Bangladesh has conveyed to China that it maintains a balanced foreign policy and walks together with all the countries while reassuring Dhaka's support to Beijing. "We believe in one-China principle. We maintain a balanced foreign policy. This is our principle. We will extend our support (to China) time to time," Foreign Minister Dr AK Abdul Momen told reporters on Tuesday (January 10, 2023) as conveyed to his Chinese counterpart.  Newly appointed Chinese Foreign Minister Qin Gang had a brief stopover at Hazrat Shahjalal International Airport early Tuesday. Foreign Minister Momen received his Chinese counterpart upon his arrival at around 1:58am, a senior official at the Ministry of Foreign Affairs told UNB. Read More: No matter who, Bangladesh doesn’t want foreign interference in its internal affairs: Momen The two Foreign Ministers had brief meeting at the VIP Lounge of the airport and discussed issues of mutual interest.

The financial institution division (FID), a wing of the Ministry of Finance is formulating 'The Employment, Promotion and Posting Policy-2023' for the appointment and promotion of senior officers of state-owned commercial banks of Bangladesh. A committee led by the finance minister will appoint and promote people to these posts based on the basis of 100 marks in 8 categories, a source of the ministry told UNB on Sunday. Apart from this, the candidates will be scrutinized before the appointment. A committee of 6 members will be formed, led by the finance minister. Read: Investors’ financial literacy must to boost capital market: Commerce Minister According to the sources, contractual recruitment and posting for a maximum of three years will be made for the posts of Managing Director (MD) and Chief Executive Officer (CEO) through selection from among the Managing Directors working in state-owned commercial banks, specialized banks, and financial institutions or through promotion from Deputy Managing Directors (DMDs). Sources of FID said recommendations will be made by the selection committee following the seniority, experience, report of the NSI and Anti-Corruption Commission, and the circular issued by Bangladesh Bank from time to time. Contractual appointments will be made to the posts of Managing Director and CEO with the recommendation of the committee with the approval of the Prime Minister. Read: Bangladesh earned $27.22b from exports in July-Dec amid new records A senior official of FID said apart from this, promotion, appointment, posting and inter-bank transfers to the post of Deputy Managing Director in specialized banks and financial institutions will be restricted to specialized banks and financial institutions. However, in the interest of the state, posting and inter-bank transfer can be made from among the deputy managing directors of state-owned commercial banks to the post of deputy managing directors in specialized banks and financial institutions. As per the policy, in the case of promotion, the candidates eligible for promotion-educational qualification mark 15, length of service in a bank or financial institution -5, banking diploma-5, professional degree-5, professional publications -5, employment record 5, annual confidential application -40 and interview -15), etc will be selected by the committee on the basis of their mark out of a total 100 marks. Read More: Govt to save Tk10,000 cr annually from importing edible oil: Agri Minister.

For renewable energy companies in India, it's a good time to be in business. One of India’s largest renewable energy firms, Renew Power, will be among the corporations big and small hoping for a piece of a $2.6 billion government scheme that encourages the domestic manufacturing of components required to produce solar energy. It's the biggest such incentive in India's history. Renew Power's CEO Sumant Sinha said the government funds for clean energy send “a strong signal” that the country wants “to become a manufacturing location for renewable energy equipment and a global alternative to China eventually.” “We are excited to be a part of this journey,” he said. The company has over 100 clean energy projects across India and has become the world’s tenth largest solar and wind energy company in just over a decade. Other major governments around the world have been green lighting ambitious renewable energy policies this past year that aim for major expansions of wind and solar energies, along with development of technologies like carbon capture, which captures carbon dioxide, a central cause of climate change, and stores it in the ground. Some of the policies also include tax credits to buy electric vehicles, heat pumps or energy efficient materials for