Increasing renewable energy production essential for a stable economy

THE government is trying to deal with the current fuel situation in the country by importing energy products from various sources due to the ongoing Middle East incident.

Therefore, reducing the pressure on imported fossil fuels and giving more importance to renewable energy sources has gradually become the focus of everyone’s attention.

A recent research report carried out by the Change Initiative, if renewable energy infrastructure can be developed on the roofs of industrial plants or in various open water bodies, then more than 10,000 megawatts of electricity can be generated.

But unless the issue is given importance at the policy-making level, such a proposal will remain on paper.

According to the report, the renewable energy will also help contribute achieve inclusive economic growth, create new jobs, and remove poverty alleviation.

By all accounts, renewable energy is currently the most affordable source of electricity in most parts of the world. In Bangladesh, there are often some excellent plans on paper regarding this issue, but the slow pace of implementation and the statistics on implementation are disappointing.

Due to its geo-natural diversity, there is potential to mainstream renewable energy sources in the country. According to the latest government and international studies for the fiscal year 2025-26, Bangladesh is generating only 1,696 megawatts of electricity from renewable energy.

This is only around 5-6 percent of our total generation capacity. The majority of it is coming from solar home systems and small-scale solar parks. This achievement is insignificant compared to the global trend.

The question is, why is Bangladesh lagging behind in generating electricity through renewable energy despite the potential? There are some practical and policy reasons for this. Due to the high density of agricultural land in the country, it is not easy to set up industrial-scale solar parks.

Besides, bureaucratic complexity and a lack of grid modernization discourage investors from investing in renewable energy.

There are many examples of countries with economies of similar size to Bangladesh in sustainably meeting electricity demand using renewable energy. In this regard, the examples of countries like India, Vietnam, and Kenya are more consistent.

It is possible to generate 4,000 megawatts by using 40 million square feet of roof space in the ready-made garment sector. Here too, the cost of the factory can be reduced through ‘net metering’.

However, the country is still far from the mathematical target of achieving self-reliance in renewable energy production. Policymakers must pay close attention to this right now for the sake of the country’s economic survival.