Private investment remains crucial to our continued economic progress
With Bangladesh’s ever increasing population, experts have said that we need to generate 60,000MW of electricity by 2041. Currently, Bangladesh has a power generation capacity of 18,000MW.
This means that, moving forward, we need to focus on two things when it comes to power: Efficiency and sustainability.
As the prime minister’s adviser on power, energy, and mineral resources has suggested, getting the private sector involved is the right idea.
Private investment remains crucial to our continued economic progress, and welcoming it into the power sector would go a long way towards not only increasing our capacity to produce power, but also ensure that the most advanced technologies to generate power are imported for maximum efficiency.
As Bangladesh’s vulnerability towards the effects of climate change increases, this would enable investors to diversify, focusing on bringing in technology which shuns the use of non-renewable energy, such as from fossil fuels.
It is imperative that we shift our focus towards sustainable sources of energy -- such as wind and solar -- and the private sector, to that end, can definitely play a significant role.
The evolution of the power sector is an essential component of Bangladesh’s journey towards developed nation status, and which path we take on this journey matters.
The introduction of net metering is one step towards incentivizing private sector investment, but a hardline stance on non-renewable sources, such as carbon taxes, and tax breaks for the use of green energy, would go a long way towards bringing about serious changes in Bangladesh’s power sector.