Localised green entrepreneurship: The next paradigm
To keep up with the times, we must encourage local ventures to go green as we have a heritage to protect, sustainability to incorporate and keep up with the evolving requirements of the global marketplace
Green entrepreneurship is the next paradigm of sustainability which, in turn, is a crucial fragment in magnetising development from the roots.
Aspiring entrepreneurs often prioritise profit-generating ideas. There is essentially nothing wrong with it. As a simplistic example, why would someone want to spend their savings on developing green business tools such as organic materials, upcycled inventories, etc., when they can instantaneously set up and operate a digital business with their savings being spent on digital promotions with a much higher chance of lead generation.
With the acceptance of SDGs as an essential metric for national transitions and worldwide elevation, our economy is sincerely trying to accelerate a drive to achieve its key goals that have been ascribed for the long run.
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On the other hand, as one of the key stakeholders in driving growth, we cannot channel ideas and philosophies to attempt to craft quantifiable impact. Let's take a look at the brick kiln industry as an example.
An internationally appreciated concept that had been introduced by renowned researchers to reduce the environmental damage associated with brick production via coal-powered brick kilns illustrated how animal fat could be used as a substitute to leave the final product uncompromised while significantly reducing the negative effects on surrounding plantations, water bodies and wildlife.
Anyone would love to kickstart this B2B model and demonstrate their love for society. But would anyone do it? Would you? The answer would be a 'no' backed up by rationality. Why would someone start this business without an external incentive? Even if someone did without the need of it, do you think it would survive the competition in the industry? With multiple offerings and price wars, Why would a rational customer buy this specific product at a relatively higher price?
Yet, there has been a visible surge in the number of green businesses with ethical standards and sustainable ethos. Is it enough for a sustainable future? A popular media outlet had covered a few days earlier how Bangladesh is set to run out of gas after a considerable number of years if no action is taken.
If there is no incentive from the authorities and socialisation of responsibility, why would an entity step up to change the course of the future? While we remain busy aspiring to purchase bitcoins, there is someone out there losing their only bit of land to natural calamities since climate resilience is still an industrial theme that remains untapped.
Climate resilience, protection of resources, research and development, renewable energy sources, etc., are themes we need to tap into and explore. Only then will we be able to truly depict the severity of building sustainability and race with the rest of the world to protect our status as a nation.
Furthermore, a point of realisation is the need for localised measures. Each division, district, Upazila, differs from the others regarding needs and protective policies required. It is essential to decipher the strengths and weaknesses of each in order to truly build sustainable solutions, which would in turn, multiply with an exponential synergy monitored by the elite executive authority.
However, here again, the need for an incentive is crucial. It may be a tax cut, a subsidy, the authority mandating measures, or even financial or non-financial motivation to empower, recognise and scale up solutions with constant assistance from industry leaders. There may be the existence of a corporate incubator ecosystem with the government being an integral stakeholder to accelerate ideas from local teams and aid them in implementation with funds, expertise, etc.
With shifting world paradigms, we need to step up as well. That is because we have a heritage to protect and sustainability to incorporate and keep up with the evolving requirements of our international buyers as well.
Mohaimenul Solaiman Nicholas is a student, Economics and Social Science Department, Brac University.
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard
