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

Courtesy: Fancycrave.com from Pexels

Apparel/Garments | On 22nd Jun 2018

EU's retaliatory duty on US apparel takes effect

As part of the three-pronged response outlined by the European...

India to be largest cotton producer in 2018-19: USDA

Textiles | On 22nd Jun 2018

India to be largest cotton producer in 2018-19: USDA

For the fourth consecutive season, India is expected to be the...

Organic Basics gets Polygiene help for advanced underwear

Apparel/Garments | On 22nd Jun 2018

Organic Basics gets Polygiene help for advanced underwear

Danish firm Organic Basics is working with Swedish company Polygiene, ...

Interviews View All

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Urs Stalder
Sanitized AG

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mike Hoffman
Gildan Activewear SRL

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

Ritu Kumar
Label Ritu Kumar

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

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search