BB mulls creating fund to finance carbon trading
Friday, 11 December 2009
FE Report
Bangladesh Bank Governor Atiur Rahman said the central bank is contemplating on creating a fund to finance carbon trading and asked the commercials banks to support carbon emission trapping projects in order to benefit from the credits of the developed countries.
"The central bank is working on bringing necessary changes in its policy to create the carbon trading refinance scheme," he said.
The governor was addressing a contract signing ceremony organised by the Eastern Bank Ltd (EBL) and Rahimafrooz Renewable Energy Ltd (RREL) to set up the country's first ever solar panel assembly plant on Thursday.
RREL will set up a 12 megawatt PV solar panel assembly plant in Savar availing the central bank's Tk 2.0 billion refinance scheme earlier set up to support solar energy, bio-gas and effluent treatment projects.
The central bank will provide refinancing of Tk 290 million loaned to RRFL by EBL.
Niaz Rahim, RREL chairman and Ali Reza Iftekhar, EBL managing director and chief executive officer, signed the agreement on behalf of their respective organisations. Among others,
Afrooz Rahim, Rahim- frooz group chairman, Feroz Rahim, Rahimafrooz Group managing director and Fakhrul Alam, deputy managing director were present.
Addressing the ceremony as chief guest, the governor said Bangladesh Bank will strengthen its monitoring system of the financial and non-financial institutions giving priority on environment and asked the banks to prepare their corporate social responsibility report giving focus on it.
Praising the efforts of setting up the country's first ever PV solar panel assembly plant, Dr Atiur said this kind of business initiative can bring revolution in the country by helping to light up the lives of the people at all corners.
"Where electricity is reached, lots of working opportunities are created and social justice is ensured," said the central bank governor.
He said RREL's new plant would be helpful to get the locally assembled solar panel at an economical cost and deliver the renewable energy solution to every corner of the country.
Niaz Rahim highlighted various successes of the more than 50 years old Rahimafrooz Group particularly on renewable energy and said the new initiative has created scope to expose the country from another dimension.
He said the domestic solar panel assembly plant will help develop human resources equipped with high tech knowledge and bring specialised technology into the country.
"This initiative will not only save foreign currency but also help earn carbon emission reduction credit of 1.0 million tons annually worth more than US$15 million from the developed world," said the RREL chairman.
Mr Iftekhar said the EBL invites new initiatives and gives priority on the business opportunities which reduce pollution. "Tremendous opportunities are there to protect the environment," he said citing the on-going Copenhagen conference on climate change that showed Bangladesh can trade 40,000 tons CER, carbon emission reduction by trapping green gas from the brick kilns.
Feroz Rahim said more than 0.3 million rural houses have already been lightened up with solar panels which have so far totally been import depended and hoped that millions of solar homes will be set up with the opening up of the Rahimafrooz's new assembly plant.
RREL has so far supplied more than 5.0 MW power of solar system in the country including single largest solar power solution to the Prime Minister's office. It has also been awarded a contract to set up the central bank's solar system.
Bangladesh Bank Governor Atiur Rahman said the central bank is contemplating on creating a fund to finance carbon trading and asked the commercials banks to support carbon emission trapping projects in order to benefit from the credits of the developed countries.
"The central bank is working on bringing necessary changes in its policy to create the carbon trading refinance scheme," he said.
The governor was addressing a contract signing ceremony organised by the Eastern Bank Ltd (EBL) and Rahimafrooz Renewable Energy Ltd (RREL) to set up the country's first ever solar panel assembly plant on Thursday.
RREL will set up a 12 megawatt PV solar panel assembly plant in Savar availing the central bank's Tk 2.0 billion refinance scheme earlier set up to support solar energy, bio-gas and effluent treatment projects.
The central bank will provide refinancing of Tk 290 million loaned to RRFL by EBL.
Niaz Rahim, RREL chairman and Ali Reza Iftekhar, EBL managing director and chief executive officer, signed the agreement on behalf of their respective organisations. Among others,
Afrooz Rahim, Rahim- frooz group chairman, Feroz Rahim, Rahimafrooz Group managing director and Fakhrul Alam, deputy managing director were present.
Addressing the ceremony as chief guest, the governor said Bangladesh Bank will strengthen its monitoring system of the financial and non-financial institutions giving priority on environment and asked the banks to prepare their corporate social responsibility report giving focus on it.
Praising the efforts of setting up the country's first ever PV solar panel assembly plant, Dr Atiur said this kind of business initiative can bring revolution in the country by helping to light up the lives of the people at all corners.
"Where electricity is reached, lots of working opportunities are created and social justice is ensured," said the central bank governor.
He said RREL's new plant would be helpful to get the locally assembled solar panel at an economical cost and deliver the renewable energy solution to every corner of the country.
Niaz Rahim highlighted various successes of the more than 50 years old Rahimafrooz Group particularly on renewable energy and said the new initiative has created scope to expose the country from another dimension.
He said the domestic solar panel assembly plant will help develop human resources equipped with high tech knowledge and bring specialised technology into the country.
"This initiative will not only save foreign currency but also help earn carbon emission reduction credit of 1.0 million tons annually worth more than US$15 million from the developed world," said the RREL chairman.
Mr Iftekhar said the EBL invites new initiatives and gives priority on the business opportunities which reduce pollution. "Tremendous opportunities are there to protect the environment," he said citing the on-going Copenhagen conference on climate change that showed Bangladesh can trade 40,000 tons CER, carbon emission reduction by trapping green gas from the brick kilns.
Feroz Rahim said more than 0.3 million rural houses have already been lightened up with solar panels which have so far totally been import depended and hoped that millions of solar homes will be set up with the opening up of the Rahimafrooz's new assembly plant.
RREL has so far supplied more than 5.0 MW power of solar system in the country including single largest solar power solution to the Prime Minister's office. It has also been awarded a contract to set up the central bank's solar system.