Asia endured the brunt of climate and weather-related disasters in 2023, with floods and storms inflicting the highest casualties and economic losses globally, according to the latest World Meteorological Organisation report.
The International Chamber of Commerce-Bangladesh (ICCB), in its October-December 2024 News Bulletin, noted that intensifying heatwaves and melting glaciers are exacerbating water security risks across the region, said a press release.
In response to escalating climate hazards, COP29, recently concluded in Baku, has pledged to raise a core fund of $300 billion annually by 2035. Developed nations are set to spearhead this initiative within a broader framework to mobilise $1.3 trillion annually from diverse stakeholders to support climate action in developing countries.
Efforts to combat plastic pollution, however, met a stalemate at the 5th Session of the Intergovernmental Negotiating Committee (INC-5), which concluded on 1 December 2024 in Busan, Republic of Korea. Delegates from 179 member states failed to finalise a legally binding international instrument addressing plastic pollution, including marine pollution. A resumed session has been deemed necessary to resolve outstanding issues and facilitate further negotiations.
The ICCB bulletin emphasised the promise of the circular economy, which champions sustainability, efficiency, and resourcefulness over the traditional "take-make-dispose" economic model. By focusing on designing out waste, keeping materials in use, and regenerating natural systems, this approach could significantly reduce greenhouse gas emissions, mitigate pollution, and unlock economic opportunities.
Globally, the circular economy has seen noteworthy advancements. The Netherlands aims to halve raw material usage by 2030, Sweden converts 99% of household waste into energy, and Patagonia, a clothing brand, advocates sustainability through repairable and recyclable goods.
Bangladesh, as one of the world’s largest textile exporters, holds significant potential to lead in sustainable fashion. Recycling fabric waste and promoting second-hand clothing markets could not only enhance profitability but also reduce the environmental footprint of the industry. In agriculture, byproducts like rice husks and jute waste can be transformed into bioenergy and organic fertilisers, bolstering sustainable farming.
Currently, Bangladesh generates approximately 3,000 tonnes of plastic waste daily, with only 30% undergoing recycling. Moreover, improper disposal of electronic waste and agricultural residues aggravates environmental challenges. Investment in recycling infrastructure and waste-to-energy initiatives could mitigate these issues while generating economic value.
The ICCB bulletin lauded Bangladesh’s remarkable achievements in sustainable manufacturing, noting its leadership in the global textile sector with the largest number of green factories in the ready-made garments industry. These accolades underscore the nation’s commitment to eco-friendly production and provide a model for others.
Given its high vulnerability to climate change, adopting a circular economy model is both a necessity and an opportunity for Bangladesh. The transition promises solutions to pressing environmental challenges such as waste management, pollution, and resource depletion while paving the way for economic growth in this rapidly developing nation.
