Green Energy, Green Sustainability, Green Society are words that are used interchangeably for sustainable growth. In the current era, corporate industries are the pioneers of sustainable development through the promotion of green energy and resources. Their way of showing it is by creating an eco-friendly manufacturing environment. A “Green Factory” refers to a manufacturing establishment that emits low-carbon into the environment. These establishments use environmentally friendly design and manufacturing techniques to reduce greenhouse gas emissions, environmental pollution, and energy use.
A country’s economy right now is mostly composed of the manufacturing industry. It is an industry that is basically the core of any ‘Factory.’ It is, therefore, also fundamental to a nation’s development and creates a large number of job opportunities globally. Manufacturing is strongly related to all other flourishing businesses in the world today, from retail to building, transportation to utilities. It is hardly surprising that so many individuals are aspiring to work in manufacturing, which is currently regarded as the most significant industry by more than 70% of the world’s population.
‘Green Manufacturing,’ though, has its own little twist, which may be little but goes a long way. In the manufacturing industry, green manufacturing refers to the modernization of production techniques and the construction of environmentally friendly operations. In essence, it is the “greening” of production, in which staff members utilise less natural resources, lessen waste and pollution, recycle, and repurpose products. Green manufacturers work to decrease their influence on the environment by researching, developing, or utilizing technology and practices. Take the United States, for example. The country is one of the forerunners of green factories. According to the Bureau of Labor Statistics, employees in green businesses are required to have specialized manufacturing training in green technology and processes. This consequently leads to better management of natural resources while keeping carbon emissions to a minimum.
These specializations can range from generating energy from renewable resources to energy efficiency and the conservation of natural resources. These are the essential themes for nearly every top manufacturer around the world. With such a huge impact, green manufacturing factories certainly pack an equally tremendous benefit. Green manufacturing not only benefits the environment, but an increasing number of companies worldwide are discovering that emphasising recycling and waste reduction may benefit their company as a whole. Both the bottom-line profit for business owners and the motivation, morale, and public relations of employees are on the rise.
Tax incentives are another benefit offered to those industries which implement the concept of a green factory. This is perhaps the most encouraging factor for establishing green factories in as many industries as possible. Creating an eco-friendly manufacturing environment is neither an easy task nor cheap. It takes a long-term investment and a large sum of it as well as a long time to actually take into effect. In such a scenario, investors might not think of it as a lucrative project. However, many states in the world offer generous tax reductions and funding incentives to manufacturing industries that are willing to pursue the concept of green factories.
Bangladesh alone is a great example of this. In the 2017-2018 fiscal year, the government announced that it would provide a 14% tax reduction for RMG companies that undertake the creation of a green factory. The government stated that to facilitate sustainable growth through eco-friendly processes, such tax reduction is only necessary. As a result of this, as of 2022, Bangladesh is a global leader in eco-friendly manufacturing with a whooping 178 green factories in operation. The government also expressed its consideration to exempt all investment taxes which are a result of environmentally friendly equipment and resources. This is a further indication of state patronization of an eco-friendly manufacturing environment.
Similar encouragement is shown by nearly all developed nations of the world. Manufacturing industries around the world are responding by creating an eco-friendly structure of production. Most of these companies would make a projection of carbon emissions of their own. They will aim for a net carbon emission of zero to 10% by the year 2050 and work accordingly. Furthermore, some organizations have gone so far as to demand their supply chain partners to exhibit a willingness to carbon reduction as well. As a result, there is a confluence of environmental and economic obligations that all industrial enterprises must meet.
To achieve the greatest sustainability, ‘Green Factories’ are now the most viable options. Industrial enterprises should view initiatives to decarbonize production as an essential component of their post-pandemic competitiveness strategy. As others have pointed out, we are the first generation to experience the impacts of climate change, as well as the final one with the opportunity to prevent those effects from irrevocably destroying our world.
