Speakers at a virtual dialogue on Monday said that Bangladesh has immense potential to attract investment in the renewable energy sector as the country wants to generate 30 percent from renewable sources by 2030 and 40 percent by 2041.

Since that number is currently below 5%, it leaves tremendous room for attracting investment towards achieving the targets it has set itself - provided it takes them seriously.

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They said there was around USD$30 billion foreign investment in the renewable sector from England, Hong Kong, Netherlands, America, and China in the energy sector in Bangladesh in the last 13 years.

The Centre for Policy Dialogue (CPD) organised the virtual dialogue on ‘opportunities and challenges for overseas investment in the renewable energy sector of Bangladesh; the case study of China.’

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A keynote paper on the topic of the dialogue was presented by Mashfiq Ahsan Hridoy, research associate of the think tank, who conducted the study jointly with Dr Khondaker Golam Moazzem, research director, CPD.

CPD says most of the foreign investment has focused on fossil fuels. On the other hand, Bangladesh is interested in using 30 percent renewable energy by 2030 and 40 percent by 2041. There is a huge potential for foreign investment.

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Highlighting the proposal to increase foreign investment in the renewable energy sector, the keynote presenter said that multinational companies should be contacted by creating a world-class project profile.

Creation of another investment attraction agency in addition to BIDA, and increase in government investment (may be under PPP mode) to gain the confidence of foreign investors, opined.

Dr Khandaker Golam Moazzem said China is the global leader in the use of renewable energy.

“On the other hand, Bangladesh is the opposite. Bangladesh ranks 111 among 190 countries in the use of renewable energy. Bangladesh has a lot to learn from China's progress,” he pointed out.

Wasiqa Ayesha Khan, President of the Parliamentary Standing Committee on Ministry of Power, Energy and Mineral Resources, Yao Wen, Chinese Ambassador to Bangladesh, and Mohammad Hossain, Director General of Power Cell, among others, attended the program.

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