The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has said BIMSTEC Energy Centre (BEC) in Bengaluru will promote energy security through grid interconnections, renewable energy development and realization of energy efficiency.
The establishment of BIMSTEC Energy Centre (BEC) in Bengaluru has been seen as a step towards promoting regional cooperation in energy sector within BIMSTEC framework, which is led by India.
The BEC will manage a regional energy database, conduct feasibility studies for intra-BIMSTEC projects and enhance cooperation by preparing a framework for networking among national agencies of BIMSTEC member States, said the regional organization on Sunday.
Moreover, the Centre will foster capacity building, cross-border investments and infrastructure development for training in energy sector.
The host country agreement between the government of India and the BIMSTEC Secretariat for establishing BIMSTEC Energy Centre (BEC) in Bengaluru was signed in New Delhi on November 8.
BIMSTEC Secretary General Indra Mani Pandey signed it on behalf of the Secretariat while Secretary (East), Ministry of External Affairs Jaideep Mazumder signed on behalf of the government of India.
India also leads the Security and Disaster Management sectors.
A Plan of Action for Energy Cooperation was adopted by the BIMSTEC Energy Ministers’ Conference in 2005.
The MoU for establishing the BIMSTEC Grid Interconnection has been force since April 2019.
The BIMSTEC policies for Transmission of Electricity and for Trade, Exchange of Electricity and Tariff Mechanism are being finalized. A BIMSTEC Grid Interconnection Master Plan is also under discussion.
BIMSTEC Energy Cooperation has focused on promoting renewable energy, improving energy efficiency, developing cross-border energy trade and undertaking grid interconnections, which aim to ensure energy security, transition to green energy and sustainable development in Bay of Bengal region.
BIMSTEC comprises seven countries of the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. It pursues regional cooperation in seven broad sectors: Agriculture and Food Security; Connectivity; Environment and Climate Change; People to People Contact; Science, Technology and Innovation; Security; and Trade, Investment and Development.
The cooperation also covers 8 sub-sectors: Blue Economy, Mountain Economy, Energy, Disaster Management, Fisheries and Livestock, Poverty Alleviation, Health and Human Resource Development.