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Source: IEEFA

How much Bangladesh needs annually to reach its 2041 target

The country wants to increase its renewable energy capacity to 40%, IEEFA said. 

Bangladesh will need between US$1.53b to US$1.71b annually from 2024 to 2041 to reach its 40% renewable energy capacity target, an analyst estimated. 

In a report, the Institute for Energy Economics and Financial Analysis (IEEFA) noted that this is less than the power sector’s fiscal year 2021-22 subsidy burden. 

“Bangladesh’s electricity generation model appears unsustainable without a clear transition pathway. Therefore, policymakers should raise their renewable energy targets and reflect the same in the upcoming Integrated Energy and Power Master Plan (IEPMP),” author Shafiqul Alam, Energy Finance Analyst, IEEFA, said.

“The government should also translate the renewable energy policy target into a year-wise action plan backed by a monitoring mechanism to track progress.” 

Read more: Cleaner energy could save Bangladesh from the cost of gas imports

The report finds that high prices of fossil fuels and resultant increased power generation costs have led to a surge in the subsidy required by the country’s power sector. 

For FY2021-22, the subsidy reached Bangladeshi Taka (Tk) 297b (US$2.82b), nearly 152% higher than FY2020-21 and a whopping 301% higher than FY2019-20.

 

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