Journal of Environmental Science and Economics ISSN: 2832-6032

[Link]

RESEARCH ARTICLE

Corporate Carbon Accounting Practices in Bangladesh: Current Practices,

Gaps and Policy Implications

Rabiul Islam1, Mohammad Main Uddin2*, Md Sakib Khan3, Ashadul Islam4

1
Department of Accounting and Information Systems, Gopalganj Science and Technology University,
Gopalganj-8105, Bangladesh
2
Department of Accounting, Hajee Mohammad Danesh Science and Technology University, Dinajpur-5200,
Bangladesh
3
Accounting and Information Systems, Jagannath University, Bangladesh
4
Accounting and Information Systems, Hajee Mohammad Danesh Science and Technology University,
Dinajpur-5200, Bangladesh

Corresponding Author: Mohammad Main Uddin. Email: [Link]@[Link]

Received: 26 July, 2025, Accepted: 06 August, 2025, Published: 29 August 2025

Abstract
Climate change and global warming overshadow concerns about the sustainability of human existence
and progress. As a result, there have been numerous worldwide efforts to reduce the negative effects
of climate change and promote a sustainable future. Companies use corporate carbon accounting
(CCA) as a key strategy to adapt to climate impacts. Therefore, this study aims to evaluate the current
state of CCA practices in Bangladesh. The authors gathered secondary sources of information for the
study. The researchers analysed the annual reports of 154 companies across 11 industries listed on the
Dhaka Stock Exchange (DSE). The authors developed the 'Corporate Carbon Accounting Practice
Index (CCAP)' based on existing literature and international standards. This study used content and
thematic analysis, following specific criteria. The results indicated that a mandatory legal framework
influences CCA practices. However, most companies have not yet implemented CCA procedures, with
only a few meeting certain standards. The main reason for Bangladesh's current CCA situation is the
absence of a strong legislative framework. This study provides specific guidance for policymakers
interested in CCA, helping them identify the best actions to mitigate climate change risks and support
sustainable development, including establishing and enforcing a robust mandatory legal framework.

Keywords: Carbon accounting; mitigation approaches; environmental sustainability; climate vulnerability

Introduction

Climate change, a major global issue, directly and significantly affects economies and societies. Consequently,
various initiatives are underway to promote the reduction of greenhouse gas emissions through both market-
based and non-market-based policies. Therefore, climate change circumstances and carbon institutions

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inevitably impact business behaviors (Luo et al., 2022). Firms and enterprises are considered the main actors
responsible for the shift towards sustainability and the achievement of ecologically sustainable economies,
based on the 'Ecological Modernization' ideology and current environmental regulations (Lippert, 2015).
Therefore, since the extent of global greenhouse gas emissions increases the impact of climate change, there is a
need for creative, all-encompassing approaches to avoid and lessen its negative impacts. Better ways to evaluate
and convey the new information requirements were also required, as was advice on creating accounting plans
that encourage greater accountability and transparency in decision-making in government, business, academia,
and nonprofit organizations (Schaltegger and Csutora, 2012; Uddin et al.25). As a result, carbon accounting can
help businesses measure carbon emissions from both unsustainable practices and long-term improvements in
carbon management across a range of areas, including supply chain management, innovation, marketing,
production, distribution, and procurement (Schaltegger and Csutora, 2012; Norol-janah, 2020).

Corporate Carbon Accounting

Following the 1997 Kyoto Agreement, the area of carbon accounting began to take shape in commercial
economies. At multiple levels, such as organizational, process, product, or supply chain levels, it includes a
range of operations, including measuring, calculating, monitoring, reporting, and auditing greenhouse gas
emissions. Companies are encouraged to employ carbon accounting techniques by the Greenhouse Gas Protocol
and the Carbon Disclosure Project (Csutora and Harangozo, 2017). The practice of collecting, recording, and
analyzing data on climate change via accounting methods is known as "carbon accounting." In order to help
internal management and external stakeholders make choices, it entails monitoring and reporting carbon-related
assets, liabilities, costs, and revenue (Thang, 2017). Additionally, measuring and reporting carbon assets and
liabilities, as well as managing and accessing carbon-related activities, are the main focuses of corporate carbon
accounting. Additionally, it takes into account the assurance of carbon data, the disclosure of carbon
information, and the impact of carbon concerns on the financial market (Luo et al., 2022). The criticality of
climate change is exacerbated by the fact that, despite scientists' calls for additional policy steps, most countries
have not made much headway in the negotiation and development of climate change concerns. In response,
more businesses are being forced to recognize and reduce their susceptibility to climate change issues due to a
number of global efforts, increased media coverage, disgruntled customers, legislative changes, and
governmental inactivity. It's happening all around the globe right now, and it's dangerous for both the present
and the future. Carbon accounting processes may modify carbon reduction plans and policies in this situation
(Schaltegger et al., 2015). Additionally, it is important to note that corporate carbon disclosure remained
voluntary in the majority of cases, which led to a lower standard of quality in corporate carbon disclosure. Many
scholars are concerned about this problem (Luo et al., 2022). Additionally, companies tend to disseminate
information on carbon via a variety of channels, such as annual reports, sustainability reports, CSR reports,
corporate websites, and third-party platforms like the CDP survey (Luo et al., 2022).

