Sustainable businesses can unlock new market opportunities worth $51 billion in Bangladesh and $5 trillion in Asia by 2030, according to Amsterdam-based independent standards organisation Global Reporting Initiative’s (GRI) Sustainability Reporting Framework, which has identified seven areas for sustainable business practices by companies.
These areas are women care, skill development, equal pay, employing with disability, environmental sustainability, product diversification and innovation, according to a report in a Bangladesh newspaper.
GRI helps businesses, governments and other organisations understand and communicate their impacts on issues such as climate change, human rights and corruption.
It produces the Sustainability Reporting Framework that is widely used around the world to enable greater organisational transparency, said Aditi Haldar, director for GRI South Asia, at a workshop in Dhaka recently.
HSBC and the United Nations Development Programme (UNDP) jointly organised the event in which government officials, garment exporters, merchandisers, sustainability experts, and factory owners participated.
UNDP’s Linda Germanis noted how the partnership between the UNDP and HSBC embodied a key priority for Bangladesh by demonstrating how the market and productive partnerships can create an enabling environment to achieve the Sustainable Development Goals.
HSBC and the UNDP are in their second year of partnership, working together to promote sustainability and unlock business opportunities through achieving the SDGs, the bank said in a press release.