Next 2 yrs critical for country’s energy sector: Nasrul Hamid
State Minister for Power, Energy and Mineral Resources Nasrul Hamid today said that the next two years would be critical for the energy and power sector of the country. He said the country needs to leapfrog during this time to fulfil the increasing demand and ensure energy security.
Renewables could pass coal as leading global power source next year
Renewable electricity generation could outpace coal as the world’s largest source of power as early as next year, according to a new report from the International Energy Agency (IEA). In its latest Electricity Market Report Update, the IEA cautioned that this historic moment would only come if weather conditions were favorable, but the prediction is the agency’s most ambitious to date.
Social Benefits of Clean Energy: Evidence from Bangladesh
We discovered that solar adoption is connected with increased income, expenditure, and asset value growth, as well as a significant decrease in kerosene expenditure compared to non-adopters. Other findings include that solar households tend to abandon sharecropping in favor of trading and poultry farming, and that children in solar households benefit in terms of schooling and nutrition.
Fossil fuel imports prove costly for Bangladesh
Bangladesh’s impressive growth has been powered by the expansion of its electricity supply, increasingly based on imported fossil fuels. Between 1991 and 2020, access to electricity grew from 14% of the population to 96%, and per capita GDP rose from 283 US dollars to USD 2,233.
Bangladesh Seeks $900M in Loans from ITFC for Energy Imports
Bangladesh Petroleum Corp. plans to borrow an additional $400 million in loans from Jeddah-based International Islamic Trade Finance Corp., or ITFC, to import energy products, according to a government document seen by Bloomberg News.
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.
