Give importance on harnessing renewable energy sources

In light of the analysis conducted by the South Asian Network on Economic Modeling (Sanem), it becomes glaringly evident that Bangladesh is lagging significantly behind its neighbouring countries when it comes to harnessing renewable energy sources.

This revelation raises several important concerns and prompts us to reevaluate our national energy strategy.

First and foremost, the statistics paint a stark picture of Bangladesh’s overreliance on conventional fossil fuels, particularly liquefied natural gas (LNG).

With renewable energy accounting for a mere 1.90 per cent of our total power generation capacity, compared to Pakistan’s 6.8 per cent, Sri Lanka’s impressive 22.22 per cent, and India’s remarkable 30.2 per cent, it’s clear that we are falling behind in the global shift towards sustainable energy solutions.

One key driver behind this alarming trend is the government’s prioritisation of LNG and other fossil fuels as a means to meet our energy demands.

While this approach might offer short-term relief, it comes at a significant long-term cost.

By 2030, Bangladesh could save a substantial $39.6 billion, equivalent to 9.17 per cent of its GDP, by transitioning to alternative, renewable energy sources.

This should serve as a wake-up call, urging our policymakers to reconsider their energy priorities.

Moreover, it’s concerning to note that the government appears to be profiting disproportionately from this overreliance on fossil fuels.

The absence of a strong and independent regulatory body in the energy sector leaves room for predatory practices and raises questions about transparency and accountability.

Perhaps the most glaring oversight is the neglect of Bangladesh’s abundant renewable energy potential.

We have been gifted with ample sunlight, a resource that is a prime candidate for solar power generation.

It is high time that we leverage this natural asset and invest in solar infrastructure on a grand scale.

It’s essential to recognise that the government’s reliance on LNG imports isn’t without merit, as it plays a role in supporting industrial growth.

However, it should not come at the expense of sustainable, homegrown energy solutions.

A balanced approach is needed that integrates renewable energy into our energy mix without compromising industrial progress.