Dhaka, Sept. 16 -- Bangladesh has unveiled a new phase of its national climate finance strategy to tackle the devastating consequences of climate change that already cost the country nearly $1 billion annually.

The initiative titled Inclusive Budgeting and Financing for Climate Resilience (IBFCR) Phase II was launched at the Finance Division in Dhaka on Tuesday, said a press release.

The global warming reached a record 1.55degC above pre-industrial levels in 2024, intensifying climate threats for Bangladesh, one of the world's most vulnerable nations despite contributing less than 0.56 percent of global greenhouse gas emissions, it said.

Tropical cyclones alone wipe out 0.7 percent of GDP each year, while agricultural output in the cou...