Home / Knowledge / News / Textiles / Textile sector needs Taka 11 bn to go green, IFC
Textile sector needs Taka 11 bn to go green, IFC
19
Jan '12
International Finance Corporation (IFC), a member of the World Bank Group, has released a study that found huge opportunities for financial institutions looking to support energy efficiency in Bangladesh.

The study, the first of its kind, was carried out by the SouthAsia Enterprise Development Facility, which is managed by IFC in partnership with the U.K. Department for International Development, the Norwegian Agency for Development Cooperation, and the Bangladesh Bank. The report examined 11 energy-intensive industries and found significant potential for companies to go green, which in turn means opportunities for lenders and investors. Financing needs for energy efficiency in the textiles sector alone are Taka 11 billion.

"Sustainable energy finance is a great opportunity for banks to cross-sell financial products to their existing clients and also acquire new ones,” said Panayotis Varangis, IFC global head for small and medium enterprises/business. “First mover banks have an advantage over their latecomer competitors."

The study found significant room for improving energy efficiency in a host of industries. For example, if the textile sector becomes fully energy-efficient, over 47,000 metric tons of carbon dioxide emissions can be saved.

“Environmentally friendly financing adds forward momentum to business in Bangladesh,” said Kyle F. Kelhofer, IFC Country Manager. “It also reduces carbon emissions and adds tangible value to Bangladesh's aspiration to go green.”

At the launch of the report, titled “Industry Specific Study on Sustainable Energy Finance Potential for Financial Institutions in Bangladesh,” IFC brought together industry specialists, lenders, representatives of financial institutions, and multilateral donors to discuss the potential of sustainable energy finance.

“The study is a well thought out and timely initiative of Bangladesh Bank and IFC that highlights opportunities and the means to attain them,” said Chowdhury Mohidul Haque, Bangladesh Bank Executive Director. “By housing the report in the Bangladesh Bank website, we are sending a clear signal to financial institutions that we are proactively seeking a green banking sector in our country.”

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector.

International Finance Corporation (IFC)


Must ReadView All

Sanjay K Jain, managing director, TT Ltd

Textiles | On 21st Sep 2017

TT’s Sanjay Jain elected new chairman of CITI

The Confederation of Indian Textile Industry (CITI), the apex body...

Textiles | On 21st Sep 2017

NRF urges US lawmakers to lower corporate tax rates

The National Retail Federation (NRF) has written to the US Senate...

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search