22 April 2023, Mumbai
Energy is a crucial factor for our industry and one of the biggest challenges facing the world today.
What all you need to know
The ongoing geopolitical conflict has escalated the crisis to a historic level, resulting in the rise of energy prices, volatility in energy markets, and high inflation globally.
The labor department of the USA reported an annual inflation rate of 9.1% in June 2022, the highest since 1981, while the Euro zone hit a record annual inflation rate of 10% in January 2023. This has also impacted the global supply chain, resulting in imported inflation and rising production costs.
Over the past decade, the government has taken steps to improve the energy supply situation, but as the largest manufacturing sector in Bangladesh, we also have a role to play. We need to be strategic and responsive in dealing with energy issues to cope with the changing global scenario.
With climate change and net zero policy becoming priorities globally, we need to pay attention to our carbon footprint and reduce our dependency on fossil fuels.
Adopting the right in-house policies and practices to reduce energy consumption will not only lead to long-term sustainability but also give us a competitive edge by reducing costs.
Environmental sustainability is a key concern for brands and consumers, and it significantly influences consumer behavior. Global buyers are placing greater emphasis on renewable energy in their sourcing strategies.
While countries worldwide are adopting net zero carbon emission policies and environmental due diligence policies, investing in renewable energy is the only option for us.
We need to reduce our dependency on fossil fuels, particularly on imported energy. While this is not an easy task and cannot be accomplished overnight, change must start now. Many RMG factories have already invested in mega solar rooftop projects, and we should all have such a vision and action plan.
We also need to take a robust approach to optimize energy usage and efficiency. By adopting simple practices, methods, technologies, and processes, we can achieve significant positive results.
The BGMEA aims to bring knowledge and awareness in collaboration with strategic partners through our Center for Innovation, Efficiency, and OSH.
Using modern technologies like daylight simulation, sensor-based lights and faucets, inverter-enabled machines, energy star-rated appliances, and metering are some of the low-cost yet effective ways to reduce energy consumption. We also need to upgrade machinery to be more energy-efficient, including boilers, and adopt cogeneration and heat recovery systems where appropriate.
Before concluding, please note that we will be on vacation for a few days, so please ensure that electrical switches are turned off, and energy-intensive installations are in safe mode. This is important for our safety and to avoid wastage and unnecessary costs.
CREDITS: BGMEA Press Release.
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