In a striking contrast to global trends, Bangladesh finds itself lagging in the renewable energy sector, as outlined in the latest International Energy Agency (IEA) report on Wednesday. The report indicates that the world is on course to add over 5,500 gigawatts (GW) of renewable energy capacity between 2024 and 2030, bringing global renewable electricity generation to nearly half of total demand. However, Bangladesh's progress in adopting renewable technologies, particularly solar and wind, remains dismally low, according to the report. The IEA's `Renewables 2024’ report highlights that while solar photovoltaic (PV) technology is expected to account for a staggering 80% of global renewable capacity growth, countries in the Asia Pacific region, including Bangladesh, are struggling to keep pace. By 2030, solar PV is projected to become the largest renewable generation technology, yet Bangladesh is anticipated to have a variable renewable energy (VRE) share of no more than 5% (Bangladesh's renewable energy share in power generation stands at a mere 1.6%, according to 2022 data.), far behind its regional counterparts. Dave Jones, Ember's director of global insights said, "The renewables growth we've seen so far is just the start. There is twice as much renewable generation forecast to be added in the second half of this decade compared to the first half. Policymakers are embracing solar and wind like never before, but they are still two steps behind the reality on the ground. The market can deliver on renewables, and now governments need to prioritize investing in storage, grids, and other forms of clean flexibility to enable this transformation. The next half decade is going to be one heck of a ride." Tim Buckley, a leading energy analyst and director of Climate Energy Finance, added, despite a strong increase in investments in renewable energy since the December 2023 COP28 pledge to triple installed capacity by 2030, they are not yet on track to meet this goal, with global capacity expected to grow by 2.7 times by the end of the decade. Read: IEA: Asia set to use half of world’s electricity by 2025 "This reflects a 25% lift in collective ambition compared to last year, driven by decreasing costs for solar and battery technologies. Increased support from developed nations is crucial for facilitating the energy transition in developing countries, helping to rapidly decarbonize in line with climate science," Tim Buckley said. "Major economies must commit to bold cuts in emissions reduction targets under the Paris Agreement and prioritize international cooperation to reduce renewable energy financing costs, especially in critical regions like Africa and Southeast Asia." China alone is set to account for an astonishing 60% of the global renewable capacity growth, making it a dominant player in the renewable energy landscape. Nations like India are leading the charge with rapid renewable expansion, securing over half of the Asia Pacific region's renewable growth from 2024 to 2030. Philippines, Thailand, and South Korea are also set to see their VRE shares rise significantly, yet Bangladesh is mired in slow adoption and infrastructural challenges. This stagnation not only hinders its energy security but also limits the potential economic benefits associated with renewable energy deployment. As the IEA notes, the accelerated deployment of low-cost renewable technologies, especially solar PV and wind, could provide Bangladesh with substantial economic and environmental advantages. However, the country's ongoing reliance on imported fuels for power generation exacerbates its energy security concerns, further emphasizing the urgent need for a robust transition to renewable energy sources. Read more: Dr Yunus praises Russian cooperation in power, energy sectors To avoid falling further behind in this global energy revolution, Bangladesh must urgently implement supportive policies and investment strategies aimed at boosting its renewable energy capacity. The IEA's report serves as a clarion call for policymakers to act decisively in aligning with international renewable energy targets and to address the infrastructural deficits that have hindered progress.

Though the country’s target to generate 10 percent electricity from clean and renewable sources by 2020 was not achieved, a fresh target for 25 percent renewable energy is going to be proposed for  2030. According to official sources, the Sustainable and Renewable Energy Development Authority (SREDA) will propose the new target, to be incorporated in the proposed Integrated Energy and Power Master Plan (IEPMP). “We’re going to propose a new target to generate 10,000 MW electricity from renewable sources by 2030, when total power generation will be 40,000 MW,” SREDA chairman Mohammad Aladdin told UNB recently. READ: Bangladesh trying to import 500 MW hydro-electricity from Nepal: Power Cell DG Ministry of Power, Energy and Mineral Resources (MPEMR) recently started a process to formulate the IEPMP with the technical and financial support of the Japan International Cooperation Agency (JICA). Tokyo-based Institute of Energy Economics, Japan (IEEJ), has been assigned to adopt the plan for both power and energy sectors. Previously, separate master plans were made for each sector. But for the first time, an integrated plan is being designed for the two sectors.    Alauddin, also an additional secretary of the Power Division under the MPEMR, informed that Sreda had an introductory session with the JICA team in a consultative discussion. “But now we’re working out on the issue to give a concrete proposal on renewable energy’s stake in the proposed IEPMP,” he told UNB.      As per the Sreda proposal, wind power will play a major role in future renewable energy generation in the country and half of the target will be met by this source of green energy. “Exploiting the new and efficient technology, we’re now planning to set up a good number of wind power plants by 2030,” he said, adding a recent study found wind speed at 6 metres per second at higher hub height. Currently wind is contributing less than 3 MW though, according to SREDA's own numbers.  For the other half of that 10,000 MW, the SREDA chairman listed 1,000 MW power from rooftop solar, 1000 MW from floating solar, 1000 MW from solar park and 2,400 MW from nuclear power are expected by 2030, he added.