Corporate Carbon Accounting in Bangladesh

According to a 2022 study by Paryen et al., Bangladesh's coastline position makes it one of the nation’s most
vulnerable to the impacts of climate change. Numerous climate-related calamities are already plaguing
Bangladesh (Paryen et al., 2022). A lack of management leadership, a weak regulatory framework, a lack of
external stakeholder pressure, a propensity for noncompliance with environmental laws, a socioeconomic
structure, and a lack of government environmental initiatives are some of the reasons for Bangladesh's poor
environmental reporting practices (Uddin et al., 2023). Since the Kyoto Agreement in 1997, wealthy countries
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have benefited most from the advancements in carbon accounting. In underdeveloped countries like Bangladesh,
the idea of carbon accounting has not taken off as much as expected and very little study has been done on the
topic. Therefore, this empirical research will be the first to examine how carbon accounting procedures are
currently used in Bangladesh by including a significant number of sectors and companies listed on the DSE.
Thus; several pertinent inquiries arise:
i. What is the present state of carbon accounting practices at the corporate level in Bangladesh?
ii. What factors influence an organization's carbon accounting practices?

Literature Review

Corporate carbon accounting has become a major concern on a global scale, leading to a tremendous deal of
study. A few pieces of research on corporate carbon accounting will be covered here.

Corporate Carbon Accounting in Global Aspect

Macro-level research indicates that climate change is becoming worse, and most nations have not made much
headway in climate change legislation and discussions. Astute business executives have responded by starting a
range of projects and initiatives, while governments have enacted several pieces of legislation with varying
degrees of success. Due to global initiatives, public attention, consumer dissatisfaction, regulatory changes, and
political inaction, more businesses need to identify and reduce their climate change risk. Although reducing
greenhouse gas emissions is crucial, climate change has already occurred. Strategies for adaptation and
mitigation are needed for this. The company's susceptibility, as well as the options, consequences, and costs of
lowering emissions and adapting, must all be evaluated to create a business climate plan (Schaltegger et al.,
2015). This situation is relevant to climate change accounting, a subset of environmental management
accounting. Despite its complexity, the accounting method for climate change remains poorly understood. The
system that captures and analyzes climate change data, as well as accounts for and reports carbon-related assets,
liabilities, costs, and income for decision-making, is referred to in this work as carbon accounting. The research
clarifies the use of cutting-edge methods to create workable carbon accounting policies, processes, and
initiatives (Tang, 2017). Since there is a negative link between carbon emissions and carbon management
systems, the empirical results show that the rule of material balances applies to carbon emissions. The effects of
this association are not substantial, however. In only two years, the harmful impacts of these contaminants have
become apparent. Target, project, GHG (greenhouse gas) accounting, and openness are the criteria used to
evaluate the quality of carbon management systems (CMS) (Stechemesser and Guenther, 2012). Businesses
may gain from carbon accounting in two ways: by identifying and eliminating unsustainable behaviors and by
enhancing sustainability. These methods are becoming more and more important for corporate services,
including marketing, supply chain management (SCM), manufacturing, distribution, procurement, and
innovation. The consequence is much the same regardless of whether a department's major objective is to
enforce regulatory compliance, manage energy and material flows to avoid substantial cutbacks, improve eco-
efficiency, stimulate product innovation, create legitimacy, or any combination of these goals. Accounting for
carbon management has the potential to benefit decision-makers at all levels (Sial et al., 2022).

