BUILD seeks plastic goods makers' access to GTF

Business Initiative Leading Development (BUILD) has urged the Bangladesh Bank to allow Green Transformation Fund (GTF) for the plastic sector entrepreneurs, who are greening the plastic production process.

It made the call at a consultation with the plastic sector stakeholders at its conference room in the city on Sunday, when the stakeholders and experts explained the rationale for inclusion of the plastic sector in the GTF.

Representatives of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA), Bangladesh Bank and International Finance Corporation (IFC) participated the meeting, according to a statement.

CEO of BUILD Ferdaus Ara Begum gave a presentation on the issue, highlighting the harmful impact of plastic on the environment and explaining how to minimise the waste through enforcing stricter law and focusing citywide education and awareness.

She emphasised on the need for efficient technology and policy support for recycling and packaging etc.

She informed that the per capita plastic consumption is 7-8 kg now and it would increase to 30-35 kg by 2030 while the plastic made of fossil fuel is a strong contributor to the global warming.

She compared the GTF benefits with the refinancing scheme for 52 other green products and said the GTF, as a foreign currency loan at a lower interest rate, could be an excellent opportunity for the plastic sector to import machinery.

The sector needs to go for extensive recycling and from the present linear to circular economy, thus GTF could be helpful for them, she argued.

Shamim Ahmed, former president of BPGMEA, said it is one of the most promising sectors, but deprived of proper attention. He said most of the pollution occurred at the consumption level and stressed the need for post-use management issues, extensive use of plastic in packaging sector.

Yusuf Ashraf, former president of BPGMEA and Director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said the local government should play a big role to alert the people about the pollution of plastic at the time of consumption.

The chemical mix is important for those who produce thermoplastic molding from oil.

K.M. Iqbal Hossian, vice-president of BPGMEA, stressed the need for a packaging policy and a plastic post-use policy.

Rizwanul Karim, Deputy Director of the Sustainable Finance Department of Bangladesh Bank, informed that they are positive about inclusion of plastic in the GTF, but the rationale for its inclusion needs to be convincing. He suggested BPGMEA to send a proposal to Bangladesh Bank in this regard.