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Mannan for gradual shifting to green energy

  • Staff Correspondent
  • 3 November, 2021 12:00 AM
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Mannan for gradual shifting to green energy

Bangladesh has long been using fossil fuel for sake of development, but time has come to shun fossil fuel specially coal as concern for climate change is rife globally, Planning Minister MA Mannan said on Tuesday. 

“Bangladesh had to use fossil fuel for sake of development. We’ve to come out of fossil fuel as there are widespread discussions across the globe about climate change largely blaming fossil fuel,” the planning minister stated.

“We must come out of using coal as energy source, otherwise we will be alienated globally. If the whole world shifts from coal, then we won’t be able to use coal,” he added.

He was speaking an online Energy & Power (EP) talks on Energy Efficiency Financing, jointly organised by Sustainable and Renewable Energy Development Authority (SREDA) and GIZ. 

Apart from gradual shift to green energy, Mannan also put emphasis on enhancing energy efficiency to overcome manmade climate adversities. 

Referring to strong stance of Prime Minister Sheikh Hasina about green energy, he called upon all to work more on the environment-friendly energy sources.

SREDA and Infrastructure Development Company Ltd (IDCOL) are playing important role in the field of energy efficiency, but there is allegation for high interest rate on their financing, he pointed out.

He also hoped to come out of allegations for high price of energy efficient equipment and stringent conditions tagged with the financing.  

IDCOL’s chief investment officer Nazmul Haque presented keynote paper at the event.

Nazmul argued that investment on energy efficiency will yield profits for three parties—the institution achieving energy efficiency, the country with lower carbon emission and above all the world.

Citing high demand for energy efficiency financing, he informed that IDCOL’s target of loan distribution from JICA’s financing could be achieved in only three years whereas it had been thought that it might take 10 years.

Currently, IDCOL is working on second phase of the scheme, he said, adding that although large industries are the recipients of energy efficiency financing, SMEs are not getting the money.

SREDA member (Energy Efficiency and Conservation) Farhana Mamtaz, general manager of sustainable finance department of Bangladesh Bank Khondkar Morshed Millat, among others, spoke at the virtual event.