Bangladeshi companies working in the climate-resilient, environmentally friendly, clean, and renewable energy efficient sector have a great opportunity to receive project financing from Private Financing Advisory Network (PFAN).
This was according to experts speaking during a webinar titled "Climate and Clean Energy Investment Opportunities in Bangladesh",jointly organized on Tuesdayby Dhaka Chamber of Commerce and Industry (DCCI) and Private Financing Advisory Network (PFAN).
In his welcome address, Acting President of DCCI, NKA Mobin, FCS, FCA, said,"Private sector plays the biggest role in the development of Bangladesh and needs to contribute to the paradigm shift caused by climate change. Businesses are already taking action to address climate risks and opportunities by incorporating environmental considerations into the decision-making process."
For clean energy financing and culture in Bangladesh, he made the following recommendations: development of a strategy to gradually slash fossil fuel dependence in industries; low-cost investment in renewable energy; low-cost green fund for diverse industries, and creation of a climate change resilience refinancing fund.
PFAN Regional Coordinator Asia, Peter du Pont, PhD, highlighted PFAN's activities. He said,"PFAN advises low-carbon, climate resilient businesses in developing countries and matches projects to appropriate private financing. So far,PFAN has supported 675 projects since its inception in 2008."
"All of PFAN's projects have raised a total of USD 1.8 billion.As of December 2020, 94 projects in Asia are in the pipeline" he informed.
PFAN Advisor, Thailand, Jamorn Teo Hoonsiri, said that Bangladesh has huge potential to lure Thai investment in the renewable energy and agriculture sector. PFAN Thai will focus on facilitating Thai investment into agriculture, renewable energy, tourism, health, energy efficiency and waste and circular economy.
PFAN Country Coordinator Bangladesh, Shaymal Barmansaid,"Thai strategic investment can look to Bangladesh as a preferred destination in the shrimp export sector,also generating a good number of projects in solar solutions. Solar IPP needs more than 10 years of financing, which is not favourable for banks."
Head of Business, ACI Agro link Limited, Mohammad Saifullah; CEO, Omera Renewable Energy Limited, Masudur Rahim, and PFAN Asia Network Support Manager, Nancy Nguyen, also spoke on the occasion.