Polluting Industries Should Not Get Bank Loans: Environmental Adviser, Bangladesh

Syeda Rizwana Hasan, a leading environmentalist and advisor in Bangladesh’s Interim Government, in charge of the Ministry of Environment, Forests and Climate Change (MOEFCC), Bangladesh and the Ministry of Water Resources (MOWR), Bangladesh, has urged banks not to give loans to industries that pollute the environment. She commented that some banks’ investment choices are causing environmental harm.

Rizwana spoke at the launch of BRAC Bank’s 2023 Sustainability Report, titled “Bloom into the Future,” recently in Dhaka.

“When I argue in court against a polluting industry, they often claim that shutting it down will cost 20,000 jobs, reduce exports, and stop bank loans,”

she said. “This means that banks in Bangladesh are lending to polluting industries. I urge BRAC Bank and others not to finance industries that regularly harm the environment.”

She asked if it’s really sustainable banking when a polluting industry keeps breaking rules but still gets funding because it creates jobs and brings in foreign currency.

Rizwana praised BRAC Bank for not investing in such industries, saying, “There is trust in BRAC Bank, and they need to maintain it.”

She envisioned a future for Bangladesh where urban and agricultural planning focus on green financing, circular economy practices, and sustainable technology.

Nurun Nahar, Deputy Governor of Bangladesh Bank, said, “Sustainability ratings show a bank’s commitment to long-term growth, reflecting its efforts in economic progress, environmental protection, and social responsibility.”

The event was attended by Mehrier M. Hassan, Chairperson; Selim Reza, Managing Director & CEO; and Sabbir Hossain, Deputy General Manager & COO of BRAC Bank.