Green business practices: a ray of hope for sustainability

A global concern for environmental sustainability has created widespread awareness among low and middle-income countries. Bangladesh is one of the vulnerable countries to climate change. It experiences extreme weather like heatwaves, unusual rainstorms, and frequent natural disasters like cyclones and floods. The situation has worsened due to industrial pollution, deforestation, carbon footprints and the increasing use of non-biodegradable materials. Because of the severe disruption of ecology and biodiversity, the demand for going green in business operations has been more critical than ever. These practices can be initiated through eco-friendly packaging, proper waste disposal management, reducing the use of plastics and chemicals, enabling renewable energy sources, etc.
The interim government has recently launched campaigns and vowed to enforce environmental protection laws. The adviser for environment, forest, and climate change, Syeda Rizwana Hassan, recently banned single-use plastic bags in supermarkets starting from October 1. She also issued directives to go for a drive in November. Perhaps she wanted to allow time for an easier transition from the long-practiced culture in supermarkets.
Plastics are non-biodegradable and are one of the major causes of environmental degradation. On the other hand, jute, paper, or cloth bags are easier to reuse and recycle and are eco-friendly alternatives to plastic bags. This shift can also create new business opportunities in green markets. However, over 5,000 industries are involved in plastic production and procurement, many of which are small and medium-sized enterprises. Nevertheless, large industries are the key players and have a major stake in plastic goods, which have influenced the government machinery to continue allowing the use of environmentally hazardous materials for years. During the last 15 years, no government agencies have taken any visible action to stop such single-use plastics.
The interim government's initiative is much appreciated as they allotted a reasonable transition time. Otherwise, there was a possibility that small investors might have had to bear the brunt of the shift.
Considering the vulnerable economic situation, it will be challenging for Bangladesh to successfully conduct such plans at this stage. In this respect, the importance of sustainable financing cannot be overstated. Guided by Bangladesh Bank, most banks and Non-banking Financial Institutions (NBFIs) have already integrated sustainable financing or green financing units to cater to eco-friendly sectors and their products. Projects on solar and wind energy, recycling and waste management, and organic agriculture require such essential and effective credit support. Recent central bank data reveal the inspiring growth of green financing by banks and NBFIs. The Sustainable Finance Policy 2020 of Bangladesh Bank is a praiseworthy step that has clearly defined sustainable finance for financial institutions.
Notably, many Bangladeshi companies have taken initiatives to promote environmental safety methods. According to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) report, more than 200 eco-friendly ready-made garment factories in Bangladesh have been certified by the USGBC under the Leadership in Energy and Environmental Design (LEED) programme. These accomplishments may act as a driving force to create eco-friendly transitions across all other industries. Furthermore, many corporations have ensured ecological sustainability as the topmost focus of their corporate social responsibility (CSR) initiatives.
Besides the prevailing challenges that Bangladesh is currently facing, it remains very optimistic about sustainability. Additionally, boosting green businesses will be a win-win situation for both the environment and the economy. There is a strong desire to create a happy and livable planet. Indeed, the mission to 'go green' with exceptional business practices will be a stepping stone towards a healthier and more sustainable future.

The writer is pursuing Bachelor of Business Administration (BBA) in Finance at North South University.
mashiatkhaled06@gmail.com