Envoy: Reliable, experienced financial partners key to facilitate developments in renewables

Ambassador of Norway to Bangladesh Espen Rikter-Svendsen on Monday said access to capital is so important to develop the renewable energy industry.

"Reliable and experienced financial partners are key to facilitate for further developments in renewable power generation," he said.

The ambassador also stressed on removing obstacles and create a dynamic business climate for renewable energy by improving governance and transparency, well-regulated markets and smart incentives that promote the right kind of investments, reads a press release. 

The Norwegian Embassy in Dhaka, in collaboration with Norfund and the Nordic Chamber of Commerce and Industry in Bangladesh (NCCI), hosted the seminar to introduce the Climate Investment Fund (CIF) to Bangladesh.

The event highlighted Norway's significant commitment to support the transition to renewable energy in Bangladesh.

The event shed light on Bangladesh's green energy transition including increased investments in renewable energy, the development of conducive policies to facilitate green energy investments, the removal of fiscal barriers to renewable energy accessories, and collaboration with development partners for technical and financial support to accelerate the transition.

Saber Hossain Chowdhury, MP, special envoy to the prime minister for climate change and chairperson, parliamentary standing committee on the Ministry of Environment, Forest and Climate Change spoke as the chief guest.

He said Bangladesh is one of the most climate vulnerable countries in the world and climate change impact is causing the country to lose 2% of its gross domestic product.

"Bangladesh is not only in need of investments in tackling climate impacts but also required technical assistance in building knowledge and capacity and The Nofund Climate Investment Fund can be a great facilitator," Saber said.

In his welcome remarks, NCCI President Tahrin Aman said Bangladesh's energy and power sector is in the midst of a profound transition, shifting from traditional fossil fuels to renewable energy sources.

"This transition is not merely a change in our energy sources; it is a testament to our determination to build a sustainable and resilient future," he said. 

"Mujib Climate Prosperity Plan reflects our nation's unwavering commitment to a green, prosperous, and sustainable future,” he added. 

The NCCI president further said: “Over the years, various stakeholders, including NGOs, think tanks, financial institutions, the private sector, and energy experts have been relentless in their efforts to push the green energy agenda.”

“Their dedication, their passion, and their collective vision are the driving force behind our transition to green energy,” he added.

The Climate Investment Fund (CIF) managed by Norfund, marks a "significant step" in Norway's commitment to global energy transition.

The CIF, with an allocation of $912.89 million (NOK 10 billion) from 2022 to 2027, is dedicated to invest in renewable energy and low-carbon technologies in developing countries with significant emissions from coal and other fossil fuel power production. Among them, Bangladesh holds a prominent position.

The fund is targeted to invest in a wide range of renewable energy projects, including large-scale endeavors like solar power plants and wind farms, as well as smaller opportunities such as rooftop solar installations.

Additionally, the CIF supports enabling technologies with substantial climate impact, such as energy storage and transmission infrastructure.

The seminar served as a platform to introduce the Climate Investment Fund and Norfund's role in advancing renewable energy in Bangladesh.

It brought together key stakeholders, including government officials, industry experts, investors, and thought leaders, to explore opportunities for collaboration and investment in the green energy transition.

Bangladesh's energy and power sector is undergoing a transformative shift from traditional fossil fuels to renewable energy sources.