construction. Read more: Every dollar invested in climate adaptation brings a much higher return on investment: GCA CEO The United States signed into law the Inflation Reduction Act, the most ambitious climate legislation in U.S. history, the European parliament passed the REPower EU plan to reduce dependence on Russian fossil fuels and fast forward the transition to clean energy and China announced ambitious schemes to enable the country to meet its 2030 clean energy goals five years ahead of schedule. Experts say the task is now to build on this momentum in 2023, strengthen energy grid infrastructure and resolve backend issues which slow down the distribution and transmission of clean energy. “From an energy perspective, 2022 will go down as a pivot year. For the first time, we have discernible proof that fossil fuel demand after 200 years of growth had reached a peak in 2019 and we are now bumping along a plateau before an inevitable decline,” said Kingsmill Bond, an energy strategist at the Rocky Mountain Institute, a clean energy non-profit group. RMI’s research has found that global energy demand grew by around six additional exajoules in 2022 — enough energy for around 6 million transatlantic flights. This is less than usual year-on-year growth as energy use is getting more efficient, the report said. Solar and wind supply growth this year was also calculated to be about six exajoules. Bond added that the price of clean energy was getting closer to that of fossil fuels and in some cases it was cheaper. A report by the International Energy Agency said that oil prices rose well above $100 per barrel in mid-2022 and high gas and coal prices accounted for electricity cost hikes around the world. But increased use of clean energy saved Asian countries, including China and India, a total of $34 billion in the past year, a separate report found. Read more: New abnormal: Climate disaster damage ‘down’ to $268 billion Energy analysts say that the global energy crisis triggered by the Russian invasion of Ukraine and increasing climate threats such as the disastrous floods in Pakistan have accelerated the clean energy policies and big tickets investments that are needed to transition to renewable energy, especially wind and solar energy, around the world. The sudden lack of access to fossil fuels and supply chain crunches were also other key reasons for the aggressive tilt towards cleaner energy. For example, Russia’s sale of gas to Europe was reduced to a trickle. The invasion “had the effect of making it apparent that clean energy is the solution," said Lauri Myllyvirta, a lead analyst at the Centre for Research on Energy and Clean Air. Despite the positive momentum towards clean energy, there were some pitfalls too. “Knee jerk reactions saw some places shift back to fossil fuels even if its at a higher price to the taxpayer,” said Vibhuti Garg, a New Delhi-based energy economist at the Institute for Energy Economics and Financial Analysis. India's coal production increased by about 17% from April to November 2022. Bangladesh increased its imports of natural gas and went ahead with opening thermal powerplants in the country. Germany, a strong advocate of clean energy, turned to coal and oil to address its short term power needs. “It was a good year for renewable energy but sadly, not a bad year for fossil fuels either,” Garg added. Read more: In new role as G-20 chair, India set to focus on climate But spurred by momentum from previous years the clean energy sector worldwide nevertheless took off this year. “You know, 20 years ago, renewables became the cleanest forms of energy and then in the last few years, renewables become the cheapest form of energy," said Dave Jones, an energy analyst at London-based environmental think-tank, Ember. “Only this year, they’ve become the most secure form of energy." Another report by the IEA said that developments in 2022 triggered unprecedented momentum behind renewables, with the world set to add as much renewable power in the next five years as it did in the past 20. “There is still a lot that needs to be done but I think 2022 will be remembered as the year in which for the first time, renewables have ticked all the boxes,” Jones said. There's acknowledgement from those in the sector that more work needs to be done to overcome the scale of the transition. Sinha of Renew Power hopes that government policies in 2023 focus on dealing with the bottlenecks that prevent clean energy growth. “Currently the power sector is designed around fossil fuels and suddenly you have all this clean energy coming into the grid," said Sinha. "We need more proactive policies that find ways to make room for renewables.” 

