Summit Power International Limited and JERA Asia Pte. Ltd. a subsidiary of JERA Corporation of Japan, will collaborate on developing a carbon neutral roadmap for Summit while supporting Bangladesh’s continued socio-economic development.

The two companies signed a Memorandum of Understanding (MoU) in this regard on Monday, said a press release.

To accelerate adoption of renewable power generation in Bangladesh and support its Paris Agreement goals, the MOU includes pathways for establishing zero emissions targets for Summit, said the release from the Summit group.

It also includes outlining a roadmap to achieve the targets and identifying opportunities to deploy greener fuels such as hydrogen or ammonia in support of decarbonization efforts.

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The MoU was signed between Nicholas Padgalskas, Chief Financial Officer (CFO) of Summit Power International and Toshiro Kudama, CEO of JERA Asia, in the presence of senior officials of the Government of Japan at the Asian Green Growth Partnership Ministerial (AGGPM) Meeting in Tokyo.

On the occasion Ayesha Aziz Khan, CEO and MD of Summit Power International remarked, “As a member of the Climate Vulnerability Forum (CVF), Bangladesh has the ambition to supply 40 percent of its energy needs from renewable sources by 2041. In line with this Summit, along with our partner JERA, are aspiring to implement the best practices and adaptation knowledge to reach our zero emissions targets.”

Toshiro Kudama said, “JERA Asia is pleased to have the opportunity to work with Summit on its decarbonization efforts in Bangladesh as it too is striving to reduce its carbon footprints from domestic and overseas operations, with the announced goal of zero CO2 emissions by 2050. We believe we can draw on the experiences of JERA and Japan to support Summit and Bangladesh.

The demand for electricity in Bangladesh is expected to continue to increase in line with the country’s economic growth.

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While supporting this growth and meeting the increased demand of electricity, Bangladesh is at the same time seeking to contribute to the Paris Agreement goals by diversifying fuel sources for power generation, improving generation efficiency, and developing renewable energy, said the press release.