Does Corporate Social Responsibility Support Progress Toward Achieving Sustainable Development Goals in Bangladesh?

Abstract

This study aims to critically assess the effectiveness of banks' CSR in advancing the sustainable development goals in Bangladesh. We employed exploratory and descriptive methods, including content analysis of published reports. Additionally, the annual report of 32 scheduled banks over a 5-year period (2018–2022) and the United Nations SDGs report 2022 were examined to evaluate the social and environmental impacts, uncovering the remaining challenges. The findings indicate that banks' CSR efforts primarily focus on socio-economic development, with less emphasis on environmental concerns due to financial constraints. However, they have made significant contributions to sectors such as education and disaster management. More CSR funds from government and foreign banks are needed to support other SDGs, for example, climate change, health, decent work and economic growth, and sustainable consumption and production. Finally, the research highlights the essential role of robust public-private partnerships, civil society involvement, and stakeholder engagement for the government to achieve the relevant SDGs. The paper also offers implications for policymakers, businesses, academics, and practitioners, emphasizing the moral responsibility of these stakeholders towards society.