HSBC Bangladesh has recently partnered with Bangladesh Economic Zones Authority (Beza) and Brac to build a Green Economic Zone in Mirsarai.
The collaboration will ensure over 40,000 mangroves plantation across 10 acres of coastal land in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai of Chittagong, said a press release.
HSBC has dedicated this plantation to commemorate the 46th National Mourning Day.
The mangrove plantation is estimated to capture 492 tons of carbon each year.
HSBC will also support Covid-19 awareness campaign and skills development program in the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN).
To mark the inauguration of this initiative HSBC CEO Md Mahbub ur Rahman planted saplings at the Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsarai.
During this event, he was accompanied by M Erfan Sharif, additional secretary, executive member, Beza, Md Liakath Ali, director, Climate Change Program, Brac and Brac International, and colleagues from HSBC.
"Beza is always supportive of sustainable industrialization - plantation to restore environment has been part of our key activities. In collaboration with HSBC, this initiative of Mangrove plantation in Bangabandhu Sheikh Mujib Shilpa Nagar is a phenomenal example of partnership with a financial institution for climate solution in an economic zone," said Shaikh Yusuf Harun, executive chairman of Beza.
“As part of commemorating the National Mourning Day in this month of August, HSBC Bangladesh has proudly partnered with Beza and Brac in building a greener Bangabandhu Sheikh Mujib Shilpa Nagar at Mirsarai and took the initiative of mangrove plantation in this economic zone," said HSBC CEO Md Mahbub ur Rahman.
Mangrove forest is known for its incremental carbon capture capacity and it can grow well in the coastal area where water salinity is high. This is the very first mangrove initiative by a private sector amongst all the economic zones in Bangladesh and will play its part in ecological development in the area, he added.
“Mangrove plantation is a nature-based solution and one of the most effective actions for offsetting the global emission of GHGs. Brac has been doing similar work for long and happy to be part of this noble initiative jointly with HSBC," said Md Liakath Ali, director, Climate Change Program, Brac and Brac International.
