As sustainability day is celebrated today across several countries of the world, the awareness of the concept is something which has become popular in Bangladesh as well. Even a few decades back, corporate sustainability was a concept hardly considered relevant by businesses.
But with the challenges posed by climate change becoming more complex and dynamic by the day, for businesses to remain competitive and sustain in the long run, embracing sustainability has become critical.
As a result, businesses now are becoming more aware about the importance of adopting sustainable practices in every layer of operation, from investing in green technologies and innovations to creating shared values for the communities, stakeholders, and shareholders.
The Bangladeshi business landscape is also treading on the same path.
Take the case of the RMG industry for example: There are now more than 150 green garment buildings in the country; 44 of them acknowledged with the prestigious platinum rating. Four of these buildings have also been recognized by United States Green Building Council (USGBC) for Leadership in Environmental and Energy in Design (LEED).
The nation is now considered as a global leader.
In December last year, the government recognized and awarded 30 companies from six industries with the Green Factory Award -- a first for the nation. Almost all of these are local companies. This initiative by the government reflects the degree of importance it attaches to sustainable business practices in Bangladesh.
The multinational companies operating in the country are also doing their part in making their businesses sustainable. BAT Bangladesh, for example, is working proactively in promoting the concept of ESG across multiple platforms, including business forums and policy-related discussion sessions. And with the aim to ensure transparency in the business practices and to inspire others to do the same, BAT Bangladesh has launched its first-ever Environmental, Social, and Governance (ESG) Report earlier this year.
As BAT Bangladesh made the transition from CSR to ESG, one thing that became evident was the fact that ESG is something which cannot be driven alone. It requires extensive collaboration between multiple functions and stakeholders -- including in the corporate and regulatory spaces -- to work towards achieving the common goal.
Similarly, when it comes to supporting the government and working towards achieving the SDGs, renowned private sector companies can play leading roles in driving important agendas.
As we understand, Unilever Bangladesh is investing heavily in promoting a circular economy, with special focus on plastic management. Hence, they can lead the journey whereas the others can follow suit. Similarly, BAT Bangladesh has led the private sector afforestation movement for over 40 years now and can inspire others to join the cause and make their contributions. On a similar tangent, renowned banks like Standard Chartered Bangladesh, HSBC and City Bank Ltd, who are focusing on the green financing journey can lead the way for others to follow. For instance, SCB launched the country's first ever green bond last year for Pran Agro Ltd, a concern of Pran-RFL Group; and City Bank Ltd was awarded by Bangladesh Bank as the top bank in “Sustainability Rating” for the last two years.
However, the bigger aim of implementing a sustainable business model across industries, will not be possible without effective collaborations at every level. This is a journey that policymakers, regulators, corporates, the development sector, and civil society must embark upon together.
We need to have a shared vision and work as a team to realize it. The question remains, do we have the intent? Our future actions will tell.
Shehzad Munim is the first-ever Bangladeshi managing director of BAT Bangladesh.