Corporate Carbon Accounting for Environmental Sustainability

There are two ways that carbon accounting might assist businesses in managing their carbon emissions:
sustainable and unsustainable. Both strategies are more often used in corporate services, including marketing,
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manufacturing, distribution, procurement, supply chain management, innovation, and communication. Whether
a department is attempting to structure energy and material flows for considerable savings, comply with laws, or
enhance eco-efficiency, product innovation, or legitimacy, carbon management accounting may assist all
organizational levels in making choices. This article distinguishes between internal carbon accounting practices
and applications inside companies. For business decision-makers, the environmental management accounting
framework offers an organized summary of financial and physical carbon accounting techniques. Researchers
need to develop new methods, such as input-output-assisted hybrid accounting, as carbon accounting broadens
to include supply chains and product life cycles (Schaltegger and Csutora, 2012). To more precisely allocate
carbon-related costs and overheads to particular items, such as goods, services, customers, and business
procedures, carbon accounting employs sophisticated techniques like activity-based management and life-cycle
costing. Through hypothesis testing and analysis, we found a statistically significant relationship between
carbon accounting and the performance of a selection of listed industrial enterprises. According to the
aforementioned findings, businesses should put more effort into adapting to long-term changes in their natural
environments and extending the use of their accounting and financial systems beyond short-term outcomes.
According to Egbunike and Emudainohwo (2017), this means integrating long-term climate threats into costing,
reporting, and disclosure procedures. Some environmental impacts, especially those linked to the emission of
toxic substances, often vary less than the effects of climate change. In these situations, the carbon footprint is a
poor measure of how products affect the environment. When goods are adjusted to be more environmentally
friendly, environmental management that only concentrates on carbon footprints faces the risk of inadvertently
spreading the problem to additional environmental implications (Laurent et al., 2012). Adoption of EMA has a
significant and positive impact on company carbon emissions control and disclosure quality, according to
empirical studies. According to other research, the use of audit and benchmarking tools in conjunction with
control systems significantly affects carbon disclosure and management. Measurement instruments, however,
revealed no appreciable effects (Qian et al., 2018). However, there is enough research available on corporate
carbon accounting procedures worldwide. Since Bangladesh is now a climate-vulnerable nation, it is worth
looking at how common corporate carbon accounting techniques are there.

Corporate Carbon Accounting in Bangladesh

Disclosures on the environment and climate change are now quite low in Bangladesh. Most businesses
disclosed information only in the "energy usage" category, which is mandatory, despite the fact that 91% of
corporations reported in at least one area. In certain areas, a far lower percentage of businesses offered
information on climate change. Important categories were not disclosed, such as GHG emissions. Regarding
climate change, adaptation measures were the second most popular category. Among the many environmental
disclosures, one noteworthy finding is that just 5% of firms (or 6% of the businesses listed on the website)
disclosed that they possessed an effluent treatment plant. A deeper look at the different kinds of disclosures
reveals that most of them have positive and descriptive content (Belal et al., 2010). The average frequency of
climate change data provided by Bangladeshi firms is 2.23%. In particular, because of their established market
positions, large enterprises are reporting on climate change issues in more detail than smaller businesses. There
is extremely little openness on climate change as a result of a lack of laws and a culture of little social
responsibility inside businesses. Strangely, multinational companies are not being transparent enough
(Nurunnabi, 2016). The social, economic, and environmental performance of a firm directly impacts its
sustainability. We identified additional factors, including quantitative environmental reporting, standard method,
voluntary environmental disclosure, legal requirements, company size, volume of environmental disclosure,
material flow analysis, and life cycle assessment, as complementary measures to improve the economic, social,
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and environmental performance of Bangladeshi corporations and achieve sustainable development (Kumar,
2017). Additionally, there is a dearth of research on environmental disclosure, environmental accounting and
reporting, sustainability reporting, and environmental risk reporting (Uddin et al., 2023; Uddin et al., 2022;
Uddin et al., 2019). Corporate carbon accounting is a method used by many businesses worldwide to attain
environmental sustainability. According to the literature assessment, corporate carbon accounting is a subject
that is expanding quickly on a worldwide scale. Specifically, in industrialized economies, corporate carbon
accounting has become a hot subject. The company is able to regulate carbonation as a result. Additionally,
organizations work to achieve sustainability. Corporate carbon accounting has gotten minimal attention in
Bangladesh, despite environmental reporting and transparency methods receiving a lot of attention. There hasn't
been any direct research on corporate carbon accounting procedures in Bangladesh.
Accordingly, this study proposes the following objectives:
i. Providing an overview of corporate carbon accounting practices in Bangladesh, with the goal of
ensuring corporate environmental sustainability.
ii. Identify the factors that influence the level of corporate carbon accounting practices.
iii. To provide specific guidelines for future directions in corporate carbon accounting to support corporate
environmental sustainability management.

