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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)


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