WB).

The report, titled ‘Framework for Implementing Green Growth in Bangladesh – 2023’, was unveiled during a program in Dhaka on Thursday.

It emphasizes that balancing economic prosperity with environmental sustainability can drive long-term growth.

The report outlines nine key policy directions to achieve three main objectives: effective environmental governance and energy transition, fostering new engines and skills for green growth, and ensuring a just transition to a resilient, green, and healthy society.

Key policy recommendations include:

• Strengthening environmental governance
• Promoting renewable energy trade
• Investing in green industries and human capital
• Improving public health and well-being

The report stresses that these policies must be implemented in an integrated manner for maximum impact.

Abdoulaye Seck, the World Bank Country Director for Bhutan and Bangladesh, highlighted the importance of green growth for sustainable development.

He commended the Bangladesh government’s commitment to green and resilient growth, which aligns with the World Bank’s vision of ending poverty on a livable planet.

The report calls for a holistic approach to Bangladesh’s Green Growth agenda, encompassing clean air, water, and land, quality jobs, mobility, clean technology, and human capital investments.

It also recommends robust financing mechanisms to support green growth initiatives, address environmental challenges, and build skills for green financing across sectors. Public-private partnerships are also encouraged.

The report also suggests creating a governance framework for greener growth, using a mix of incentives to boost environmental markets, and enhancing institutional capabilities.

The World Bank asserts that the Framework can serve as a foundation for realizing green growth, aligning it with national priorities to ensure Bangladesh’s sustainable, climate-resilient future.