Methodology

Sector Selection

We selected twelve of the 22 different sectors listed on the Dhaka Stock Exchange (DSE) due to their strong
correlation with carbon sentiments. This selection is shown in the table below.

Table 1: Selected Sectors from DSE

Sl. No. Name of the Industry Number of companies listed at DSE
1. Cement 7
2. Ceramics Sector 5
3. Engineering 42
4. Food & Allied 21
5. Fuel & Power 23
6. Jute 3
7. Paper & Printing 6
8. Pharmaceuticals & Chemicals 33
9. Tannery Industries 6
10. Telecommunication 3
11. Travel and Leisure 5
Total 154
Source: Dhaka Stock Exchange (DSE)

Data Set Development

The researchers created a data set by carefully examining the corporate annual reports of the businesses selected
for the Corporate Carbon Accounting Practices Index study.

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Development of Corporate Carbon Accounting Practices Index (CCAPI)

The Corporate Carbon Accounting Practices Index (CCAPI) is an index of corporate carbon accounting
practices created by the project investigator. The existing global literature on corporate carbon accounting (He
et al., 2022) serves as the foundation for this index.

Table 2: Components of CCAPI

Coding Board Aspect
CAAPI1 General Discussion
CAAPI2 Policy Discussion
CAAPI3 Specific Corporate Carbon Issues
CAAPI4 Financial Accounting for Carbon Assets
CAAPI5 Financial Accounting for Carbon Liabilities
CAAPI6 Carbon Disclosure
CAAPI7 Carbon Assurance
CAAPI8 Carbon Management
CAAPI9 Carbon Reporting Procedure
CAAPI10 Carbon Performance Evaluation
CAAPI11 Carbon Reduction Target
CAAPI12 Monetary Incentives for Attainment of Carbon Performance
CAAPI13 Carbon Performance
CAAPI14 Carbon Risk Management
CAAPI15 Carbon Mitigation and Reduction Approaches
CAAPI16 Impact on Capital Market
Sources: Developed by authors based on existing literatures

Performance calculating Model

To determine the firm's performance on the 'Corporate Carbon Accounting Practice,' the authors developed and
used the following formula.
𝐴𝑐𝑡𝑢𝑎𝑙 𝑁𝑢𝑚𝑏𝑒𝑟𝑠 𝑜𝑓 𝐼𝑛𝑑𝑒𝑥 𝑜𝑛 𝐶𝐶𝐴𝑃𝐼
𝑃𝐶𝐶𝐴𝑃 = × 100
𝑇𝑜𝑡𝑎𝑙 𝑁𝑢𝑚𝑏𝑒𝑟𝑠 𝑜𝑓 𝐼𝑛𝑑𝑒𝑥 𝑜𝑛 𝐶𝐶𝐴𝑃𝐼

Where,
PCCAP = Performance of Corporate Carbon Accounting Practices
CCAI = Corporate Carbon Accounting Practices Index

Analysis Method (content and thematic analysis, and codding framework)

Content analysis is described as a method that employs a series of procedures to derive valid inferences from
texts (Smith, 2004). The content analysis technique has historically been used for the examination of texts and
documents, aiming to measure content according to specified categories in a systematic and reproducible
fashion (Bryman and Hardy, 2009).The content analysis method is employed to discern the attributes and
quantify the information within a text by categorizing it based on specific criteria, allocating each information
unit to a category, and tallying the total occurrences and frequencies within each category (Data and Silverman,

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2011). Accordingly, this study examines the extent to which it measures the quality and quantity of corporate
carbon accounting practices in companies' annual reports. Thus, the content and thematic analysis of the firms’
corporate annual reports is the main focus of this research. The data set was manually compiled by the
researcher using the company's annual reports for selected companies. The pre-established indexed items were
scored as 1 for correct disclosure and 0 for improper disclosure. Corporate carbon accounting techniques have a
score ranging from 0 to 1. A score of 1 indicates full disclosure of corporate carbon accounting methods, while
a score of 0 means they are not disclosed. For each of the example firms, an Excel spreadsheet was developed,
with rows denoting the obtained score and columns representing the various index components.

