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Friday, February 23, 2024

Bangladesh to lose $27 billion in apparel exports due to climate change by 2030

The recent report by Schroders (SDR.L) and Cornell University says that extreme heat and flooding could erase $65 billion in apparel export earnings from four Asian countries by 2030 including Bangladesh.

The report claims that Bangladesh alone may face a $27 billion export wipeout and 2.5 lakh job losses in its fashion manufacturing industry by 2030. The report has created a panic among the garment exporters of the country.

They concede that planet Earth is probably going through the worst time ever.  They said Bangladesh is one of the most climate-vulnerable countries to climate change. We cannot remain indifferent about it.  Extreme rain and heat now appear to be quite regular.

Industry players conceded that as part of the global supply chain, Bangladesh’s government and industry need to continuously improve especially in the area of responsible manufacturing. Industry leaders pointed out that Bangladesh’s apparel sector has been on the forefront on the sustainability front and workplace safety.  However despite leading on the sustainability front the trust should continue and address new emerging issues.

BGMEA the apex apparel body in Bangladesh identifies the key ESG priorities of the industry. The nine dots in its new logo are a matrix of our values such as people inclusivity, transparency, infrastructure, innovation, circularity, branding, strengthening our global network, and protecting the environment.

It is worth mentioning the RMG sector of Bangladesh is working with its buyers and development partners to build capacity in the area of social and environmental due diligence. They have set up the Responsible Business Hub at BGMEA with support from GIZ to build awareness and capacity at the factory level to adapt to German due diligence directives.

The RMG sector has also entered into a partnership with H&M to accelerate the transition towards a circular and climate-neutral garment industry in Bangladesh.

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