Home Finance Sonali Bank Focusing on Green Finance For Entrepreneurs

Sonali Bank Focusing on Green Finance For Entrepreneurs

Sonali Bank Focusing on Green Finance For Entrepreneurs

Sonali Bank Limited focuses on green finance activities following the Government and Bangladesh Bank’s guidelines for supporting environment-friendly businesses and projects. The loans are used to build environmentally sustainable company infrastructure to define Green financing. This includes renewable energy, the most efficient use of solar power, the conservation of rainfall, fewer papers, and the waste emission process. From 2011, the Bangladesh Bank released a guideline to encourage the financing of environmentally friendly factories to fulfill global compliance criteria. Hence, Sonali Bank Focusing on Green Finance For Entrepreneurs.

According to renowned Economist and Chairman of Palli Karma Sahayak Foundation (PKSF), Dr. Qazi Kholiquzzaman Ahmad, climate change is causing the ecology to lose balance. He added, “The emission of waste increases toxicity in the environment. In this context, we should do more on green finance. The negative impact of climate change hits us every year in the name of different cyclones. We spend much money on the environment. But the compliance of spending should be environment friendly as well.”  

Sonali Bank, a state-owned bank, manages credit risk by factoring in environmental and climate change threats. When assessing credit risks in appropriate locations, the bank considers ecological hazards. Sonali Bank has long advocated for environmentally friendly goods and services. The bank is looking for safe manufacturing, supply chain management, and product marketing. 

Ataur Rahman Prodhan, Managing Director of Sonali Bank, further thinks that green finance now exists at a limited scale in the country, and the products hardly attract the entrepreneurs due to lower profit compared to other packages. But, he said, “We are ready to fund green projects. However, the entrepreneurs don’t come with such projects. So the idea of green finance will grow when the businesses come forward.” 

Mr. Ataur added, “Bangladesh Bank also provides some incentives for the green schemes to promote sustainable finance.” For example, to encourage employees to undertake environmentally responsible practices, the bank promotes the principle of reducing, reusing, and recycling. In addition, Sonali Bank encourages all customers and businesses to maximize project outcomes by leveraging limited resources per environmental laws. It has also made regular capacity-building efforts in green banking a priority.

The state-owned bank prefers email and other digital channels for intra-banking communications in light of environmental concerns.

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