Sustainability has become an integral fragment of the future. With booming businesses and rapid growth, Bangladesh is one of the key economic propellers of the global green agenda. There have been numerous efforts in surging sustainable policies with attention to multiplied impact over long-run development followed by the creation of assurance to sustenance as an economy herself and her contribution to the global cause of magnifying development. In such a case, there tend to be several hurdles along the path of insightful development. With increasing aggregate production, external influences from global markets, and the rising ethos of modernistic consumerism, green entrepreneurship is existentially crucial in essentially creating positive value chains across stakeholders.
Yet, when such a quantifiable variable comes into play, it is not the ones up the hierarchy of socioeconomic orientation who are impacted. Instead, it is the ones who are relatively poor are affected adversely by impacts derived from pollution and waste.
Even though there have been myriad reports and agendas addressing the shortcomings of existential policies and efforts under the scope of the status quo, the economy is relentless when it comes to making a difference. An evident aspiration of this contemplation is the buzzing growth of green entrepreneurship for truly making a difference in paving the way to the real-time essence of sustainability incorporated within viable solutions and infrastructure models.
Green is the new colour code
With profitability being a hidden disability of sustainability, simplistic CSR policies are not enough to diminish the effects that have been caused and devise solutions that may protect. Instead, the present time calls for green entrepreneurship.
Being an organisation or business that tries to follow policies and standards that are good for the environment is what it means to be green. It entails making environmentally friendly public investments for long-term growth, being efficient with resources, and being cleaner by attempting to produce products and services with lower levels of pollution and emissions.
Generic Models of Green Businesses
Being part of running a green business has numerous advantages, including social, economic, environmental, and ethical ones. Getting involved in the promotion of organic agricultural products like brown rice or pure mustard oil, as well as in the transportation industry by marketing or producing electric vehicles, railways, and cycling, are just a few examples of the many possibilities for starting a green industry. Using green bricks, which are made of clay and are not burned, is another great way to get started in the green business.
Brick Kilns may shift to using renewable fuel instead of coal-powered outputs.
It is also about being a part of the circular economy. As an example, sustainable fashion is also a new buzzword for myriads. Bangladesh, one of the largest possessors of RMG, may shift focus on recyclable clothing, natural dye and fabrics or even promote upcycling. There can even be the mitigation of wastage by devising much more convenient sampling methods to avoid rejection and control quality.
Past measures in progress
In 2018, Bangladesh presented its Roadmap and Action Plan for its Nationally Determined Contributions (NDCs). Bangladesh updated the NDC to include additional sectors as part of the global initiative (updated in August 2021). Agriculture, forestry, and other land use, as well as waste, are all included in the most recent NDC.
The Bangladesh Delta Plan (BDP) 2100, which was released in 2018, is probably the policy document that has the most direct connection to green and inclusive business in Bangladesh. Long-term water and food security, economic growth, and environmental sustainability are the goals of BDP 2100, which also aims to reduce natural disaster vulnerability and build resilience to climate change and other delta challenges. It outlines short- and medium-term objectives for achieving upper-middle-class status and eliminating extreme poverty by 2030. The longer-term challenge of sustainable management of water, ecology, environment, and land resources in the context of their interaction with climate change and natural disasters was also outlined, as was the goal of becoming a prosperous nation by 2041.
Policy-Play
In most developing nations, including Bangladesh, agriculture and small businesses, or SMEs, are the economic fronts at the centre of inclusive businesses and key drivers. The National SME Policy 2019 of Bangladesh, has a specific action plan and strategies based on access to markets, finance, technology, innovation, education, training, and information about business support services. The SME Policy 2019 strategy has direct potential ramifications for environmentally friendly and inclusive businesses: enhancing the institutional framework and business environment; extending the SME sector’s access to institutional funding facilities; support to expand SME product market access and competitiveness capabilities; supporting the start-ups with low-cost, short-term SME business support services; create and expand a business network based on SME clusters; amplify the application of ICT and other technologies; expansion of entrepreneurial skill-building education and training programs; expanding programs that promote women’s entrepreneurship and providing specialised services and so much more.
The Future in the hands of green
Even though green entrepreneurship and sustainability have received attention from key stakeholders, we have a long way to go. There needs to be a considerable collaboration between the private sector, the government and key organisations to carve off an actionable impact for the future to sustain.
Mohaimenul Solaiman Nicholas
