Investing in Green Energy Could Be a Game Changer in Times of Crisis

At the turn of the 21st century, the world is going through an unprecedented energy crisis.

In the context of Bangladesh, this crisis is becoming more acute.

On the one hand, geopolitical instability and war have caused extreme instability in the fossil fuel market, and on the other hand, the terrible claws of climate change are crushing the economies of developing countries.

In such a context, it is as clear as day that over-reliance on the traditional energy system is not only an economic risk for Bangladesh but also an existential crisis.

Renewable energy has become a ray of hope in these dark times.

Oil prices are rising in the global market, tensions in the Middle East are ongoing, or the pressure on the dollar is increasing and its direct impact is on our homes, industry, agriculture, and the core economy.

According to the latest report of the International Energy Agency (IEA), the share of renewable energy in global electricity generation has exceeded 30 percent in 2024.

The country’s total electricity generation capacity is around 28,600 MW, but according to official data, renewable energy has reached around 1,690 MW by December 2025, which is only around 5 percent of the total electricity capacity.

Whatever, neighboring countries are using renewable energy as a blessing and are ahead in dealing with the energy crisis.

One of the biggest weaknesses of the economies of least developed countries like Bangladesh is their over-reliance on imported fossil fuels.

Whenever oil prices increase in the international market or the dollar exchange rate becomes unstable, the national budget becomes in a difficult situation.

Inflation skyrockets and the lives of the common people become unbearable.

The sharp reflection of which is noticeable today.

Therefore, there is no alternative to renewable energy to achieve energy sovereignty.

The production costs of solar panels and wind turbines have decreased significantly in the last decade.

Currently, in many cases, it is cheaper to install solar power plants than new coal-based power plants.

Once installed, there is no worry about energy costs for the next 20-25 years, which is a blessing for long-term economic planning.

It is very expensive to reach remote pastures or hilly areas outside the traditional grid.

But it is possible to reach electricity to every home through solar home systems or mini-grids.

This boosts the rural economy and reduces pressure on cities.

Investment in the renewable energy sector creates new types of employment opportunities.

The government will have to take various steps to ensure the greening effect.

The growing waste of cities must be converted into resources.

Recycling plants should be made mandatory in every city corporation.

To save land, solar panels can be installed high on agricultural land in such a way that cultivation is possible in a shaded environment. This is called agrivoltaics.

Therefore, smart grid technology must be introduced. It will automatically balance the demand and supply of electricity.

The corridor for importing hydropower from Nepal and Bhutan should be completed quickly.

If the government can successfully activate this corridor, Bangladesh will become a major hub for energy exchange in South Asia.

We have a shortage of land but a vast sea area. Offshore wind farms should be built in the coastal areas of the Bay of Bengal by utilizing the strong wind currents.

Developed countries are generating a large amount of electricity by installing wind turbines on the sea, which is a huge opportunity for Bangladesh.

If the government can ensure all these arrangements for renewable energy, then it is undoubtedly expected that the crisis will turn into prosperity in the near future.

(The writer is a Student, Eden
Mohila College Email:[email protected])