Bangladesh Bank Governor Dr Atiur Rahman on Saturday commented that access to finance is the key to fostering green technologies and asked banks and financial institutions to come up with products tailored with that reality.

“To foster the development of green technology, appropriate financing mechanism is essential from banks and financial intermediaries,” said Dr Atiur Rahman.

“But access to finance is vital for the successful implementation of green initiatives,” he added. An unencumbered flow of financing can expedite the growth of green industry, he said.

“This is high time for the banks and financial institutions to move forward with research and development which is indispensable for exploring appropriate technologies and techniques and new green products,” Dr Atiur said.

BB Governor was addressing the inaugural function of Green Finance Conference 2014 at city’s Bangladesh Bank Training Academy (BBTA).

He said transition to a green economy has the potential to unlock new growth engines and spur business opportunities and Bangladesh can also benefit from widespread use of green technologies.

BB has been encouraging green banking since 2008 with issuing green banking guideline, and instructing banks and FIs on environmental risk management, CSR and financial inclusion, he mentioned.

The central bank governor said the banks in Bangladesh have been advised to finance solar energy, bio-gas plant, ETP and Hybrid Hoffman Kiln (HHK) in brick field under refinance programs.

“In order to bring further momentum in this mode of financing, we have already introduced Taka 2.0 billion refinance line against bank loans for investments in 16 green products. Of late, the off-take from this green fund has started acquiring desirable momentum,” he said.

SK Sur Chowdhury and Nazneen Sultana, Deputy Governors of Bangladesh Bank and ASM Main Uddin Monem, Vice-Chairman of NCC Bank Ltd, Dipal Chandra Barua, President of the Bangladesh Solar and Renewable Energy Association and Ataur Rahman, executive director of the Bangladesh Bank Training Academy among others, spoke on the occasion.