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

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search