Bangladesh Prime Minister’s Office (PMO) has been collecting necessary information and data from two divisions and their associate bodies in the power and energy sector to make some policy decisions on power, gas, and petroleum prices. According to official sources, the PMO will soon reconvene a recently postponed meeting to discuss the issues where dealing with a tough possible situation in the coming summer might top the agenda. They said that the PMO had convened a meeting on December 15 to discuss the overall situation in the power and energy sector. “But at the last moment, the meeting was postponed”, said a top official in the Power Division adding that a new principal secretary to the Prime Minister and also a new cabinet secretary took office on the day for which the meeting was postponed. Read: Dhaka seeks Riyadh's support to meet energy needs “We hope the suspended meeting will be called soon where the two top bureaucrats may attend”, he said.      The issue of power tariff enhancement in the retail consumer level will get a top priority in the proposed meeting”, said a senior official of the largest organisation in the power sector, preferring not to be quoted because of its sensitivity. Power Cell director general Mohammad Hossain said that his organisation has also provided necessary data to the PMO and the Power Division as per their requirements. Official sources said the PMO is collecting data and information against the backdrop of the government’s plan to increase power tariff at retail consumer level to cover a huge flaw in the power sector’s revenue collection. Read: Ensuring access to electricity at an affordable cost is govt’s prime goal: PM’s Energy Advisor Because of the purchase of electricity from the private sector at higher rates and sell it to consumers at lower rates, the loss of Bangladesh Power Development Board (BPDB), state-owned principal organisation, was estimated to be Tk 48,000 crore in the current fiscal year 2022-23. The officials said the recent hike of about 20 percent in bulk power tariff, effective from December 1, might reduce the loss by only Tk 5000 crore. To cover the remaining loss, all the six distribution companies were asked by the Power Division to submit their respective proposals to the Bangladesh Energy Regulatory Commission (BERC). They already submitted a proposal to the BERC to increase the retail power tariff by about 20 percent. Read: Cabinet approves amendment to let govt decide energy price without BERC But the BERC needs to follow a public hearing to take any decision on the issue and the whole process needs about 90 days while the government is in urgent need to increase the retail power tariff. In such a situation, the Cabinet on November28 approved an amendment to BERC Ordinance 2022 to empower the government to set fuel tariff on its own under special circumstances without waiting for the commission’s public hearing and decision. Now the BERC is in a dilemma whether it will move to hold a public hearing to adjust retail power tariff or the government on its own takes decision on retail power tariff enhancement. Officials said the PMO office wants to learn about the entire situation so that it can give an instruction to the Power Division to take the future decision. Read More: Mitsubishi Power to continue support Bangladesh power industry amid growing energy need The officials also said that a directive is also expected from the PMO meeting to tackle the situation in the next summer, which normally starts from February 15 with an extra load in power supply. Normally an extra load of about 3000 MW in power supply is assumed to be coming from the agriculture irrigation sector in the coming summer, which may continue until May next year. The fasting month of Ramada, which will begin from the first week of April next year will also put another load of 3000 MW. But due to the primary fuel crisis, the government is under pressure to increase the power generation and a big deficit is apprehended in the coming year, officials said. Read More: Europe can’t put its energy needs first while requesting India to act otherwise: Jaishankar All these issues are expected to be discussed in the PMO meeting where the State Minister and the PM’s energy advisor are likely to be present, they said. Prime Minister Sheikh Hasina at a meeting recently said that the government supplies electricity to everyone at subsidised prices though the production cost is much higher. But it will not be possible to provide electricity at lower prices considering the global recession, she said. "The actual cost will have to be paid," she said, adding that the price of gas has increased in the international market. Read More: Bulk power tariff hike won’t affect retail consumers right now: Nasrul Hamid "Everyone, including businessmen in the country, will have to exercise austerity and will have to be ready to pay the money spent on the (increased) price of gas and transport cost. Otherwise, we will not be able to provide electricity. If you want (electricity), you will have to pay the real prices," she added. The PM said costs of electricity, gas, water, and fuel can be reduced by exercising austerity. Currently, the installed power generation capacity of Bangladesh is over 25,000 MW while the generation was limited to 12,000 MW because of the primary fuel crisis.

