The recently revealed updated Bloomberg data shows an evident sign of development in terms of embracing sustainability in the country's corporate world as three more Bangladeshi listed firms have made it to the Bloomberg Environmental, Social, and Governance (ESG) club, taking the total number of firms (from Bangladesh) in the list to 10 (ten), commendable progress from the last year where seven Bangladeshi firms were on this list.
Launched in March 2024, Bloomberg American Sustainable Cities is a three-year initiative to turbocharge 25 U.S. cities' efforts to leverage historic levels of federal funding to proactively build low-carbon, resilient, and economically thriving communities.
TenBangladesh companies, including six homegrown firms, were featured on this prestigious list, with three new entries, namely, BSRM Limited, LafargeHolcim Bangladesh, and MJL Bangladesh.
This achievement highlights the country's growing commitment to sustainability and adopting ESG compliance. Based on 2023 sustainability disclosures, seven other firms that have been nominated for this list are BAT Bangladesh (BATB), Grameenphone, Marico Bangladesh, BRAC Bank, IDLC Finance, Square Pharmaceuticals, and Walton Hi-Tech Industries, says a press release.
These accomplishments also highlight technological innovations by companies like BSRM, which adopted innovative practices to recycle water and reduce air pollution, while LafargeHolcim Bangladesh targets net-zero emissions through its four sustainability pillars - climate, circularity, nature, and people. BAT Bangladesh is the only company in the country that has achieved core certification by the Alliance for Water Stewardship for good water governance across all its manufacturing sites.
M Jamal Uddin, CEO of IDLC Finance, stated, "Our ESG score jumped because we chose to lead with purpose. By transparently disclosing our carbon emissions, committing to ambitious net-zero targets, and investing in green and sustainable financing, we turned intent into impact."
For the list, Bloomberg voluntarily collects data from public disclosures of sustainability efforts, with quantitative disclosures carrying more weight in scores than qualitative ones. This milestone reflects the country's advancing efforts toward sustainable development and global recognition in the ESG landscape. BAT Bangladesh, which has also earned its place on the last year's list, focuses on achieving carbon neutrality in direct operations by 2030. The company is also considered a pioneer in disclosing ESG reports.
Bloomberg, widely regarded as a leading global ESG rating organisation, assesses firms from different countries worldwide based on their sustainability reports against different parameters, including the environmental, social, and governance segments. After a thorough evaluation, a pool of approximately 16,000 companies from over 100 countries have been enlisted in the sustainability list. According to Bloomberg, ESG-rated companies comprise 94 per cent of global equity market capitalisation.
