Renewable energy will save 5,000 MW of power: Sabre

DHAKA, June 1, 2024 (BSS) – Minister for Environment, Forests and Climate Change Saber Hossain Chowdhury today said that converting the country’s agricultural irrigation pumps to renewable energy will save 5,000 megawatts of electricity.

According to a press release, the minister made these remarks during the second lecture on renewable energy financing in Dhaka organized by Change Initiative at the Bangabandhu Military Museum in the capital.

In a bid to combat climate change and promote sustainable development, the government has committed to increasing the production and use of renewable energy, he said.

He added that as part of the implementation of a green, clean and climate-resilient economy, the government is working to reduce dependence on coal for electricity production and encourage the use of renewable energy.

Due to limited land availability, initiatives are being taken to install floating solar panels on ponds or reservoirs to breed fish underneath or place solar panels on rooftops, the minister said.

The minister further said: “We encourage the private sector to invest in renewable energy projects. The government has set itself the goal of producing 40 percent by 2041. our electricity from renewable sources. This goal is crucial to ensuring energy security, economic growth, and environmental sustainability.”

Stressing the need for all sectors of society to work together to achieve this vision, Saber said investment in renewable energy infrastructure and technologies, including solar, wind, biomass and hydropower, is essential.

“To attract domestic and international investors, we need to create an enabling environment that offers financial incentives and transparency,” he added.

The minister said that renewable energy not only reduces carbon emissions, but also creates jobs, improves public health and improves the quality of life.

He emphasized the importance of innovative financial instruments in this transformation, such as green bonds, climate funds and public-private partnerships.

He said: “We expect grants, not loans, from developed countries. The role of research and development in this sector is extremely significant. By building strong partnerships and taking bold steps, we can make renewable energy a cornerstone of our country’s progress and prosperity.”

Abdulla Ali Abdulla Khaseif AlHmoudi, Ambassador Extraordinary and Plenipotentiary of the UAE to Bangladesh; Dr Md Mustafizur Rahman, Member (Secretary), Planning Commission, Department of Industry and Energy; Munira Sultana, Chairperson, Sustainable Renewable Energy Development Authority (SREDA); Mamun Rashid Chairman of Financial Excellence; Professor AK Enamul Haque, Dean of the Faculty of Business and Economics, East West University, and Zakir Hossain Khan, CEO of Change Initiative, also spoke on the occasion.

The keynote address was delivered by Zain Moulvi, Research Director, Alternative Law Collective.