How far can the IMF loan promote clean energy?
The International Monetary Fund’s (IMF) $4.7 billion loan is mainly to ease the pressure on Bangladesh’s current account balance through various reform measures. One of the important areas of reform is to address the challenges concerning clean energy and climate change.
It is time to phase out fossil fuels
On March 20, the United Nations’ top experts on climate science released a synthesis report on climate change. In it, the Intergovernmental Panel on Climate Change (IPCC), the world’s peak climate science body declares that we have fallen dangerously behind in trying to control climate change as our greenhouse gas emissions continue to grow instead of decline
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.
How global energy market volatility impacted inflation in Bangladesh
Bangladesh, like many other net-energy-importing countries, has been facing persistent high inflation in the last one year of the Russia-Ukraine war. The inflation in our domestic market is largely related to the supply and prices of different types of fuel (e.g. gas, diesel, octane, furnace oil, LNG and coal) used in major economic activities, which are significantly affected due to the massive disruptions in global energy supply chain caused by this war.
What’s keeping Bangladesh from joining the renewable energy wave?
Renewable energy refers to the use and development of natural energy sources, such as solar, wind, and hydro-electric power which can provide a more stable and reliable source of power, particularly in countries like Bangladesh that are prone to natural disasters such as cyclones and floods.
LNG Demand Destruction: Opportunity for Asia to Accelerate a Clean Energy Transition
Could the unprecedented energy crisis of 2022 accelerate the adoption of renewable energy in Asia and will Asian nations find a way towards a more energy-secure future? The transition to renewable energy is not without its challenges. Nevertheless, the energy crisis could serve as a catalyst for accelerating the transition to renewable energy in Asia.
Summer looks bleak for life, economy
The upcoming summer appears to be unbearable, even more than the last one, amidst fears of the load shedding climbing up to 3,000 MW, said energy experts and government power officials, analysing the measures taken for tackling the dramatic increase the electricity demand will see in weeks from now.Even the capital Dhaka and readymade garment industry hubs such as Narayanganj and Gazipur witnessed six hours of power cuts last summer on days authorities shed less than 1,500 MW loads amidst rolling power cuts slapped for tackling an imminent dollar crisis in mid-July.
Tight LNG supplies to continue through 2025: IEEFA
Record high prices and unreliable supplies in 2022 have hampered long-term LNG demand growth in Europe and Asia. India, Bangladesh, and Pakistan reduced LNG demand by 16% last year. The report noted that existing contractors could not increase LNG supplies, so these countries may have to meet their LNG demand from volatile spot markets for the foreseeable future.
Clean energy will reduce our fiscal burden
Bangladesh’s energy and power sectors continue to experience the pinch due to its reliance on expensive imported liquefied natural gas (LNG), coal and oil. This is increasing the country’s fiscal burden, eventually prompting the government to pass the cost on to the consumers. For instance, amid the high fossil fuel costs, the government raised the price of electricity twice in a span of 20 days in January 2023. Between these electricity price hikes, the government increased gas prices from 14 percent to 179 percent for different sectors.
Ramping up clean energy will help Bangladesh reduce its reliance on imported fossil fuels
The rapidly rising average cost of electricity generation in the country makes a compelling economic case for Bangladesh to enhance deflationary renewable energy at the grid scale. While enhancing the share of renewable energy and optimising energy consumption through energy efficiency sound ambitious, these are achievable with proper action plans.