It requires $1.53 to $1.71 billion investment annually to meet Bangladesh’s target of 40 per cent renewable energy by 2041. The support of the G-7 countries is needed to meet the goal, said speakers at a dialogue.
They also observed that at least 50 per cent of the commitments made by developed countries responsible for global climate change to compensate affected countries like Bangladesh should be invested in renewable energy.
Private think tank Centre for Policy Dialogue (CPD) organised the dialogue, titled “Call for global initiatives for ending support for fossil fuel and accelerating the transition to renewable energy’’, at hotel Sheraton in Dhaka on Wednesday.
At the dialogue, CPD called on the Bangladesh government to present its demands to the G-7 nations in this regard in their upcoming summit scheduled in Japan from May 19 to May 21.
G-7 is not keeping its promises
In his presentation at the dialogue, CPD Research Director Khandaker Golam Moazzem said the G-7 nations have to stop investment in coal power plants of in developing countries like Bangladesh by 2023.
At the same time, he demanded support in the expansion of technology and the spread of renewable energy in developing nations, to stop the usage of expensive fossil fuel LNG.
Golam Moazzem said in all the member countries of G-7 have their commitment deadline for phasing out of fossil fuels and have a collective commitment. Japan plans to phase out 90 per cent of its old and inefficient coal-fired power plants by 2030, but it will continue to build and operate high efficiency coal power plants arguing that it will keep all the possible option.
“Japan has been building coal-fired power plants in Bangladesh and other developing nations, which is a violation of commitment. The USA has not announced a precise date for a complete coal phase out and still has a large coal fleet that provides around 19 per cent of its electricity,” he said.
On the other hand, he continued, the G-7 promised to give $100 billion a year to the affected countries to combat the damage caused by global climate change. Of this, Japan promised $3 billion, UK $11 billion, Canada $300 million, Germany $180 billion, Italy $74 billion, and France $30 billion to the Green Climate Fund. But the countries are not implementing their promises.
“Now, the G7 should invest 50 per cent of green climate fund to renewable energy,” he demanded.
G7 support needed to expand renewable energy
The G7 nations announced new wind and solar goals, targeting a collective increase in offshore wind capacity of 150 GW and TW solar PV by 2030. The plan involves accelerating the deployment of all renewable sources like solar, offshore and onshore wind, hydropower, geothermal, sustainable biomass, biome thane and tidal power.
According to CPD, the support of G7 is essential to meet Bangladesh's target for the expansion of renewable energy. In this case, G7 can help Bangladesh providing new technologies and investments.
Bangladesh lags behind from global RE plans
At the dialogue, energy experts said Bangladesh is lagging behind the global expansion of green energy due to weak policy, lack of investment, limitation of new technology, and lack of public-private initiatives.
Md Ijaz Hossain, former professor of Bangladesh University of Engineering and Technology, said, “The globe has rapidly turning fossil fuel into clean fuel like ammonia and green hydrogen. Neighbouring India has come a long way in clean energy production but Bangladesh is lagging behind due to its policy weakness.”
Environmentalist Atiq Rahman, Member of Parliament Tanvir Shakil Joy and business leaders related to energy sector participated in the event. They emphasised the installation of floating solar panels, and solar power in 100 economic zones. Besides, they urged to carry out irrigation entirely by solar power.