Norway to invest in renewable energy in Bangladesh
Business Desk :
The Norwegian Investment Fund for Developing Countries (Norfund) will invest around $1 billion (NOK 10 billion) in the renewable energy sector of eight countries, including Bangladesh.
The announcement came at a seminar titled “Investing in Our Planet: Introducing the Norfund Climate Investment Fund” arranged jointly by the Royal Norwegian Embassy in Dhaka and the Nordic Chamber of Commerce and Industry (NCCI) in Bangladesh on Monday.
The Climate Investment Fund (CIF) managed by Norfund, marks a significant step in Norway’s commitment to global energy transition, read a press release.
The CIF, with an allocation of 10 billion NOK (Norwegian Krone) from 2022 to 2027, is dedicated to invest in renewable energy and low-carbon technologies in developing countries with significant emissions from coal and other fossil fuel power production. Among them, Bangladesh holds a prominent position.
The fund is targeted to invest in a wide range of renewable energy projects, including large-scale endeavors like solar power plants and wind farms, as well as smaller opportunities such as rooftop solar installations.
Additionally, the CIF supports enabling technologies with substantial climate impact, such as energy storage and transmission infrastructure.
The event shed light on Bangladesh’s green energy transition including increased investments in renewable energy, the development of conducive policies to facilitate green energy investments, the removal of fiscal barriers to renewable energy accessories, and collaboration with development partners for technical and financial support to accelerate the transition.
Speaking as the chief guest Saber Hossain Chowdhury, the special envoy to the Prime Minister for Climate Change and Chairperson, said Bangladesh is one of the most climate vulnerable countries in the world and climate change impact is causing the country to lose 2 per cent of its gross domestic product.
“Bangladesh is not only in need of investments in tackling climate impacts but also requires technical assistance in building knowledge and capacity and The Nofund Climate Investment Fund can be a great facilitator,” he said.