Theoretical Orientation

We often use many theories when examining the causes and justifications for carbon disclosure. These consist
of the institutional theory, the signaling theory, the shareholder theory, and the validity theory. Despite
divergent scholarly opinions, a company's intention to provide accurate information about its carbon emissions
and carbon management is influenced by social, market, economic, legal, and institutional factors. This alters
the incentives for sharing (He et al., 2022).

Results, Analysis, and Discussion

Performance of Cement Industry on CCAPI

Table 3: Performance of Cement Industry on CCAPI

Sl. No. Cement Companies (Acronym) Performance (%)
1. ARAMITCEM 0.00
2. CONFIDCEM 0.00
3. CROWNCEMNT 0.00
4. HEIDELBCEM 6.25
5. LHBL 18.75
6. MEGHNACEM 0.00
7. PREMIERCEM 6.25
Source: Calculated by Authors

As of June 15, 2024, the DSE listed seven cement-related businesses. According to Table 3, most of the
companies in our study didn't fit any of the 16 preset requirements. LHBL is the only company that satisfies all
three requirements. Furthermore, only two companies have met the requirements for broad disclosure:
PREMIERCEM and HEIDELBCEM. With an average of just 4.46%, the cement industry's corporate carbon
accounting procedures are often woefully insufficient.
Table 4 illustrates, as of 2024, the DSE listed five companies in the ceramics sector. According to our analysis,
the majority of the companies did not meet any of the sixteen requirements established by Corporate Carbon
Accounting Practices. Only one of the five companies (RAKCERAMIC) was able to meet three of the sixteen
requirements. Additionally, SPCERAMICS was the only company to receive general discussion regarding the
sixteen criteria. This is a really depressing reality.

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Performance of Ceramic Industry on CCAPI

Table 4: Performance of Ceramic Industry on CCAPI

Sl. No. Ceramic Companies (Acronym) Performance (%)
1. FUWANGCER 0.00
2. MONNOCERA 0.00
3. RAKCERAMIC 18.75
4. SPCERAMICS 6.25
5. STANCERAM 0.00
Source: Calculated by Authors

Performance of Engineering Industry on CCAPI

Table 5: Performance of Engineering Industry on CCAPI

Sl. No. Engineering Companies (Acronym) Performance (%)
1. AFTABAUTO 0.00
2. ANWARGALV 0.00
3. APOLOISPAT 0.00
4. ATLASBANG 0.00
5. AZIZPIPES 0.00
6. BBS 0.00
7. BBSCABLES 12.50
8. BDAUTOCA 0.00
9. BDLAMPS 0.00
10. BDTHAI 0.00
11. BENGALWTL 0.00
12. BSRMLTD 25
13. BSRMSTEEL 25
14. COPPERTECH 0.00
15. DESHBANDHU 0.00
16. DOMINAGE 0.00
17. ECABLES 0.00
18. GOLDENSON 0.00
19. GPHISPAT 6.25
20. IFADAUTOS 6.25
21. KAY&QUE 0.00
22. KDSALTD 0.00
23. MIRAKHTER 0.00
24. MONNOAGML 0.00
25. NAHEEACP 0.00
26. NAVANACNG 0.00
27. NPOLYMER 0.00
28. NTLTUBES 0.00
29. OAL 0.00
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Table 5 continued . . . .
30. OIMEX 0.00
31. QUASEMIND 0.00
32. RANFOUNDRY 0.00
33. RENWICKJA 0.00
34. RSRMSTEEL 0.00
35. RUNNERAUTO 12.5
36. SALAMCRST 0.00
37. SHURWID 0.00
38. SINGERBD 12.5
39. SSSTEEL 0.00
40. WALTONHIL 43.75
41. WMSHIPYARD 6.25
42. YPL 0.00
Source: Calculated by Authors

