M M Mahbub Hasan

Over the past 70 years, global plastic production has skyrocketed. While only two million tonnes were produced in 1950, annual production has now exceeded 450 million tonnes, with 40% being single-use. A large portion ends up in rivers, oceans, forests or open landfills, where it remains for centuries without decomposing.

According to UNEP, around 400 million tonnes of plastic waste were generated globally in 2024 which was around 390 million tonnes in 2023. A single plastic bottle can persist in soil for up to 450 years, eventually breaking down into microplastics. These tiny particles enter aquatic organisms and ultimately find their way into the human food chain and increase the risk of infertility, neurological disorders and cancer. Alarmingly, microplastics have been detected in human blood, brain, placenta and even the heart.

Bangladesh is grappling with a mounting plastic pollution crisis, exacerbated by rapid urbanisation and inadequate waste management systems. The country’s annual plastic waste generation has escalated to approximately 977,000 tonnes, with nearly 70% being improperly disposed of through open dumping, burning or littering. In Dhaka, the capital city, per capita plastic consumption has surged to 22.25 kg annually, more than double the national urban average. Despite the presence of around 6,000 informal recycling enterprises, the sector faces challenges such as low collection rates and outdated technologies, limiting the overall recycling capacity.

To combat this issue, the Bangladeshi government has implemented several initiatives. Earlier, the government ban polythene back in 2002, but little to no avail. A ban on single-use plastic bags for grocery purposes is set to commence on 1 Oc tober 2024, with plans to phase out other single-use plastics subsequently. The National Action Plan for Sustainable Plastic Management outlines ambitious targets: recycling 50% of plastics by 2025, reducing single-use plastics by 90% by 2026, and cutting overall plastic waste generation by 30% by 2030. These measures, along with the promotion of biodegradable alternatives like jute packaging, signify Bangladesh’s commitment to addressing plastic pollution through a circular economy approach.

Achieving them, however, will require coordinated efforts across government, industries, and civil society supported by strong regulatory frameworks and innovative financial solutions. The financial institutions can play crucial role by taking some pragmatic steps.

Promote Green Financing: According to Bangladesh Bank, in Q2 of 2024, financial institutions disbursed BDT 116,799 crore in sustainable financing, significantly higher than previous quarters. This momentum must continue, with increased investments in eco-friendly, bio-based and technology-driven ventures.

Incentivise Alternatives to Plastic: India’s SIDBI has launched funds for small businesses to produce biodegradable goods. In Bangladesh, similar initiatives can be supported by SME Foundation and bank SME units through low-interest loans and advisory support.

Foster Anti-Plastic Culture at Workplaces: Institutions should phase out single-use plastics in offices, opting instead for glass, metal or paper alternatives. Many international banks have already adopted such practices.

Incorporate ESG Scores in Investment Decisions: Investments should be assessed based on Environmental, Social and Governance (ESG) criteria. In 2023, 70% of global financial institutions followed ESG benchmarks, according to the UN’s Principles for Responsible Investment (PRI). Bangladesh Bank has also introduced a sustainable ESG-based banking index.

Raise Awareness through CSR: Financial institutions can deepen community ties by organising plastic-free campaigns, tree-planting drives, distributing reusable products, and running awareness programmes in schools and colleges.

The financial sector’s role in environmental protection extends beyond financing. It includes policy advocacy, public awareness and strategic leadership. Plastic pollution is a silent global disaster. Combating it requires collective action by individuals, institutions, and governments alike. Ultimately, building a clean, green and sustainable future is everyone’s responsibility. If financial and corporate institutions integrate eco-friendly principles into their core values and culture, then slogans like “Beat Plastic Pollution” will no longer be aspirational; but rather becomes a tangible reality.

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The writer is a banker and development researcher