Don’t invest in polluting industries

Syeda Rizwana Hasan, adviser to the Ministry of Environment, Forest and Climate Change, has urged banks in Bangladesh not to invest in heavy polluting industries as a part of their responsibility to protect the environment.
She made this plea while addressing an event organised by BRAC Bank at the InterContinental Dhaka in the capital yesterday.
At the event, BRAC Bank launched its Sustainability Report 2023, titled “Bloom into the Future”.
Rizwana, who was present as chief guest of the programme, said all banks in the country need to invest in sustainable businesses and renewable energy.
Highlighting the importance for environment-friendly investment, Rizwana said she is scared to know that some banks are investing in shipbreaking.
She also praised BRAC Bank for its efforts in disclosing its sustainability agenda.
“I envision a future where sustainability is integrated into every aspect of life, from urban planning to agriculture, which means embracing innovative solutions such as green finance, circular economy practices, and sustainable technologies,” Rizwana said.
BRAC Bank has taken steps in this direction, and its initiatives in green finance can serve as a model for others looking to scale their impact and contribute to a greener, more resilient economy, she added.
Bangladesh Bank Deputy Governor Nurun Nahar emphasised the central bank’s dedication to promoting a culture of sustainability disclosures among banks.
She said sustainability ratings do not simply measure performance, they also demonstrate a bank’s dedication to long-term growth that considers economic advancement, environmental protection and social responsibility.
“At Bangladesh Bank, we believe incorporating sustainability into banking practices is crucial for constructing a robust and inclusive future,” Nahar added.
BRAC Bank Chairman Meheriar M Hasan said sustainability is no longer a choice, but a responsibility in the modern banking industry.
“BRAC Bank has been a proud advocate of sustainable banking practices, both in Bangladesh and on the international stage,” he added. “We believe finance must serve a higher purpose — one that supports people, the planet and long-term prosperity. The report encapsulates the bank’s purpose and actions in sustainability frontiers.”
BRAC Bank Managing Director Selim RF Hussain said the report is a tangible manifestation of their commitment to values-based, responsible, and sustainable banking practices that promote economic growth while considering social and environmental factors.
“The theme ‘Bloom into the Future’ reflects our vision of a flourishing and inclusive future, where sustainability and financial prosperity coexist,” he added. “We are not just growing as a bank; we are reshaping the future of banking to serve a higher purpose.”
The report underscores the bank’s dedication to a sustainable future and follows the Global Reporting Initiative framework. It also provides a comprehensive look at the bank’s sustainability strategy, focusing on its impact on the environment, society and governance.
By publishing this report, BRAC Bank has reinforced its position as a leader in meeting environmental responsibilities within Bangladesh’s financial sector.
The bank’s commitment to responsible financing, good governance and combating climate change is evident through its transparency and sustainability practices.