Finance Minister AH Mahmood Ali on Friday said building greater trust and confidence among countries could be key to leverage enormous opportunities for cross border energy trade and attract international finance in energy transition projects in South Asia.
Speaking at a SASEC knowledge event here, the Finance Minister presented Bangladesh’s vision for clean and green energy transition.
While speaking as panelist, he focused on building greater trust and confidence among South Asian countries to leverage their additional capacities in hydro, solar and other non-fossil fuel sources for meeting region’s growing energy needs in a sustainable manner.
Citing personal anecdotes on a number of South Asian projects, Minister put emphasis on creating enabling environment for domestic and foreign investors to bring finances in bankable energy projects.
He sought ADB’s support to this connection.
As 2024 ADB annual meeting progressed into its second day, Bangladesh’s Finance Minister attended the SASEC knowledge event on “Financing the Clean Energy Transition in South Asia."
On the sideline, ERD Secretary and Alternate Governor of Bangladesh to ADB met the US delegation headed by Alexia Latortue, Assistant Secretary for International Trade and Development, US Treasury for discussing climate cooperation and the progresses attained on financial and fiscal sector reforms.
Clinging to the interest of US delegation, Secretary, ERD revealed Bangladesh’s expectations from the ‘Bangladesh Climate and Development Platform’ (BCDP) which has been formed recently by Bangladesh partners to leverage international adaptation and mitigation investments.
While ERD Secretary stressed upon accessing larger concessional and blended climate finance alongwith easing access to finance, he also cited that huge investment would be required for Bangladesh’s climate transition, so Bangladesh perceives that BCDP financing will be in excess to DPs’ regular interventions in the climate field.
Bangladesh and US delegation also exchanged views on the reforms Bangladesh is currently undertaking for consolidating financial and fiscal discipline.
The secretary apprised the US delegation that reforms are on track. He also sought US support for implementing the long term economic vision of Bangladesh towards building ‘Smart Bangladesh’ by 2041.