Table 5 indicates that the engineering sector also directly contributes to carbon emissions. The DSE currently
lists 42 engineering-related businesses. As of right now, companies listed in the engineering sector do not meet
most of the sixteen criteria that we developed in light of the carbon accounting practices of businesses
worldwide. This implies that corporate carbon accounting procedures are not of special relevance to the
engineering component businesses. Although a section on corporate carbon accounting procedures has not been
specifically included by BSRMLTD and BSRMSTEEL, their annual reports cover environmental accounting in
great detail and discuss important issues in this field. Terms pertaining to environmental governance, like
environmental strategy and environmental governance policy, are used in the user's content. An environmental
manifesto, which is a public statement of environmental values and goals, is also mentioned. Climate change, a
major worldwide concern, is also mentioned in the book. Lastly, the word "safety," which may be related to
environmental concerns, is mentioned in the text. Sustainability statements, environmental, health, and safety
management statements, as well as carbon reduction initiatives, are produced by WALTONHIL. Additionally,
Western Marine Shipyard Limited has ISO 14001:2004 certification for a safe workplace.

Performance of Food and Allied Industry on CCAPI

Table 6: Performance of Food and Allied Industry on CCAPI

Sl. No. Food and Allied Companies (Acronym) Performance (%)
1. AMCL(PRAN) 0.00
2. APEXFOODS 0.00
3. BANGAS 0.00
4. BATBC 37.5
5. BDTHAIFOOD 0.00
6. BEACHHATCH 0.00
7. EMERALDOIL 0.00
8. FINEFOODS 0.00
9. FUWANGFOOD 0.00
10. GEMINISEA 0.00

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Table 6 continued . . . .
11. GHAIL 0.00
12. LOVELLO 0.00
13. MEGCONMILK 0.00
14. MEGHNAPET 0.00
15. NTC 0.00
16. OLYMPIC 0.00
17. RAHIMAFOOD 0.00
18. RDFOOD 0.00
19. SHYAMPSUG 0.00
20. UNILEVERCL 0.00
21. ZEALBANGLA 0.00
Source: Calculated by Authors

Table 6 indicates that, there are now 21 businesses actively involved in the food and light industries listed on
the DSE. Most businesses in the food and related industries have lack of disclosure to meet the corporate carbon
accounting guidelines based on our pre-established 16 variables. Additionally, the typical standard for corporate
carbon accounting practices in this business is rather low.

Performance of Fuel and Power Industry on CCAPI

Table 7: Performance of Fuel and Power Industry on CCAPI

Sl. No. Fuel and Power Companies (Acronym) Performance (%)
1. AOL 0.00
2. BARKAPOWER 0.00
3. BDWELDING 0.00
4. BPPL 0.00
5. CVOPRL 0.00
6. DESCO 0.00
7. DOREENPWR 0.00
8. EASTRNLUB 0.00
9. EPGL 0.00
10. GBBPOWER 0.00
11. INTRACO 0.00
12. JAMUNAOIL 0.00
13. KPCL 0.00
14. LINDEBD 0.00
15. LRBDL 0.00
16. MJLBD 12.5
17. MPETROLEUM 0.00
18. PADMAOIL 0.00
19. POWERGRID 0.00
20. SPCL 0.00
21. SUMITPOWER 43.75
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22. TITASGAS 0.00

23. UPGDCL 12.5
Source: Calculated by Authors

Table 7 indicates that the fuel and electricity sector is believed to have the highest carbon emissions. This
industry consumes a substantial amount of carbon. 23 companies have been listed on the DSE in the fuel and
electricity industries. Upon reviewing the annual reports of twenty-three distinct fuel and power sector
businesses, we discovered that most of them lack of relevant practice about corporate accounting practices
related to carbon. The average ratings in the industry are quite low, and this remains true even for firms that do
not adhere to our 16 pre-established guidelines for corporate carbon accounting procedures.

Performance of Paper and Printing Industry on CCAPI

Table 8: Performance of Paper and Printing Industry on CCAPI

Sl. No. Paper and Printing Companies (Acronym) Performance (%)
1. BPML 6.25
2. HAKKANIPUL 0.00
3. KPPL 0.00
4. MONOSPOOL 0.00
5. PAPERPROC 0.00
6. SONALIPAPR 0.00
Source: Calculated by Authors

Table 8 shows that the paper and printing industry is another important sector in terms of carbon emissions.
Companies operating within this industry are continuously releasing carbon into the atmosphere, which harms
the environment. Six businesses are now registered as paper and printing companies with the DSE. The majority
of these companies do not adhere to the proper protocols for corporate carbon accounting, according to an
analysis of their annual reports. None of the businesses have complied with the bulk of our predetermined 16
parameters. Additionally, these firms' overall score is below expectations, and their individual ratings are
relatively poor.

