Rizwana discourages banks to give loans to environment polluters

Environment, Forest, and Climate Change Adviser Syeda Rizwana Hasan has discouraged banks and financial institutions from providing loans to individuals and organisations that pollute the environment.

Speaking as the chief guest at the launch of BRAC Bank's Sustainability Report 2023, titled "Bloom into the Future," in Dhaka today (17 October), she made the comment.

She said, "I have heard that some banks are giving loans to make the shipbreaking industry greener. I am very pleased that BRAC Bank is not patronising industries that are harmful to the environment."

"We have seen that, at one point, the country's GDP growth increased significantly, benefiting only a handful of people. However, the environment, which impacts 180 million people in the country, has deteriorated. So how was that growth sustainable? What will we achieve with such development? Instead, we must prioritise sustainable growth," she added.

Among others, Bangladesh Bank Deputy Governor Nurun Nahar, BRAC Bank's Chairperson Meheriar M Hasan, Managing Director and Chief Executive Officer Selim RF Hussain were present, at the event.

Syeda Rizwana Hasan also praised BRAC Bank for its efforts in disclosing its sustainability agenda. She said, "I envision a future in Bangladesh where sustainability is integrated into every aspect of life—from urban planning to agriculture. This means embracing innovative solutions such as green finance, circular economy practices, and sustainable technologies. BRAC Bank has taken steps in this direction, and its initiatives in green finance can serve as a model for other organisations looking to scale their impact and contribute to a greener, more resilient economy."

Nurun Nahar emphasised the central bank's dedication to promoting a culture of sustainability disclosure among banks. She said, "Sustainability ratings do not simply measure performance; they also demonstrate a bank's dedication to long-term growth that considers economic advancement, environmental protection, and social responsibility. At Bangladesh Bank, we believe that incorporating sustainability into banking practices is crucial for constructing a robust and inclusive future."

Meheriar M. Hasan said, "Sustainability is no longer a choice but a responsibility in the modern banking industry. BRAC Bank has been a proud advocate of sustainable banking practices, both in Bangladesh and on the international stage. We believe finance must serve a higher purpose—one that supports people, the planet, and long-term prosperity. The report encapsulates the bank's purpose and actions in sustainability."

Selim RF Hussain said, "The report is a tangible manifestation of our commitment to values-based, responsible, and sustainable banking practices that promote economic growth while considering social and environmental factors. This year's theme, 'Bloom into the Future,' reflects our vision of a flourishing, inclusive future where sustainability and financial prosperity coexist. We are not just growing as a bank; we are reshaping the future of banking to serve a higher purpose."

This report underscores the bank's dedication to a sustainable future and adheres to the global reporting initiative framework. It provides a comprehensive overview of the bank's sustainability strategy, focusing on its impact on the environment, society, and governance.

By publishing this report, BRAC Bank has reinforced its position as a leader in environmental responsibility within Bangladesh's financial sector. The bank's commitment to responsible financing, good governance, and combating climate change is evident through its transparency and sustainability practices.