State minister for Ministry of Power, Energy and Mineral Resources Nasrul Hamid Monday said Bangladesh will require investment worth US$50 billion only for electricity generation by 2041.
The country will require further investment worth around US$65 billion in power transmission and distribution system, he said.
Mr Hamid disclosed this while delivering a keynote presentation during the concluding day of the two-day International Investment Summit on, "Power & Energy: Charge Ahead," in a city hotel.
A number of local and international business delegates and company heads of renowned firms took part in the session, chaired by Prime Minister's adviser Dr Tawfiq-e-Elahi Chowdhury.
In his keynote presentation Mr Hamid spelled out the government plan to focus more on clean and renewable energy sources for electricity generation in future as part of its de-carbonization effort.
It has set a target to reduce green house emissions by 49 per cent within 2031, he said.
The government has already scrapped 8,500 megawatt (MW) generating coal-fired power plants to protect environment, said Mr Hamid.
Steps have been taken to update power system master plan increasing the use of green technology and the government is encouraging the use of electric vehicle, he said.
Addressing on the occasion the Prime Minister's adviser underscored the necessity for the use of hydrogen as a new fossil fuel.
He also stressed for taking up a pilot project on the use of hydrogen.
Mr Chowdhury also stressed for fresh investments on carbon capture and storage.
Moderated by the president of Independent Power Producers' Association (BIPPA) Imran Karim, the event was addressed among others by head of the International Finance Corporation's (IFC) Asia Pacific Region on Infrastructure and Natural Resources Isabel Chatterton, country director of Asian Development Bank (ADB) Edimon Ginting, Chevron Bangladesh president Eric M Walker, Summit Group chairman Muhammed Aziz Khan and chief executive officer of Sembcorp South Asia Vipul Tuli.
Azizjst@yahoo.com