The country indeed now stands at a crucial crossroads in its journey to energy sufficiency. Our newspaper on Tuesday reported that with an electricity demand of 17,800 MW and a current production capacity of 25,581 MW, the nation is grappling with an acute energy crisis largely driven by reliance on fossil fuels.
The recent announcement of tax exemptions for private investments in renewable energy presents a golden opportunity to pivot towards a more sustainable energy future.
We welcome this initiative taken by this interim government.
Experts have long highlighted the potential for renewable sources, particularly solar and wind energy, to meet the nation’s energy needs.
In this regard, a professor of Dhaka University who is also an energy expert aptly notes that Bangladesh possesses greater potential for renewable energy than many European nations, yet we lag behind in harnessing this resource.
The government’s initiative to reinstate tax exemptions for private investments in renewable energy is a step in the right direction, but it must be coupled with stronger governmental support to truly unlock this potential.
We all know that the environmental repercussions of fossil fuel dependency are dire.
Not only do these power plants contribute to climate change, but they also facilitate the misappropriation of national funds.
It is imperative that Bangladesh shifts its focus to cleaner, more sustainable energy sources to safeguard both the environment and public resources.
Therefore, the Power Division’s plans to establish additional solar power plants signal a positive shift.
The proposed increase from ten to potentially 40 solar projects, each with a capacity of 50 MW, could significantly bolster our renewable energy output.
However, this ambitious plan requires unwavering commitment and enthusiasm from the government, which has been sorely lacking thus far.
Despite the establishment of the Sustainable and Renewable Energy Development Authority (SREDA) in 2012, progress has been disappointingly slow.
To accelerate the transition to renewable energy, the government must actively engage with stakeholders, streamline processes for private investments, and foster a culture of innovation in the energy sector.
We must say Bangladesh has the potential to lead in renewable energy, but only if we prioritise it.
Hence, we urge the government to seize this moment to transform our energy landscape, ensuring a sustainable, secure, and prosperous future for all citizens.
The path is clear; it is time to invest in our planet and our people.