Green development ensures the socioeconomic development that incorporates environmental issues while remaining economically viable for owners and tenants. Government as the authority of the state should provide favorable incentives, policy and regulatory pressure for green development. The present study aims to investigate the government policies and regulations for green development in Bangladesh and make a critical discussion of the initiatives. The study is descriptive in nature and collects secondary information. Evidence suggests that environmental degradation and climate change related risks and vulnerabilities have intensified in Bangladesh. The government of Bangladesh (GOB) is concerned about green development and formulates various Acts, regulations and policy initiatives since 2010. Major green development initiatives observed in the financial institutions due to the mandatory requirements by Bangladesh Bank but green bond and green insurance in capital market are yet to be developed. The GOB required taking proper policy initiatives for the garments and leather industries to ensure pollution free production system which ensures green trade initiatives. The environmental taxes and ecological compensation mechanisms should be revised. Urban green space and Government green procurement are still less concerning matter. The GOB should make effective collaboration with all related stakeholders to ensure the green development.