Now that Bangladesh is on a comfortable trajectory towards stable economic growth, the next destination for our industries should be its continued greening up. As one of the nation’s on the frontlines in the global battle against climate change, such an initiative would also have important ramifications for our country.
With various industries already embracing the ethics of green and sustainable business practices and more on the way, this is a direction we need to double down on.
The primary industry of Bangladesh is its RMG sector, and it is encouraging that most if not all major players in said industry have embraced sustainable business ethics. However, as our economy grows, we inevitably need to diversify our whole business portfolio.
While it has been agreed that least developed and developing countries can use unsustainable business practices with minimal penalties, doing so would handicap us in the long run. Sticking to antiquated practice means we risk the possibility of being left behind by the rest of the world. If that happens, we will be forced to play catch-up.
Furthermore, if such technology proves to be advantageous in every way, there is the possibility of us losing our share in international markets. Both of these scenarios are undesirable, to say the least.
As such, the government, along with our industry leaders, need to be pro-active. The private sector has already taken multiple initiatives to embrace cutting-edge, green, and sustainable processes. But the administration has to step in and do their part to facilitate it. Necessary industry support has to be given, and a good way to that end would government incubation projects focused on green practices.
It’s high time our industries switched on the green light.