Energy transition, climate financing key to BD's prosperity: Rizwana

Bangladesh is revising its energy policies to transition from fossil fuel-based energy to renewables, advisor to the Ministry of Environment, Forest and Climate Change (MoEFCC) Syeda Rizwana Hasan said Tuesday.

She emphasised the critical importance of energy transitions and climate financing for Bangladesh's sustainable development during the discussion.

High import tariffs are being reconsidered, and foreign investments in solar energy are being encouraged in Bangladesh, she added.

Ms Hasan was speaking as the chief guest at the session titled "Pathways to tripling renewables in South Asia" during the ongoing world climate conference (COP29) in Baku, the capital of Azerbaijan.

Speaking on the occasion she said, "With air pollution largely driven by power plants, now is the ideal time for Bangladesh to invest in renewable energy."

The MoEFCC adviser also stressed on the necessity of increased roof-top solar projects in Bangladesh saying, "rooftop solar installations could meet up to 40 per cent of the nation's renewable energy needs, while underutilized lands, including tea estates and government-owned barren lands, can be leveraged for renewable energy projects."

Hydrocarbon is key to achieving renewable energy goals, she said adding, "Bangladesh is exploring regional hydropower opportunities from Nepal and Bhutan through India and is keen to establish a regional transmission system to integrate solar and wind energy efficiently."

She also sought assistance from the World Bank to establish a smooth South Asia power grid to ensure power trade in the region.

In a separate discussion she stressed the urgent need to close the emissions gap within this decade to limit global warming to 1.5°C.

Achieving this target requires a 43 per cent reduction in global greenhouse gas emissions by 2030 and 60 per cent by 2035 relative to 2019 levels, aiming for net-zero emissions by 2050, she added.

The discussion was held at the same venue in Baku titled, "Bilateral with LDC Ministers on Mitigation."

She also called for enhanced international cooperation and support for implementing conditional Nationally Determined Contributions (NDCs) of Least Developed Countries (LDCs).

The mitigation work Programme must facilitate the mobilization of financial resources and investments to meet these targets.

Global dialogues must unlock barriers to accessing climate finance. If emissions continue to rise, the cost of adaptation will surpass our capacity to respond, she warned.

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