Malaysian High Commissioner to Bangladesh Haznah Md Hashim has said her country's policy towards Bangladesh remains the same although a new government has come into power in Malaysia. The envoy was speaking at the annual general meeting (AGM) of the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) Saturday at a Dhaka hotel. "Bangladesh and Malaysia have had a brotherly relationship since the emergence of Bangladesh. And Malaysia values its friends," Haznah, also chief patron of the BMCCI, added. Read more: Bangladesh invites Malaysian businesses to invest in ICT parks "We will help the Bangladeshi business community, especially the BMCCI members in any kind of endeavour." BMCCI President Syed Almas Kabir presided over the AGM. BMCCI Secretary General Md Motaher Hoshan Khana and Treasurer BMCCI Syed Moinuddin Ahmed also spoke.  

Walton Monday launched a hire purchase and family protection policy along with a one-stop service solution. Under the hire purchase and family protection policy, protection cards will be issued to those customers who will buy products in instalments from any Walton Plaza across the country, Walton said. In case of the death of the buyer during the instalment period, Walton Plaza will provide financial assistance, ranging from Tk50,000 to Tk300,000, to the respective nominee, it added. Read More: Walton Primo R10 Review: Does it offer value for money? Also, financial assistance from Tk25,000 to Tk1,50,000 will be given on the death of a family member of the respective buyers, the company said. In this case, the unpaid instalment will be adjusted from the payable financial assistance and then the rest of the amount will be paid to the buyer or his family. Also, Walton Plaza launched a one-stop service Monday to provide all information and services to buyers and traders. Under the one-stop service, customers and traders will be served at Walton Plaza within 24 hours. Also read: Walton wins ICMAB Best Corporate Award

To gather inputs from national and international experts for an integrated and efficient Logistics Industry Development Policy and to frame a  holistic system both in terms of infrastructure and service development a workshop on “Formulation of National Logistics Industry Development Policy for Bangladesh: Experience from Global Good Practices”  was organized by the Ministry of Industries (MoI), Business Initiative Leading Development (BUILD), and the World Bank Group (WBG) at the InterContinental on November 16-17, 2022 in Dhaka. The workshop aimed to present good global practices in formulating the proposed National Logistics Industry Development Policy and gathering expert opinions from national and international sectoral specialists, stakeholders, public sector representatives, and development partners. In the first session of the closing days on 17 November 2022 titled “Balancing Multimodal Transport System for Logistics Competitiveness” two keynotes were presented by A B M Amin Ullah Nuri, Secretary of Road Transport and Highways Division, and Martha B Lawrence, Global Lead of the Regional Connectivity and Logistics Knowledge Group at the World Bank while Md. Mostafa Kamal, Secretary of the Ministry of Shipping grace the session as chair. Read more: No alternative to synchronised multimodal logistics management system: BUILD The Secretary of RTHD informed that initiatives need to be taken to update and implement the National Integrated Multimodal Transport Policy 2013 by portraying dedicated development strategies for different modes of transportation addressing. WB representative in her keynote requested a comprehensive focus on logistics efficiency, quality of logistics, improvement of the logistics infrastructure, and regional connectivity while formulating the National Logistics Industry Development Policy to develop a balanced multimodal transport system. By considering the improvement of the logistics scenario as one of the most priority issues, the government has taken several mega projects. But, without the full automation of the Customs and NBR procedure, all the initiatives will go into vain. Harmonized coordination among the public, private, and development partners is the single key to reaching the multimodal logistics management system to a global height, pointed out by Md. Mostafa Kamal, Secretary, Ministry of Shipping. The government of India has invested 99,000 crore rupees through the Sagarmala PPD Model Project to ensure port-led economic growth by considering their potential coastal areas, informed by Abul Kasem Khan, Co-chair of LIDWC, BUILD. Policymakers should consider the global good practices and strategies of India, China, Singapore, Hong Kong, etc. to design the nation’s logistics policy and strategy. Necessary policy reforms need to be ensured by removing the regulatory bottlenecks to attract waited for domestic and foreign investment in the logistics sector. “National Forum for Formulating National Logistics Industry Development Policy” would be formed where LIDWC will provide research assistance with the support of World Bank Group, he added. Md. Nurul Islam Sujan MP, Hon'ble Minister, Ministry of Railways graced the closing session of the workshop as chief guest. There is no alternative to ensure transport cost efficiency without the modern railway system. Ongoing projects of the Ministry of Railways will connect Bangladesh to Trans-Asian Railway Network and that will lead to exploring new export markets with diversified products. To make Bangladesh a multimodal logistics hub of the