Bankroll export industries for green transformation

FE Report
Speakers at a programme on Saturday stressed the need for adopting green technologies in energy-intensive industries for sustainable development and dealing with climate change threats.
They also emphasised financing export-oriented industries like textiles, leather and jute for green transformation and reducing environment pollution.
The suggestions came at the inaugural programme of 'BIFFL Green Convention and Expo-2017' organised by state-owned Bangladesh Infrastructure Finance Fund Limited (BIFFL) at the Bangabandhu International Conference Center (BICC) in Dhaka.
Forest and Environment Minister Anwar Hossain Manju inaugurated the programme as the chief guest, while Bangladesh Bank (BB) governor Fazle Kabir, the World Bank Bangladesh country director Qimiao Fan, Japan International Cooperation Agency (JICA) Bangladesh chief representative Takatoshi Nishikata, and Chinese Embassy in Bangladesh commercial councellor Li Guangjun addressed the programme as the special guests.
Chaired by Economic Relations Division secretary and BIFFL director Kazi Shofiqul Azam, the inaugural session was also attended by Bangladesh Centre for Advanced Studies (BACS) executive director A Atiq Rahman, Asian Development Bank alternative executive director Mahbub Ahmed, and BIFFL executive director and CEO SM Formanul Islam.
In his speech, Mr Manju said in terms of climate change, almost 200 countries had reached the 'Paris Agreement' on how to tackle climate change and its consequences.
In line with that, the government of Bangladesh has created the BIFFL to assist the private sector with investments to make industries environment-friendly, he said.
He noted that Bangladesh is not waiting for the rest of the world to combat the consequences of climate change, especially when sea level rises.
The Prime Minister has already formed a special climate fund to set an example for the world that Bangladesh will play its due role with whatever resources it has to tackle the threats of climate change, the minister added.
He, however, urged the BIFFL authorities to support small and medium (SME) entrepreneurs because many of them might not be aware whether their investments are environment-friendly or not.
Speaking at the programme, the central bank governor said that Bangladesh is one of the most climate-vulnerable countries in the world despite its insignificant share in global green house gas emission compared to those of the developed countries.
Responding to the environmental degradation, he said the central bank as the financial sector regulator had already taken measures to promote green financing and businesses in the country.
Mr Kabir said that the central bank has already formulated 'Environmental Risk Management Guidelines' and 'Green Banking Policy' for banks and financial institutions to support green financing for sustainable development.
He also noted that the central bank recently instructed all banks and financial institutions to form sustainable finance units and committees to deal with this.
Mentioning that the BB has identified 52 green products under eight categories and developed policy guidelines to channel low-cost funds, the governor said, "Banks and financial institutions were directed to supply low-cost funds in textiles, leather and jute industries for green transformation."
The Green Convention and Expo-2017 aims to promote widespread use of green technologies including green bricks, energy efficient machinery, renewable energy, green factory and waste treatment system in energy-intensive industries.
The expo accommodated 71 stalls where suppliers of green and sustainable technologies will showcase their innovative business solutions every day from 9:00am to 5:00pm until November 27.
On the sidelines of the exposition, a panel discussion on 'Green Movement in Bangladesh: Present and Future' was also held.
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