The Advisory Council has approved the draft of the Renewable Energy Policy 2025, which sets a target for electricity generation from renewable energy sources.
The Cabinet Division confirmed that the final draft was approved at a meeting of the Advisory Council at the office of Chief Adviser Dr Muhammad Yunus in Tejgaon on Tuesday.
According to the Cabinet Division, the draft policy includes provisions for the development of renewable energy technology in the country, enhancing the local manufacturing capacity of renewable energy equipment, the possible use of battery energy storage systems to integrate diverse renewable energy sources into the national grid, competitive electricity trading, and the introduction of various investment incentives and financial stimuli to attract investors.
The draft policy was formulated with the goal of meeting 20% of the country’s total electricity demand from renewable sources by 2030, and 30% by 2040.
The meeting also decided to cancel the formation of the company Bangladesh Energy Port Limited, a joint venture of Beximco and Toma Group in Banshkhali, Chittagong, as two floating LNG terminals have already been established in Moheshkhali, Cox’s Bazar, and the installation of another floating terminal and a land-based LNG terminal in Matarbari is underway.
In addition, the Advisory Council approved a proposal to declare locally produced raw cotton as an agricultural product.
