The Sustainable and Renewable Energy Development Authority (SREDA) signed a 300-million-dollar deal with Mitsubishi Research Institute Inc, Japan on Saturday regarding energy efficiency and conservation.
Rezaul Karim, the director of the Energy Efficiency and Conservation Promotion Financing Project (EECPFP) and Dr Kotaro Nagasawa, representative of Mitsubishi Research Institute, signed the deal on behalf of their respective organisations.
State Minister for Power Energy and Mineral Resources Nasrul Hamid was present as the chief guest while Dr Ahmad Kaikaus, Power Division Senior Secretary spoke as the special guest on the occasion.
SREDA is operating the Energy Efficiency and Conservation Promotion Financing Project to foster energy efficiency in the industrial sector by promoting the use of energy efficient machines.
Under the project, interested industrialists and SREDA approved manufacturers can get loans at 4 percent interest to install energy efficient machines.
The $300m Mitsubishi fund will boost the existing process.
State Minister Nasrul Hamid said: “Both the population and the infrastructure in Bangladesh is increasing, so we must have measures to tackle the resulting increase in pollution.”
Siddique Zobair, member of SREDA, gave a briefing on the contract while SREDA’s chairman Md Helal Uddin chaired the programme.
In the seventh five-year plan, Bangladesh is committed to promote the proper uses of limited resources, and the government has set a target to increase energy conservation to 15 percent by 2021 at the production, supply and consumption level. The projected goal is 20 percent by 2030.