South Asian region, the Ministry of Railways will extend all possible assistance in a coordinated manner, assured by the Hon’ble Railways Minister. Chair of the closing session, Nihad Kabir, BUILD Chairperson highly appreciated the initiatives of the Ministry of Railways for taking several policy reforms and projects to improve the freight and passenger transportation management system in Bangladesh. Dr Shomik Raj Mehndiratta, Practice Manager, Transport, South Asia, World Bank informed that as the development partner of Bangladesh Government, they have been assisting in the infrastructure development of rail, road, waterways, bay terminal, land port modernization, etc. Now it is high time to focus on the private sector’s demanded regulatory reforms to ensure sustainable development of the logistics scenario in Bangladesh. Martin Holtmann, Country Manager (Bangladesh, Bhutan, and Nepal), IFC, highly appreciated the improvement of the logistics environment of Bangladesh in the last few years by implementing policy reforms and infrastructure projects that will ultimately put huge momentum in GDP and economic growth of the nations by reducing the logistic cost. IFC will be glad to provide all sorts of assistance to formulate a national logistics industry development policy, he added. An outcome report of the workshop will be prepared and presented by BUILD through the upcoming  meeting of the Logistics Infrastructure Development Working Committee at the Prime Minister’s Office very soon when all the speakers of the two-day workshop will be invited to validate the placed recommendations and way forwards to formulate a visionary National Logistics Industry Development Policy of Bangladesh, addressed by Ferdaus Ara Begum, CEO of BUILD as the wrap-up remarks of the workshop. Read more: The Emerging Logistics Tech Startups, Courier, Delivery Services in Bangladesh

A move by the government to review a 14-year-old renewable energy policy has been lauded by experts and industry stakeholders as Bangladesh is desperate to find out alternative sources of power generation amid a volatile global fuel market and gas shortages at home. In the energy-hungry country, which is struggling to ensure energy security for its burgeoning manufacturing sector amid forecast that the economy could face further stress, experts say renewable energy sources could be a major option to ensure adequate supply to its industries. Industry insiders say the decision to revise the policy came as the government has a target to generate 40 percent of electricity from renewable energy by 2041 in line with its commitment to the COP26, a UN-backed climate conference held in Glasgow in November last year. The current crisis in the country’s power sector, stemmed from the rising prices of fuel as a result of Ukraine war, has also prompted the government to look for other options for energy. Also read: Renewable energy jobs rise to 12.7 million globally. According to official statistics, the country now generates about 911 MW (solar 677 MW, hydro 230 MW and others 2 MW) from renewable energy sources while the total power generation is more than 25,000 MW, which means the renewable energy's share is less than 4 percent. In June, the government suspended operations of all the diesel-run power plants in the country, cutting up to 1500 megawatts of daily production, to ease pressure on the country’s dwindling foreign currency reserves. Business bodies raised their concern about power disruptions. Earlier this month, BGMEA President Faruque Hassan said that the situation is so grave that factories are remaining without power now for around 4 to 10 hours a day. Talking to UNB, experts and officials say the move to revise the "Renewable Energy Policy of Bangladesh 2008" to make it more effective in the changed scenario in the country’s energy and power sector is very positive. Read: Govt working to revise renewable energy policy: Recent primary fuels crisis a reason But they say taking up “a target-oriented action with an effective roadmap” to achieve a power generation goal should find its way. They also strongly suggest that setting up of a separate division under the power and energy ministry to effectively implement the renewable energy schemes should be undertaken under the revised policy. “Unless a specific numeric megawatt-based target is set, any goal might not be achievable despite bringing any changes to the existing policy”, Dr M Tamim, eminent energy expert in the country, told UNB. Read Govt working to revise renewable energy policy: Recent primary fuels crisis a reason Officials say the Sustainable and Renewable Energy Development Authority (Sreda), the focal point under Power Division of the government, has already appointed a consultant. The consultant - Development Technical Consultants Pvt. Ltd (DTCL) – held a consultation meeting on September 20 as part of its process to accommodate opinions of the stakeholders and experts on the issue. The firm has also been holding a series of meetings with experts and other groups to finalise a draft proposal on the policy. Read Green Economy in Bangladesh: Prospects and Challenges Dr Tamim, who was also involved in the previous process of the policy formation, said there should be a specific numeric target instead of current percentage-based goal in renewable energy to implement a plan. “A specific target and an action-based roadmap are more essential than a policy to achieve a goal when it comes to the renewable energy issue”, he said adding that the