Adviser Dr Muhammad Fouzul Kabir Khan and BB Governor Dr Ahsan H Mansur participated in a high-level roundtable discussion hosted by Standard Chartered Bank in Dhaka today. Photo: Standard Chartered Bank

DHAKA, Jan 29, 2025 (BSS) - Key stakeholders from the government, private sector and financial institutions called for policy reforms, innovative financing and unlocking investments to accelerate the nation's energy transition.

They convened it at a high-level roundtable discussion hosted by Standard Chartered Bank to address challenges and opportunities in accelerating renewable energy adoption in Bangladesh.

Power, Energy and Mineral Resources Adviser Dr Muhammad Fouzul Kabir Khan said, "Bangladesh is moving from subsidies and inefficiencies to a new era of transparency and accountability in energy-a transformation necessary to power our future sustainably."

Bangladesh, he said, requires an estimated $3.5 to $4 billion annually in transition finance to achieve net zero by 2050.

Bangladesh Bank Governor Dr Ahsan H Mansur said, "Renewable energy is undoubtedly the way forward for Bangladesh, but the path to sustainability must be rooted in financial viability and structural reform".

He said a policy is needed to reduce costs and a collaborative approach to overcome challenges. With engaging international partners Bangladesh can build a sustainable energy sector that benefits both investors and consumers alike, he added.

CEO of Standard Chartered Bangladesh Naser Ezaz Bijoy said, "We all recognize the need to fast-track the transition. Standard Chartered's Opportunity 2030 report highlights a staggering $74 billion in private investment needed in Bangladesh's power sector to ensure affordable and sustainable energy for all."

John Murton, Senior Sustainability Advisor, Standard Chartered, said, "Standard Chartered is committed to mobilizing sustainable finance that delivers impact. We are leveraging our expertise in blended finance, carbon markets, and green bonds to unlock private investment in renewable energy."

Farzana Mamtaz, Secretary, Power Division; Chen Shaolei, Managing Director, HDFC Sinpower Limited; Hironori Yamanaka, Country Manager, Sumitomo Corporation; Arif Khan, Director, Spectra Solar Park Ltd.; Engr. Nurul Aktar, President, Bangladesh Sustainable and Renewable Energy Association (BSREA); Alamgir Morshed, Executive Director and CEO, Infrastructure Development Company Limited (IDCOL); Tareq Refat Ullah Khan, Deputy Managing Director and Head of Corporate Banking, BRAC Bank; Mashrur Arefin, Managing Director and CEO, City Bank; Kazi Farhan Zahir, Senior Country Officer, International Finance Corporation (IFC); Mashiur Rahman, Energy Specialist, Asian Development Bank (ADB); Md Rezaul Karim, Chairman, Bangladesh Power Development Board; Dr Khandker Md Abdul Hye, Chairman, Sustainable and Renewable Energy Development Authority (SREDA); Mollah Amzad, Editor, Energy & Power Magazine; Shakhawat Hossain, Group Chairman , Paramount Group; Moinuddin Hasan Rashid, Chairman & Managing Director, United Group; Rahat Bin Kamal, General Manager & Head of New Business, United Group; Rajib Paul, Managing Director , Sungrow Renewables Development BD Ltd; Mahtab Osmani, Executive Director, Large Corporates, Standard Chartered Bank; Ganesh Krishnaswamy, Executive Director, IDFG, South Asia, Standard Chartered; and, Enamul Huque, Head of Corporate Coverage, Standard Chartered Bank, joined the discussion.

The participants emphasized the need for collaboration and strategic reforms to meet these ambitious goals.

Policymakers shared that the government is advancing a Merchant Power Policy to enable direct electricity sales between producers and consumers, expanding Net Metering to include single-phase and high-voltage customers, and developing Solar Parks with land and evacuation facilities to reduce investor risk. Private sector emphasized that Power Purchase Agreements (PPAs), fair pricing, and robust dispute resolution frameworks will help build confidence.
 
Major recommendations from the workshop will be submitted to Bangladesh Bank and the Ministry to take those forward.