Performance of Pharmaceuticals and Chemicals Industry on CCAPI

Bangladesh's economy greatly benefits from the pharmaceutical and chemical industries, which are important
areas of the nation's economy. This industry is accountable for a considerable quantity of carbon and hazardous
material emissions within the same time period. In keeping with that rationale, this research examined the
yearly reports of thirty-According to table 9, three chemical and pharmaceutical companies that are listed on the
Bangladeshi DSE. The results of the study show that registered companies in the chemical and pharmaceutical
industries exhibit reporting gaps corporate accounting for carbon emissions, even though these industries are
carbon emitters.

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Table 9: Performance of Pharmaceuticals and Chemicals Industry on CCAPI

Sl. No. Pharmaceuticals and Chemicals Companies (Acronym) Performance (%)
1. ACI 0.00
2. ACIFORMULA 0.00
3. ACMELAB 0.00
4. ACMEPL 0.00
5. ACTIVEFINE 0.00
6. ADVENT 0.00
7. AFCAGRO 0.00
8. AMBEEPHA 0.00
9. ASIATICLAB 0.00
10. BEACONPHAR 0.00
11. BXPHARMA 18.75
12. CENTRALPHL 0.00
13. FARCHEM 0.00
14. GHCL 0.00
15. IBNSINA 6.25
16. IBP 0.00
17. JHRML 0.00
18. JMISMDL 0.00
19. KEYACOSMET 0.00
20. KOHINOOR 0.00
21. LIBRAINFU 0.00
22. MARICO 0.00
23. NAVANAPHAR 0.00
24. ORIONINFU 0.00
25. ORIONPHARM 0.00
26. PHARMAID 0.00
27. RECKITTBEN 6.25
28. RENATA 6.25
29. SALVOCHEM 0.00
30. SILCOPHL 0.00
31. SILVAPHL 0.00
32. SQURPHARMA 12.5
33. WATACHEM 0.00
Source: Calculated by Authors

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Performance of Service and Real-estate Industry on CCAPI

Table 10: Performance of Service and Real-estate Industry on CCAPI

Sl. No. Service and Real-estate Companies (Acronym) Performance
1. EHL 0.00
2. SAIFPOWER 0.00
3. SAMORITA 0.00
4. SAPORTL 0.00
Source: Calculated by Authors

Table 10 indicates that, according to the 16-characteristic Corporate Carbon Accounting Practice Index, most
companies in the real estate and service sectors are dealing with difficult situations. None of the four companies
listed on the DSE face significant issues with corporate carbon accounting methods.

Performance of Tannery Industry on CCAPI

Table 11: Performance of Tannery Industry on CCAPI

Sl. No. Tannery industry (Acronym) Performance
1. APEXFOOT 12.50
2. APEXTANRY 0.00
3. BATASHOE 0.00
4. FORTUNE 0.00
5. LEGACYFOOT 0.00
6. SAMATALETH 0.00
Source: Calculated by Authors

Table 11 shows that the tannery industry is often regarded as one of the most ecologically damaging sectors of
the global economy. This is primarily because the tannery sector is the one that manages waste and produces the
most pollution of any business. There are six tannery companies in Bangladesh that are listed on the DSE.
Corporate carbon accounting techniques in these firms are not supported by scientific data. The yearly records
they were expected to produce on issues that ought to have been included in their annual reports were not
provided by them. We discovered a notable absence of enthusiasm for corporate carbon accounting methods.

Performance of Telecommunication Industry on CCAPI

Table 12: Performance of Telecommunication Industry on CCAPI

Sl. No. Telecommunication Companies (Acronym) Performance (%)
1. BSCCL 0.00
2. GP 12.5
3. ROBI 18.75
Source: Calculated by Authors

Table 12 shows that, one of the sectors with the highest carbon emissions is the technology-driven telecoms
industry. Bangladesh's DSE now lists three telecoms industry companies. The three companies' individual

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corporate reports are accessible. An examination of the annual reports of the three corporations indicates that
companies in the telecommunications industry are not interested in using corporate carbon accounting
techniques. They have very little information regarding their canons. The results of the study indicate that their
corporate carbon accounting disclosure falls well short of what is required.

