Sunday, 29 January, 2023

Agreement with ACWA Power

Big step to green energy goal

Big step to green energy goal

At the COP27, UN Secretary-General António Guterres said, “To have any hope of keeping to 1.5, we need to massively invest in renewables and end our addiction to fossil fuels.” It is actually the target all countries across the globe are working to achieve. Being among the most vulnerable countries to climate change, Bangladesh has little scope but to go for renewable energy sources. The progress in this regard was not satisfactory in the last decade, but the situation must have to change in the 2020s. And keeping it on the basis, Bangladesh Power Development Board (BPDB) signed a non-binding memorandum of understanding with Saudi ACWA Power to set up a series of solar power projects in Bangladesh, which is definitely a big initiative for achieving the government’s renewable energy goals by 2030.

The signing of the MoU came at a time when a decision was adopted at COP27 climate conference this month to create a climate change fund on loss and damage. As per the agreement, ACWA Power will provide funds and technology for setting up the power projects and BPDB will provide administrative support to the projects. Now the country is expected to get a major chunk to expand its renewable energy capacity as the middle-eastern company has reportedly shown interest in setting up solar power projects having a combined capacity of generating 1000 megawatts of electricity. The investment is expected to help Bangladesh’s plan to expand clean energy in 2041.

Among all other renewable energy sources, solar energy undoubtedly has the biggest prospect because of the geographical location of Bangladesh. Bangladesh receives a daily solar radiation intake of about 4 to 6.5 kWh/m. This expectation is turning out to be true with local and foreign investments, among which the ACWA Power agreement is the latest. True enough that a large portion of the Solar PV Home Systems is lying idle just because of the extension of rural electrification network through the expansion of the grid. So, the government must take steps to explore new and innovative ways of harnessing renewable energy.