Push to embrace electric vehicles

Speakers at a virtual event in the city have called for adoption of Electric Vehicles (EV), saying that EVs are cost-efficient and greener compared to the fossil fuel-run ICE vehicles.

Noting that EVs are environment friendly as those are totally or partially fueled with electricity, they asserted that the EVs are often considered to be the most sustainable form of motorised transportation.

On the other hand, they said, the Internal Combustion Engine or ICE runs on fossil fuels, including gasoline that heats the internal combustion engine of the vehicle which contaminates atmosphere.

From an economic standpoint, the EVs and hybrid vehicles also provide cost savings as an incentive over the traditional fossil fuel vehicles, said the speakers.

In the context of Bangladesh, EVs hold an answer to solving the power overcapacity conundrum, which can be mitigated through the adoption of electric and hybrid vehicles, they reasoned.

According to the Bangladesh Power Development Board, only 40 per cent of the power generation capacity is currently being utilised in the country, they noted.

"Introducing EVs and hybrid vehicles in the country can reduce pressure on fossil fuel demand while raising little cost in power generation," they mentioned while addressing the programme titled "Pioneer EV Businesses in Bangladesh" on Thursday, says a press release.

The event was organised aiming to creating awareness and promoting the pioneering EV-adoption cases in the country.

LightCastle Partners, a business consulting firm in the country, and Ricardo, a global strategic consulting firm, jointly arranged the event, which was conducted from LightCastle's Gulshan office.

Moderated by Mehad ul Haque, Project Manager & Senior Business Consultant of LightCastle Partners, the event was part of the UK government-funded "Road to a Green Bangladesh" project, which is surveying the local uptake of EV in the current circumstances.

Mate Antosik, Programme Coordinator at Ricardo, shared the overview of the programme.

While giving welcome remarks and keynote presentation, Ivdad Ahmed Khan Mojlish, Co-founder and Managing Director of LightCastle Partners, stated, "We have been seeing the emergence of electric vehicles not just in European countries but in Asia too. We are hoping that Bangladesh will soon join this green revolution."

Dr. Fahreen Hannan, Founder, Dhaka Cast, Jakirul Islam, Senior Vice President, Bank Asia, and Syed Saif (founder and CEO, Lily, were also present and spoke.

The event was told that a total of 30 Micro Small and Medium Enterprises (MSMEs) case studies were conducted to survey the potential of EV business in Bangladesh to specifically point out the challenges, prospects, and risks in implementing the EV business model in a country like Bangladesh.

Five prospective startups-Advanced Dynamics, JoBike, DhakaCast, Lily, and SOLshare-presented their interest and future plans as well as the possibility and benefits of nationwide EV implementation.