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Clean and green

  • Published at 12:05 am September 20th, 2019
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Photo: BIGSTOCK

Investing in green financing and eco-friendly technology is the way forward

Bangladesh is on the front lines of climate change, and many of the adverse effects have already begun to manifest -- accounts of rampant flooding and extreme weather now seem almost commonplace, resulting in forced migration, and food and water shortages. 

While it is the richer, more industrialized that are responsible for global climate change, developing countries like ours end up paying the price.

Nevertheless, there are things we can do to minimize the damage at home -- with the rapid advancement of technology and industrialization, investing in green financing and eco-friendly technology is the way forward.

The primary concerns hindering the progress of green financing include lack of awareness and the absence of sufficient rewards and incentives, along with an inadequate regulatory environment.

To move past this, it is not only necessary for the government to continue incentivizing green financing, but there is also a greater need for the private sector to be involved in similar green practices.

It is important to create an enabling environment, with ample incentives and opportunities to invest in environment-friendly projects. Following these implementations, commercial banks -- only a few of which are currently involved in green financing -- could be required to lower interest rates for green projects.

The whole world is moving towards greener and more sustainable practices. There is no reason for Bangladesh to fall behind, and although our carbon footprint as a nation is very small per capita compared to the rest of the world, this is no excuse to continue with practices that harm the environment.