government’s direct involvement with the process is crucial. To add dynamism, Tamim also suggested creating a new division, headed by a full-fledged secretary, under the power, energy and mineral resources ministry, to implement the government’s plan on renewable energy. Read Huawei Technologies intends to support RMG industry in renewable energy Identifying the scarcity of land a major impediment for a renewable energy project, Dr Tamim also suggested for arranging land for solar power projects by the government as it is difficult for a private sector investor to find an undisputed large piece of land in one location. “Only government can arrange a large undisputed land through acquisition”, he added. Echoing Dr Tamim, Dipal Barua, president of Bangladesh Solar and Renewable Energy Association (BSREA), said the government has to play a major role in facilitating private investors to invest in renewable energy. Read TEI GET to promote renewable energy in Bangladesh The neighboring India has a separate ministry --Ministry of New and Renewable Energy--to deal with the renewable and non-conventional energy issue, he said. “That’s why India has been in the leading position in South Asia with its current renewable energy capacity of 150,000 MW,” he said. According to official data, of India’s total 150,000 MW of renewable energy, solar is 48,550 MW, wind 40,030 MW, small hydro power 4,830 MW, biomass 10,620 MW, large hydro 46,510 MW, and nuclear 6,780 MW. India has a goal to generate 500 GW renewable energy by 2030. Read Why solar power investors are in no man's land Munawar Moin, Vice President of BSREA and President of Solar Module Manufacturers Association of Bangladesh (SMAB), said the government should introduce a policy under which the local solar industry could utilise their full potential. Cost of solar energy decreased substantially and has created a huge scope for investment in mega projects, he said. Sohel Ahmed, managing director of Grameen Shakti, a leading firm in renewable energy, founded by Nobel laureate Muhammad Yunus, said that the current Net Metering Policy could play a vital role in promoting rooftop solar power by “Opex Model” if the government effectively applies one of its provisions through which action could be taken against a defaulter customer by disconnecting his conventional electricity line. Read Bangladesh seeks IRENA’s support to explore renewable energy potential He also said if an insurance policy is introduced in Net Metering Rooftop Solar projects, it will give more confidence to investors to invest in rooftop solar plants. In solar power system, net metering allows residential and commercial customers who generate their own electricity from solar power to sell the electricity they are not using back into the national grid.

Health Minister Zahid Maleque has said that the United Nations (UN) has urged its member states to formulate policies and laws so that excessive use of antibiotics can be prevented. The minister revealed the information during an exclusive interview with UNB, held at the Lotte New York Palace Hotel, on Sunday. During the interview, the health minister informed that the issue of antibiotics use received special focus during the 77th session of United Nations General Assembly (UNGA). Read: Bangladesh makes progress in efforts to locally produce Covid-19 vaccines: Health Minister “This year, UNGA held three sessions on health, in which I had participated. The antibiotics issue, particularly resistance to antibiotics, was widely discussed during these sessions. Countries present during the sessions expressed great concern over the fact that people all over the world were often using antibiotics without prescriptions, and it was discovered that people from low and middle income countries were using antibiotics more than people from rich countries,” Zahid Maleque said. The minister added that one of the reasons why antibiotics use is so widespread is because a lot of medicines are sold over-the-counter. “Anyone can buy antibiotic medicine from the medicine stores directly, without showing any prescription. People are developing antibiotic resistance due to such overuse, which means antibiotics can’t cure the illness for which it is consumed. As a result, many people are dying around the world not from sickness, but from overusing drugs,” the minister commented. Read: First dose of Covid-19 vaccine won’t be administered after Oct 3: Health Minister Replying to a question, the minister said that Bangladesh’s healthcare system was praised during the UN session. “Our success in Covid-19 management has been lauded by all. Besides, the medicines we produce and export were also acclaimed. We screened a documentary in which we have highlighted our achievements in the health sector, which was well received. All in all, the response has been mostly positive,” Zahid Maleque said. Terming antibiotic resistance as a terrifying phenomenon, he added that the UN has emphasized the need for inventing new antibiotics that are more effective than the existing ones. Read “Won’t allow anyone to do business in the name of healthcare” “At the UN session, member states have been urged to provide healthcare services in proper ways. They have also been asked to ensure that no one can avail medicine like antibiotics without prescriptions. Most importantly, the countries present at the session have pledged to make sure that everyone gets treated by an expert doctor, and doesn’t consume drugs without sufficient reason,” the minister concluded.