Performance of Travel and Leisure Industry on CCAPI

Table 13: Performance of Travel and Leisure Industry on CCAPI

Sl. No. Travel and Leisure Companies (Acronym) Performance
1. BDSERVICE 6.25
2. BESTHLDNG 0.00
3. PENINSULA 0.00
4. SEAPEARL 0.00
5. UNIQUEHRL 25
Source: Calculated by Authors

According to table 13, four of the five registered travel and leisure firms did not include any information in their
annual reports on their corporate carbon accounting or any other environmental or carbon-related information.
Nonetheless, one business fulfilled four of the sixteen requirements and revealed a substantial quantity of
environmental data in their annual report.

Conclusion

New, more comprehensive approaches to climate change prevention and mitigation are needed due to the global
nature of greenhouse gas emissions and the growing effects of climate change. The situation calls for better
methods to foresee and satisfy new information needs, as well as instructions on how to use changing
accounting practices for accountability, transparency, and decision-making in businesses, governments, and
other organizations. Climate change and corporate carbon accounting have a close relationship. Since the Kyoto
Protocol was ratified, corporate carbon accounting has expanded around the globe. Unfortunately, only in
developed countries has corporate carbon accounting progressed and expanded. The practice of corporate
carbon accounting has not developed to the expected degree in coastal nations like Bangladesh. It's also
important to highlight that corporate carbon accounting methods in Bangladesh are still in their infancy and are
often voluntary, which has led to a drop in the caliber of such reporting. Furthermore, it is typical for businesses
to provide information on carbon via a range of platforms, including annual reports, sustainability reports, CSR
reports, and company websites. There is no supervisory structure in place in Bangladesh for firms' accounting
of carbon emissions. One main reason carbon accounting techniques are now seen a concerning lack of
engagement in the corporate sector is the lack of a legal framework for them in Bangladesh. Businesses
participate in carbon accounting voluntarily, meaning they raise environmental issues on their own initiative,
since it is not legally required.

Policy Guidelines

The current research may contribute significantly in a number of ways. In the end, the results of this study have
the potential to greatly impact the formulation of recommendations for corporate carbon accounting practices by
policy makers and pertinent agencies. The results of the research are meant to help scholars and decision-
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makers understand how companies respond to corporate carbon accounting to achieve environmental
sustainability. The main cause of Bangladeshi companies' disinterest in the aforementioned carbon accounting
techniques is the lack of a strong legal framework in the nation. This is by far the most important concern. The
lack of a strong legal framework is the investigation's most persuasive conclusion. Improving corporate carbon
accounting practices requires the establishment of a strong legal framework. The study's conclusions also
indicate that companies have the discretion to decide whether to include corporate carbon accounting issues in
their annual reports. This indicates that these companies discuss environmental concerns in their annual reports
without following any particular structure since there is no legislative framework in place. Establishing a legal
framework with suitable oversight will enable the implementation of corporate carbon accounting in
Bangladesh. To avoid and mitigate the negative impacts of climate change and global greenhouse gas emissions,
new and more comprehensive methods must be developed. Leading the charge in this endeavor might be
appropriate corporate carbon accounting procedures. To meet the growing information needs of corporate
carbon accounting, government agencies, corporations, academic institutions, and nonprofit groups will require
enhanced methods. To promote sustainability and environmental transparency, they will also need direction on
how to use sophisticated corporate carbon accounting systems. A thorough framework for defining carbon
accounting practices in Bangladesh may be built using the 16 elements of the Corporate Carbon Accounting
Practices Index that are described in this study.

Declaration

The undersigned authors affirm that this content is wholly original and has not been submitted or published
elsewhere. Every author significantly contributed to the research, composition, and final endorsement of the
paper.

Acknowledgment: This research was conducted through funding by the Research Center of Gopalganj Science
and Technology University, Gopalganj-8105, Bangladesh.

Funding: This research was conducted through funding by the Research Center of Gopalganj Science and
Technology University, Gopalganj-8105, Bangladesh.

Conflict of interest: The authors of the paper declare no conflicts of interest.

Ethics approval/declaration: This research was conducted in compliance with ethical standards.

Consent to participate: Consent to participate was obtained when necessary.

Consent for publication: The undersigned authors affirm the full content for publication

Data availability: Data may be acquired upon request.

Authors contribution: The first and second authors were responsible for data collection, analysis, and paper
writing. After reviewing the text draft, the third and fourth authors offered suggestions.

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