• Monday, Jan 30, 2023
  • Last Update : 10:24 am

Incentivize green industries through legal framework, say experts

  • Published at 04:15 pm June 20th, 2021
Green Arrows

Although several policies have been identified by independent experts, no legal framework exists that enforces the implementation of an ecosystem which empowers a greener trajectory, they say

For a greener and sustainable economy, Bangladesh needs to implement a legal policy framework that not only incentivizes greener industries, but also discourages environmental degradation and holds stakeholders accountable, say experts. 

They made the remarks during a virtual panel discussion titled “Build Back a Greener Bangladesh,” hosted by the Policy Research Institute (PRI) on Sunday. 

Although several policies have been identified by independent experts, no legal framework exists that enforces the implementation of an ecosystem which empowers a greener trajectory, they said. 

The discussants added that Bangladesh also needs to identify effective and transparent measuring tools that track progress realistically.

According to Eun Joo Yi, senior environmental specialist at the World bank Group, Bangladesh ranked 162nd out of 180 most polluted countries as per the 2020 Environmental Performance Index (EPI). “This came with an economic loss of approximately $6.5 billion, or 3.4% of the GDP, in Dhaka alone,” Yi added. 

Also read - ED: Going green is good for business

Additionally, $1.44 billion, which is 0.7% of the national GDP, was lost because of air and water pollution that nearly caused 20% of all deaths in Bangladesh. 

It is also a threat to global competitiveness as the Global Competitiveness Report 2019 identified environmental pollution as a major emerging risk factor for the country, induced by challenges from stricter compliance requirements.

Bangladesh has had significant economic growth, but at the cost of environmental degradation, resulting in negative health effects on the economy and natural capital, the discussants noted. 

Hence, they suggested that the nation needs to focus on development that takes social and inclusive green-growth into account. 

“At its very inception Bangladesh used to be a greener economy than what it currently is, with 60% of its GDP generated from agriculture in 1972,” said Dr Zaidi Sattar, chairman of PRI. 

“But rapid economic growth and industrial shift induced by globalization have had massive environmental impacts,” he added.

Also read - ED: A pledge for green growth

Industrialization has been a major factor for environmental degradation, but it is critically bound into the socio-economic aspects of any nation entailing- job creation, financial security and others, the speakers said. 

Hence, the industrialization process should be made greener and sustainable, as elimination would induce massive disruptions.

Professor Dr Ainun Nishat, Ainun Nishat is a water resource and climate change specialist, pointed out that to implement expert recommendations of a greener economy, there needs to be an implementable action plan bound by legal framework.

Syed Nasim Manzur, the managing director of Apex Footwear thinks both micro and macro policies need to come together for creating a green economy.

“There is a 10% special income tax rate applicable only for green buildings in RMG which has borne good results. The facility should be extended to all other sectors,” he stated.

Atiur Rahman, former governor of Bangladesh Bank, emphasized incentivizing the dependence of greener and clean energy by overpricing fuel or energy sources that causes environmental degradation and pollution.

Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail