• Wednesday, Nov 20, 2019
  • Last Update : 10:23 pm

The road to green growth

  • Published at 12:02 am September 26th, 2019
Green Sustainability Environment
Photo: BIGSTOCK

   No profit, in the short or long term, can justify high carbon costs

As a nation that is on the front lines of climate change, Bangladesh can ill afford to waste any opportunities that could help our industries become more eco-friendly.

To that end, news of Bangladesh joining the Partnering for Green Growth and the Global Goals 2030 (P4G) initiative is wholly welcome and timely, given the rising temperatures of the effects of climate change worldwide.

For Bangladesh, not only is it important to join the global fight against climate change -- the ramifications of which are indeed life-threatening -- it also makes sense in the context of sustainable development.

Joining the P4G initiative would give our country access to the technology, market, and sustainable financing required for our industries to adopt the best practices when it comes to going green.

It goes without saying that sustainable pursuits of profit must be responsible, and businesses must clean up the mess that are the by-products of their profit.

No profit, in the short or long term, can justify high carbon costs, which is a negative externality that all of us end up paying.

Of course, joining initiatives hardly concludes the long-term goal of going green.

By taxing the consumption of fossil fuels, and incentivizing green initiatives which reward businesses for eco-friendly practices -- essentially creating a level playing field -- it encourages players in the private sector to put the health of the environment first.

And thus, it is important to create an enabling environment, with ample incentives and opportunities to invest in environment-friendly projects.

Economic growth and sustainability certainly need not be at odds -- it is possible for Bangladesh to develop and prosper without hurting the environment in which we live.