The government is working to revise the “Renewable Energy Policy of Bangladesh 2008” to make it more effective in the changed energy and power sector scenario. Official sources said, Sustainable and Renewable Energy Development Authority (Sreda), the focal organization under Power Division of the government, has already appointed a consultant. The consultant – Development Technical Consultants Pvt. Ltd (DTCL) – has started reviewing the existing renewable energy policy, REPB-2008, and organize focus group discussion for stakeholders. Read:Govt deliberately pursuing import-dependent energy policy: Speakers According to renewable energy industry insiders, the first meeting of the stakeholders will be held on September 20 in Sreda office. The consultant firm convened the meeting on behalf of Sreda where it will make a presentation on the existing policy and seek opinions of the stakeholders to update it in a national and global changed scenario, said an industry insider. He said the initiative have come from the government as a follow-up of its statements to 26th meeting of the United Nations Climate Change Conference (COP26), held in Scotland, United Kingdom, from October 31 to November 13 2021.   Read: Experts for reining in energy corruption, exploration of alternative sources In the COP26 meeting, Bangladesh Prime Minister Sheikh Hasina in written statement said: “We are also working for a more sustainable energy mix. We hope to have 40% of our energy from renewable sources by 2041”. She also said, “Recently we submitted an ambitious and updated NDC (Nationally Determined Contributions) to the UNFCCC. We have cancelled 10 coal-based power plants worth 12 billion dollars of foreign investment. Currently, as per Sreda statistics, the country generates about 911 MW (solar 677 MW, hydro 230 MW and others 2 MW) while the total power generation is more than 25,000 MW which shows the renewable energy’s share is less than 4 percent. Read: Patience can help overcome crisis in energy sector: Nasrul The recent crisis in primary fuels is another reason behind the move, said a Sreda official. State Minister for Power, Energy and Mineral Resources Nasrul Hamid, recently at a function, said that among other options of renewable energy, solar power has huge potential for Bangladesh. But since it requires substantial land allocation, it needs an innovative solution. He also said Bangladesh is now promoting the options of rooftop and floating solar panels and net metering system has been introduced to popularise the use of solar power. Read Huawei Technologies intends to support RMG industry in renewable energy “There is a good opportunity to work on wind power as well,” he said, adding that wind mapping has been completed for 9 potential sites and feasibility will be conducted on the potential for offshore wind power. Private investors in renewable energy sector welcomed the Sreda initiative to review the renewable energy policy and bring necessary amendments to promote non-conventional energy sources. Dipal Barua, president of Bangladesh Solar and Renewable Energy Association (BSREA), termed the initiative “time befitting.” Read TEI GET to promote renewable energy in Bangladesh He said despite a huge potential, the country could not utilize it due to lack of proper action plan. Munawar Moin, Vice President of BSREA and President of Solar Module Manufacturers Association of Bangladesh (SMAB), said the government should introduce a policy under which the local solar industry could utilise their full potentials. Cost of solar energy decreased substantially and has created a huge scope for investment in mega projects, he said. Read Green Economy in Bangladesh: Prospects and Challenges