Germany will provide 9.5 million euro support to Bangladesh through the "Team Europe Initiative for Green Energy Transition" and other funding mechanisms.
To implement the idea, both the countries have signed Bangladesh-German Climate and Development Partnership (CDP) agreement on Tuesday at ERD.
The two nations have also agreed to work jointly on key areas including climate adaptation, renewable energy, energy efficiency, and nature-based solutions under the new partnership, according to the German Embassy.
Key Goals of the partnership areas are (a) high-Level Dialogue and Cooperation: Foster discussions on climate adaptation, renewable energy, and energy efficiency, and to support Bangladesh's National Adaptation Plans (NAP) and Nationally Determined Contributions (NDCs).
The goal of this partnership is (b) Joint Climate Targets: Bangladesh will submit a Long-Term Low-Emission Development Strategy (LT-LEDS) and enhanced NDC by COP30, aiming for a global temperature rise limit of 1.5°C.
The third goal of this agreement is International Action: Engage in global climate initiatives, such as the Global Methane Pledge, and promote locally-led climate action to empower vulnerable communities.
However, under the partnership, both the countries also identified some "key Initiatives" areas, these are (a) Financial and Technical Cooperation, Knowledge Exchange, to facilitate sharing of best practices in emission reduction, renewable energy, and climate adaptation.
"Just Energy Transition" to help Bangladesh achieve 30 per cent renewable energy in electricity production by 2030.
The third initiative area is "Private Sector Engagement" to involve the private sector in sustainable climate solutions and responsible global supply chains.
The Joint Declaration of Intent (JDI) of CDP is a non-legally binding agreement, effective immediately upon signing.
Annual policy dialogues will assess progress and adapt strategies to meet climate goals.
"Through this partnership, Bangladesh and Germany reaffirm their commitment to addressing climate change and building a sustainable, resilient future for all," an ERD official said.
The agreements were signed by Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD), Ministry of Finance, and Andreas Kuck, Country Director of GIZ, on behalf of the Federal Republic of Germany in Bangladesh.
