Minister: MoU to be signed with South Korea on carbon markets

The Minister of Environment, Forest and Climate Change Saber Hossain Chowdhury said a Memorandum of Understanding related to Article 6, which governs carbon markets under the Paris Agreement, is ready and expected to be finalized within two months.

The minister gave the information to the media after his pivotal discussions with the South Korean Ambassador to Bangladesh Park Young-sik at his office in the Bangladesh Secretariat on Thursday.

The finalized MoU on Article 6 will be a step forward in solidifying their partnership and enhancing climate action efforts.

The environment minister said: "We talked about mechanisms for carbon credit exchange and cooperation under the Paris Agreement. We also discussed engaging the private sector in environmental initiatives and investments.”

“Discussions on South Korea’s financial contributions to green technology and infrastructure were also held. The discussion involved the development of EPZs with a focus on sustainable practices,” he added.

Saber reiterated Bangladesh's unwavering dedication to achieving the Sustainable Development Goals (SDGs), particularly those related to environmental conservation and climate action."

In the meeting, they explored collaborative efforts to address environmental issues and climate change mitigation.

The conservation and management of forests would be crucial for both countries, considering their role in carbon sequestration.

They also discussed initiatives related to the adoption of renewable energy sources. The use of solar-powered pumps can enhance sustainable agricultural practices. They will involve the application of advanced technologies to monitor and manage environmental health.

During the deliberations, the diplomat exchanged insights on innovative strategies to combat climate change, preserve forest ecosystems, and promote sustainable development.

The meeting concluded with a shared commitment to further strengthen bilateral cooperation through knowledge sharing, technology transfer, and joint initiatives aimed at mitigating the adverse impacts of climate change and preserving our planet's precious natural resources.