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HomeEventsPanel Discussion On: "The Green Revolution: Exploring Investment Avenues in Renewable Energy and Energy...

Panel Discussion On: “The Green Revolution: Exploring Investment Avenues in Renewable Energy and Energy Efficiency for Bangladesh”

The solar energy sector in Bangladesh has the potential to create jobs and stimulate economic growth. From manufacturing and installation to operation and maintenance, solar projects generate employment opportunities across the value chain, contributing to poverty reduction and socioeconomic development.

Panel Discussion On The Green Revolution Exploring Investment Avenues in Renewable Energy

Speakers at a Panel Discussion On: “The Green Revolution: Exploring Investment Avenues in Renewable Energy and Energy Efficiency for Bangladesh” on behalf two daylong 24th National Renewable Energy Conference and Green Expo 2024.

The 24th session of the National Renewable Energy Conference and Green Expo was jointly organised by the Dhaka University Institute of Energy and the Green Tech Foundation, with support from USAID, SREDA, IDCOL, and BSREA.

At the panel discussion Mr. Shafiqul Alam, Lead energy analyst at IEEFA was the keynote speaker and welcome speech by Shayan Shafi, Energy team leader, USAID Bangladesh. This session was moderated by Abdel Kader Ed ElRahal, Chief of the party of the USAID-Bangladesh advancing development and growth through energy(BADGE) Project.

Exploring Investment Avenues in Renewable Energy Solaric

The panel speakers were Mohammad Hossain, DG, Power Cell, Ministry of Power, Energy and Mineral Resources; Nirod Chandra Mondal, Joint Secretary, Renewable Energy, Power Division; Mr Enamul Karim, Head of Renewable Energy Infrastructure Development Company Limited (IDCOL);. Mr. Siddique Zobair.

Former Member, SREDA Expert on Energy, Environment, and Climate Change; M Rafiqul Islam, Managing Director, Teesta Solar Limited, BEXIMCO Group; Engr. Naznin Akhter. Director, Business Development, Solaric Group.

The conference was delved into the opportunities presented by global climate investment and funding, emphasizing how these can be harnessed to boost the development of renewable energy in Bangladesh.

This focus is vital as Bangladesh seeks to enhance its energy security, reduce carbon emissions, and foster economic growth through sustainable practices

The key objectives of the panel session were: to highlight financial mechanisms, foster collaboration, showcase innovations and promote policy dialogue

In the discussion, Moderator asked a question to Engr. Naznin Akhter. Director, Business Development, Solaric Group.

What are some of the biggest challenges you see for businesses looking to invest in solar energy in Bangladesh?

Engr. Naznin Akhter: These barriers include the awareness level of consumers, the presence of high import duties on equipment, the cap on rooftop solar system capacity, financiers’ risk averseness, service providers’ risks, lack of business models for utilities, fiscal conditions, capacity level of major stakeholders.  

  1. Access to Financing: Accessing to affordable financing for solar projects is the most difficult part.
  2. Regulatory – There are issues related to regulatory like –the cap on rooftop solar system capacity under Net Metering policy, The presence of high import duties on solar component
  3. Business Case and Awareness: There is lack of representation of successful business case and awareness among industries about the benefits of solar energy and its long-term cost savings.
  • Technology for ESS : Solar energy generation is intermittent and depends on weather conditions. Businesses need to invest in storage solutions like batteries to ensure a reliable power supply, which adds to the overall cost of the project
  • What exciting opportunities do you see emerging in the Bangladeshi market for solar energy solutions

Engr. Naznin Akhter: Technology & Innovation drive to Cheapest: Industry: Rooftop solar also appears to make more financial sense for industrial and commercial consumers. The levelised cost of energy (LCOE) from rooftop solar stands at Bangladeshi Taka (Tk) 5/kilowatt hour  against the electricity tariffs of Tk9.9/kWh for industrial and commercial buildings,

This is at a time when the average electricity generation cost of the Bangladesh Power Development Board (BPDB)  Tk12-14 /kWh 

B. Investment: We all knows the Gov road map and focus of renewable energy that stimulating the investment and funding channels consistently in renewable energy, including local resources and international sources. Multilateral agencies, climate funds, green finance and incentives.

Bangladesh Bank- Sreup Fund- Program to Support Safety Retrofits and Environmental Upgrades in the Bangladeshi Ready Made Garment (RMG) Sector Project (SREUP)

The electricity sector transition to renewable energy would free up financial resources, which otherwise end up as subsidy payments, and enhance the

C. The solar energy sector in Bangladesh has the potential to create jobs and stimulate economic growth. From manufacturing and installation to operation and maintenance, solar projects generate employment opportunities across the value chain, contributing to poverty reduction and socioeconomic development.

D Public Awareness and Stakeholder Engagement

Public-private collaboration is essential for raising awareness about the benefits of renewable energy and engaging stakeholders, including policymakers, businesses, civil society organizations, and the general public.

Joint communication campaigns, workshops, and outreach activities can promote understanding, build support, and foster a culture of sustainability and renewable energy adoption. These partnerships facilitate knowledge sharing, capacity building, and resource mobilization for sustainable solar energy projects.

E. ICapacity Building

By leveraging these collaborative models, Bangladesh can harness the combined resources, expertise, and innovation of the public and private sectors to accelerate the transition towards a more sustainable and resilient energy system based on renewable energy sources.

In the session the panel members talked on Policy and Regulation, Grid Integration Challenges, Investment Climate, Local Capacity Building, Financing Challenges, Risk Mitigation Strategies, Technological Considerations, Social and Environmental Impact, Private Sector Perspective, Project Development Strategies and many burning issues

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