In a striking contrast to global trends, Bangladesh finds itself lagging in the renewable energy sector, as outlined in the latest International Energy Agency (IEA) report on Wednesday.
The report indicates that the world is on course to add over 5,500 gigawatts (GW) of renewable energy capacity between 2024 and 2030, bringing global renewable electricity generation to nearly half of total demand.
However, Bangladesh’s progress in adopting renewable technologies, particularly solar and wind, remains dismally low, according to the report.
The IEA’s `Renewables 2024′ report highlights that while solar photovoltaic (PV) technology is expected to account for a staggering 80% of global renewable capacity growth, countries in the Asia Pacific region, including Bangladesh, are struggling to keep pace.
By 2030, solar PV is projected to become the largest renewable generation technology, yet Bangladesh is anticipated to have a variable renewable energy (VRE) share of no more than 5% (Bangladesh’s renewable energy share in power generation stands at a mere 1.6%, according to 2022 data.), far behind its regional counterparts.
Dave Jones, Ember’s director of global insights said, “The renewables growth we’ve seen so far is just the start. There is twice as much renewable generation forecast to be added in the second half of this decade compared to the first half.
Policymakers are embracing solar and wind like never before, but they are still two steps behind the reality on the ground. The market can deliver on renewables, and now governments need to prioritize investing in storage, grids, and other forms of clean flexibility to enable this transformation. The next half decade is going to be one heck of a ride.”
Tim Buckley, a leading energy analyst and director of Climate Energy Finance, added, despite a strong increase in investments in renewable energy since the December 2023 COP28 pledge to triple installed capacity by 2030, they are not yet on track to meet this goal, with global capacity expected to grow by 2.7 times by the end of the decade.
“This reflects a 25% lift in collective ambition compared to last year, driven by decreasing costs for solar and battery technologies. Increased support from developed nations is crucial for facilitating the energy transition in developing countries, helping to rapidly decarbonize in line with climate science,” Tim Buckley said.
“Major economies must commit to bold cuts in emissions reduction targets under the Paris Agreement and prioritize international cooperation to reduce renewable energy financing costs, especially in critical regions like Africa and Southeast Asia.”
China alone is set to account for an astonishing 60% of the global renewable capacity growth, making it a dominant player in the renewable energy landscape.
Nations like India are leading the charge with rapid renewable expansion, securing over half of the Asia Pacific region’s renewable growth from 2024 to 2030.
Philippines, Thailand, and South Korea are also set to see their VRE shares rise significantly, yet Bangladesh is mired in slow adoption and infrastructural challenges.
This stagnation not only hinders its energy security but also limits the potential economic benefits associated with renewable energy deployment.
As the IEA notes, the accelerated deployment of low-cost renewable technologies, especially solar PV and wind, could provide Bangladesh with substantial economic and environmental advantages. However, the country’s ongoing reliance on imported fuels for power generation exacerbates its energy security concerns, further emphasizing the urgent need for a robust transition to renewable energy sources.
To avoid falling further behind in this global energy revolution, Bangladesh must urgently implement supportive policies and investment strategies aimed at boosting its renewable energy capacity.
The IEA’s report serves as a clarion call for policymakers to act decisively in aligning with international renewable energy targets and to address the infrastructural deficits that have hindered progress.
