Bangladesh has significant potential to tap international carbon markets, creating new economic opportunities while strengthening its efforts to address climate change, according to Singapore High Commissioner to Bangladesh Mitchel Lee.

He made the remarks during a meeting with a delegation of the Climate Action and Justice Foundation (CAJF) at the Singapore High Commission in Dhaka on Wednesday evening, said a press release here today.

Lee called for stronger Bangladesh-Singapore cooperation in carbon trading, water management, renewable energy and modern technologies to build an environmentally sustainable future and tackle growing climate challenges.

He said carbon trading could open up new economic and environmental opportunities for Bangladesh by enabling the country to harness its climate mitigation potential while generating economic benefits.

The high commissioner, however, stressed the need for Bangladesh to undertake necessary preparations to capitalise on the opportunities in accordance with international carbon market mechanisms and standards.

The meeting discussed climate action and justice, carbon trading, renewable and clean energy, water management, climate technology, sustainable urbanisation, food security and knowledge sharing between Bangladesh and Singapore.

Lee said Singapore’s technological advances in water management, energy efficiency, waste treatment, sustainable urban development and vertical farming could offer useful lessons for Bangladesh.

The CAJF delegation was led by its Founder and Chairman Arifuzzaman Mamun.

Mamun said Bangladesh and Singapore need to work together by combining their experiences, technologies and innovations to address the challenges posed by climate change, he said.

“The combination of the experiences of the two countries can open up new avenues of opportunity for addressing climate change,” he added.

Both sides underscored the importance of stronger private-sector and civil-society partnerships between Bangladesh and Singapore in climate action, environmental protection, clean energy, food security, urban management and carbon trading.

CAJF Secretary General Raoman Smita and other members including journalist Moin Uddin Khan, Imtiaz Ahmed, SM Rana and Mehedi Hasan Khan were present at the meeting.