C3ER, BRAC University Organized Workshop on “Sustainable Finance Policies for Banks and Financial Institutions: Implementation, Challenges and Roadmap”

The workshop, titled “Sustainable Finance Policies for Banks and Financial Institutions: Implementation, Challenges, and Roadmap,” was held on 27th October 2024 at the Brac Centre, Dhaka, to explore the role of Bangladesh’s financial sector in mitigating climate change impacts. Organized by the Centre for Climate Change and Environmental Research (C3ER), Grant Thornton Bangladesh, Sharp Consulting Bangladesh Ltd., and SS Climate Advisors (SSCA), the event gathered experts from banks, non-banking institutions, academia, and climate sectors.

Participants discussed how different Bangladeshi banks could open green banking branches to ensure climate finance as establishing specialized green banks was not feasible in the country at present. Solar power production was suggested as a very important area which needs to be strengthened. All sectors of the corporate world needed to be on board with green finance for initiatives to be genuinely effective. The export-oriented industries of Bangladesh have adopted significant climate and green finance initiatives, adhering to global standards to meet export requirements, but local industries have not prioritized climate finance properly until now. It is crucial to clearly identify what the most pressing challenges are and then proceed with tackling them. It was widely agreed upon by the workshop participants that the government cannot handle climate change alone and hence, the private sector had a critical role to play to save the planet from environmental catastrophe in the years to come. Another critical aspect of the fight against climate change was collecting emission data to effectively quantify the extent of damage being done to the climate. Sharia-based climate finance and sharia compliance were also explored. Greenwashing was recognized as a major obstacle and efforts to prevent it needed to be made.

In the inaugural speech, Dr. Ainun Nishat, Emeritus and Advisor at C3ER, emphasized the growing necessity for private sector involvement in climate action. Mr. Al Maruf Khan from Grant Thornton and Mr. Chowdhury Liakat Ali from Bangladesh Bank discussed Bangladesh’s efforts toward green finance, including financial incentives for commercial banks. Virtual speakers Dr. Sameeksha Patil and Mr. Sachin Pant shared global perspectives on sustainable finance, highlighting green, social, and sustainability bonds. Discussions underscored the importance of green banking branches, solar power, industry-wide green finance, emission tracking, and Sharia-compliant climate finance. Participants stressed the private sector’s essential role and identified greenwashing as a barrier to genuine progress. Dr. Nishat closed the event with optimism, noting the promise and challenges in advancing sustainable finance in Bangladesh.

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