Finance Minister Abul Hassan Mahmood Ali has said building greater trust and confidence among countries could be the key to leverage enormous opportunities for cross-border energy trade and attract international finance in energy transition projects in South Asia.
He spoke at a SASEC Knowledge Event titled "Financing the Clean Energy Transition in South Asia" as a panellist on the 2nd day of the ADB Annual Meeting 2024 in Tbilisi.
In his intervention, the Finance Minister presented Bangladesh's vision for clean and green energy transition, reports BSS.
He focused on building greater trust and confidence among South Asian countries to leverage their additional capacities in hydro, solar and other non-fossil fuel sources for meeting the region's growing energy needs in a sustainable manner, said a press release on Saturday.
Citing personal anecdotes on a number of South Asian projects, the Finance Minister put emphasis on creating an enabling environment for domestic and foreign investors to bring finances in bankable energy projects. He sought ADB's support to this connection.
On the sidelines, ERD Secretary and Alternate Governor of Bangladesh to ADB Shahriar Kader Siddiky met the US delegation headed by Alexia Latortue, Assistant Secretary for International Trade and Development, US Treasury for discussing climate cooperation and the progress attained on financial and fiscal sector reforms.
Clinging to the interest of the US delegation, the ERD Secretary revealed Bangladesh's expectations from the 'Bangladesh Climate and Development Platform' (BCDP) which has been formed recently by Bangladesh partners to leverage international adaptation and mitigation investments.
Stressing upon accessing larger concessional and blended climate finance along with easing access to finance, the ERD Secretary also cited that huge investment would be required for Bangladesh's climate transition. So, Bangladesh perceives that BCDP financing will be in excess to the development partners' regular interventions in the climate field, he added.
The Bangladesh and US delegations also exchanged views on the reforms Bangladesh is currently undertaking for consolidating financial and fiscal discipline.
The ERD Secretary appraised the US delegation that reforms are on track. He sought US support for implementing the long-term economic vision of Bangladesh towards building 'Smart Bangladesh' by 2041.
