Bangladesh could secure $38.44b funding for renewable energy: Report

Bangladesh has a potential to secure around $38.44 billion funding from different international financiers against a requirement of $26.5 billion to reach the 40% renewable energy goal by 2041, found a report by Change Initiative, a renewable energy research organisation.

The country, however, received $6.71 billion in the renewable energy sector from national and international sources between 2016 and 2022, stated the report.

The report titled "Renewable Energy Finance in Bangladesh: Prospects, Risks & De-risk Mechanisms" was launched on Thursday at the National Workshop for Renewable Energy Finance (NWREF) 2023 held at the Bangabandhu Military Museum in Dhaka.

Change Initiative in collaboration with the European Climate Foundation's TARA Foundation, organised the workshop.

M Zakir Hossain Khan, chief executive of Change Initiative, said that the Global Environment Facility, Global Climate Change Alliance, Green Climate Fund IRM, Partnership for Market Readiness, Global Energy Efficiency and Renewable Energy Fund are some of the potential funds.

He said that as per the land ministry, there are 16.86 acres of non -cultivated Khas land in Bangladesh.

"It is possible to generate 28,000 MW of solar power if only 5% of these non-agricultural lands is used," said M Zakir Hossain Khan. 

Waseqa Ayesha Khan, chief of the parliamentary committee on Power, Energy and Mineral Resources addressed the workshop as chief guest.

Stating the government's willingness to implement renewable energy, she said, "We are trying to get a home-grown technology and conducting several researches in this regard."

Among others, Ahsan H Mansur, director of Policy Research Institute, Ahsan Adelur Rahman, member of parliament, Power Cell Director General Mohammad Hossain, Sharif Jamil, general secretary of Bangladesh Poribesh Andolon (Bapa) spoke at the programme.

Speakers demanded a reduction or complete cancellation of the 11.50% tax on four types of solar equipment.

Ahsan Adelur Rahman said, "We have policies but we failed in implementation due to a lack of coordination."

Mohammad Hossain stated that the government is committed to producing 40% of its electricity from clean sources, which may or may not be renewable sources. He emphasised the need for a coordinated effort to achieve this goal.

Meanwhile, Sharif Jamil said, "There is a lack of environmental impact assessment in every government project, which is turning our country into a dumping and testing ground."