Addressing climate change requires institutional investment
Coping with the impact of climate change is not a problem; it has become a business opportunity. The effects of climate change are now a reality.
This risk needs to be viewed as a strategic business issue rather than just a compliance issue. As a result, it is possible to take the business to another height by increasing the competitiveness.
Speakers said this at a conference titled ‘Bangladesh Climate Action Forum’ organized for the second time in Dhaka. The conference aimed to promote environmentally sustainable development in the apparel industry to address climate change impacts.
The conference took place on Sunday, October 20, at the Radisson Blue Water Garden in Dhaka, organized by the Bangladesh Apparel Exchange (BAE).
The conference included entrepreneurs from the clothing sector, government officials, climate experts, foreign fashion brands, and over 450 representatives from development agencies.
The conference was organized by the Apparel Impact Institute, CASCEL, the EU, giz.de, H&M, the Netherlands Embassy in Dhaka, PDS Limited, and Target Corporation.
In the opening session of the conference, Muhammad Fawzul Kabir Khan, adviser of the present Interim Government of Bangladesh on power, energy and mineral resources, said that institutional investment is needed to deal with the adverse effects of climate change or build adaptation structures.
Climate change has not only risks but also opportunities. Global investors are opening up to opportunities. It can make business competitive.
He said, ‘Our renewable energy generation is low, only 2 percent. It should be increased. Going towards the largest system to increase capacity in sustainable management.’
Chief Adviser’s Special Envoy for International Affairs Lutfe Siddiqui said, how the product is being produced is important to the entrepreneur. Producing the product at the lowest cost may not be the concern. Climate change is a real risk that must be kept in mind.
Michael Miller, the EU Ambassador in Dhaka, emphasized that even small increases in global temperature significantly impact Bangladesh, which is vulnerable to climate change. Everyone has a responsibility to reduce the risk of climate change.
German Ambassador Akhim Traoster stated that as Bangladesh grows as a regional power, it is vital to meet its energy needs sustainably and safely to address climate change challenges.
Mostafiz Uddin, CEO of Bangladesh Apparel Exchange, stated that addressing climate change is not a burden, but a business opportunity for entrepreneurs. Cheap labor is no longer a competitive advantage for Bangladesh.’
“As entrepreneurs, we cannot succeed if we do not achieve the target set by the client. Producers need to take more collective responsibility to achieve the target. Mutual cooperation and support is also required,” he added.
Thijs Woudstra, Chargé d’affaires of the Netherlands Embassy in Dhaka, also spoke at the opening ceremony.
Forty local and foreign experts participated in the panel discussion and workshop. They emphasize building a climate resilient and carbon-neutral future through collaboration and innovation.
Apart from this, an engineering workshop was held at the conference with the participation of experts from world renowned companies Armstrong Fluid Technology, Forbes Marshall, Grant Thornton Bharat LLP, Illukkumbura Automation and JinkoSolar. More than three hundred engineers of the garment industry participated in this phase.
