We are encouraged by the recent approval of $640 million in World Bank funding -- of which $350 million is dedicated to the Energy Sector Security Enhancement Project.
Addressing our nation’s chronic energy supply challenges is among the most important tasks that this and indeed future administrations must undertake. For a nation that is set to graduate from a least developed country next year, with our population not getting any smaller, it is imperative that our energy woes are not exacerbated.
Thus, this funding is not just about increasing the volume of gas available for Bangladesh to use but about securing our future economic growth and industrialization.
Gas remains the lifeblood of our power sector, accounting for over 42% of total consumption and fueling the majority of electricity generation. Yet, persistent gas shortages continue to disrupt our power supply, which ultimately results in hampering productivity and economic momentum.
For Bangladesh, energy security and development go hand in hand. Reliable and affordable electricity is non-negotiable for any nation but especially a developing one such as ours, essential for industries, businesses, and households alike.
As the economy aspires to move up the value chain and create more jobs, uninterrupted energy supply will be a foundation on which this is possible. This support, therefore, is timely and strategic, helping to cushion us against global energy price volatility while laying the groundwork for sustainable growth.
However, such funding is just a catalyst, and we must simultaneously find ways to accelerate reforms in energy efficiency, diversify our energy mix, and of course, invest in renewables to future-proof our energy landscape.
If we are to meet the demands of a dynamic, developing economy that simultaneously continues to have a growing population, we must ensure that energy shortages no longer stand in the way of our ambitions.
