GT Voice: China leads Asia’s energy transformation

This photo taken on February 17, 2024 shows a 50-megawatt photovoltaic power plant built in China in Mymensingh district of Bangladesh. Photo: Xinhua

The Sirajganj Photovoltaic Power Plant, the largest solar project under construction in Bangladesh, has been connected to the power grid, Power Construction Corp of China announced on its official WeChat account on Saturday.

This is an important step for Bangladesh in developing renewable energy and highlights the positive role China can play in promoting the optimization of the regional energy mix and industrialization.

Bangladesh has long struggled with energy shortages, and its energy mix is ​​largely dependent on imported fuels such as oil and gas. This dependence makes the national economy vulnerable to fluctuations in global energy prices, increasing economic risks. Moreover, uncertainty in energy supplies has limited the sustainable development of Bangladesh’s industry and efforts at economic diversification.

In this context, the construction of photovoltaic power plants and other green energy sources is undoubtedly of great importance for the energy transformation and industrialization of Bangladesh.

Improving infrastructure, especially ensuring reliable electricity supply, is crucial for Bangladesh to deepen integration with the global industrial chain. Stable electricity supply is the basis for industrialization and modernization and plays a key role in attracting foreign investment and supporting industrial development.

As a key global player in renewable energy technology, China has achieved large-scale application of renewable energy in the domestic market, accumulating rich experience in technical research and development, equipment production and project implementation. China’s solar and wind power capacity has been the largest in the world in recent years, and Chinese companies have built many renewable energy projects around the world.

It is against this backdrop that China and Bangladesh have established broad cooperation in the field of renewable energy under the Belt and Road Initiative (BRI).

According to incomplete statistics, since Bangladesh joined the BRI, China has built 27 power projects, including photovoltaic, hydropower and wind power projects in Bangladesh. The capacity of power plants built with the participation of Chinese companies in Bangladesh exceeds 9,038 megawatts, accounting for about 35 percent of the country’s total installed capacity and providing a stable power supply guarantee for the rapid economic and social development of Bangladesh, according to media reports.

Indeed, Bangladesh is not the only economy in Asia that is pursuing renewable energy. With the accelerated pace of industrialization in Asia, especially in South Asia, rapid economic development has led to a sharp increase in energy demand.

However, the supply of traditional energy sources is often limited by resource constraints, environmental protection requirements and price fluctuations in international markets. The mismatch between supply and demand exacerbates the problem of energy shortages, posing a serious challenge to regional economic development.

Therefore, the development of renewable energy sources is a key and urgent issue in the region, as it helps solve the problem of energy shortages and facilitates the energy transformation.

South Asia, in particular, due to its unique geographical location and climatic conditions, is rich in renewable energy resources, which gives the region a natural advantage in the development of renewable energy.

Chinese companies are undertaking renewable energy projects in Asia, including hydropower, wind power and solar power. These projects have increased local power capacity and led to the development of related industries, creating jobs and improving local living standards.

In addition, China’s cooperation with other Asian countries in the field of renewable energy has greatly advanced regional cooperation. Using its technological achievements, China has lowered the cost of renewable energy while increasing its efficiency and reliability. These technological breakthroughs have been shared with other Asian countries through international partnerships, facilitating their transition to sustainable energy and supporting the development of industrial networks and regional economic integration.