Embracing Sustainability- A Pathway to Progress for Bangladesh's Industries

AKM Moinul Islam Moin , DMD, PRAN Group

During our childhood or youth ages, the concept of "Sustainability" wasn't as predominant as it is today. Not even a decade ago also. But, in present times, it has become a significant global concern for corporations, governments, and the public alike. Its importance is now widely acknowledged and recognized everywhere.

Bangladesh joined the Global Agenda in 2015 and will achieve the Sustainable Development Goals (SDGs) by 2030. ?As a densely populated country facing many environmental, social and economic challenges. Moreover, we have financial, organizational and logistical constraints. But still, Bangladesh has also made some significant progress in some areas, such as- renewable energy, climate resilient agriculture and water management, worker safety and working conditions in uniform, women empowerment, and basic education. But there are still long way to go.

Instead of Government only, By prioritizing sustainable development through Bangladeshi industries and business houses, Bangladesh can generate economic growth, enhance social development and contribute to the country’s sustainable development goals. Sustainable development in Bangladesh’s industries and corporates are not only about action rather it is a necessity. Corporate houses and industries have to committed to reducing their impact on the environment. Corporate houses have to take priority in some areas first.

At first come Environmental Imperatives issues. Bangladesh is the seventh most vulnerable country in the world to climate change. It has rising sea levels, extreme weather & loss of biodiversity with rapidly growing population and increasing industrial pressure on nature. Therefore, adopting sustainability in business is essential to reducing environmental impact and resilience to climate change. Companies can adopt sustainable practices such as energy efficiency, waste management and the use of renewable energy to reduce their environmental footprint and support efforts to preserve things. Overall, they have to achieve ambitious emissions reduction targets. I think, this way they can protect nature and leave a good world for future generations.

Second comes the point Social Responsibility issues. Business sustainability goes beyond environmental considerations; It also includes social responsibility and ethical governance. In Bangladesh, companies have a responsibility to ensure fair labor practices, promote workplace safety, and comply with human rights standards. I think, companies can provide opportunities for marginalized people, support education and skills development programs, & engage in community development projects. Such way they can promote social development and improve living standards.

Third issue could be Economic Opportunities issue. As a country with lots of renewable energy sources like solar, wind and water power, Bangladesh can lead the way in sustainable renewable energy and distribution. By investing in renewable energy infrastructure in and by promoting energy efficiency policies, businesses can reduce reliance on fossil fuels, reduce energy costs and boost economic growth. Also, doing farming that does not hurt the land, like organic farming and growing plants, can help people have enough food. And it can help people in rural places make money.

Last, but not the least issue is Innovation and Collaboration. Bangladesh needs innovation and multi-sectoral collaboration to embrace sustainable development. Companies can use technology, research & development to create sustainable solutions to local challenges. Collaboration between government, the private sector, academia and civil society is needed to drive systemic change and increase sustainable infrastructure. By working together, stakeholders can address complex sustainability issues, remove barriers to adoption. And ultimately can create an environment enhancing sustainable business practices.

I can conclude in a way that - business sustainability is important for Bangladesh’s economic growth, social progress and environmental resilience. I strongly believe that by prioritizing and focusing sustainability, Bangladeshi companies can lower environmental risk, can promote social inclusion, & can open up economic opportunities. Whether it is investing in renewable energy or supporting fair labor practices, sustainable development is the path to a prosperous and sustainable Bangladesh. Eventually, As businesses continue to adapt to a rapidly changing world, embracing sustainability becomes imperative to drive positive change and deliver shared benefits for wellbeing, society and the planet as well.

Recently Sustainability Magazine launched Top 100 Companies 2023. There number one company is Schneider Electric, then come Siemens, Vestas Wind Systems A/S?, Unilever and Stantec. All notable companies has come in this top list. So, we can wait to see that our companies will also come in this list one day.