Norway has announced a Climate Investment Fund amounting to 10 billion NOK (Norwegian Krone) for partnership in renewable energy and low-carbon technologies in developing countries like Bangladesh for 2022-27 period.
The announcement came at a seminar titled ‘Investing in Our Planet: Introducing the Norfund Climate Investment Fund’ jointly hosted by the Royal Norwegian Embassy in Dhaka and the Nordic Chamber of Commerce and Industry in Bangladesh at a city hotel.
In his opening remarks, ambassador of Norway to Bangladesh Espen Rikter-Svendsen said that access to capital was so important to develop the renewable energy industry.
‘Reliable and experienced financial partners are key to facilitate for further developments in renewable power generation,’ he added.
He also stressed on removing obstacles and creating a dynamic business climate for renewable energy by improving governance and transparency, well-regulated markets and smart incentives promoting the right kind of investments.
Addressing the event as chief guest, prime minister’s special envoy for climate change and chairperson of the parliamentary standing committee on environment, forest and climate change ministry Saber Hossain Chowdhury said that the government of Sheikh Hasina was expecting ‘effective proposals’ in the energy sector and ready to facilitate the private sector.
He, however, said that Bangladesh was one of the most climate vulnerable countries in the world and climate change impact is causing the country to lose 2 per cent of its gross domestic product.
‘Bangladesh is not only in need of investments in tackling climate impacts but also required technical assistance in building knowledge and capacity and the Norfund Climate Investment Fund can be a great facilitator,’ he mentioned.
Saber said that the government would walk hand in hand with the private sector to achieve its goal of promoting the contribution of clean and renewable energy to 40 per cent by 2041 as the country largely depends on fossil fuel for energy.
The CIF is dedicated to invest in renewable energy and low-carbon technologies in developing countries with significant emissions from coal and other fossil fuel power production, said a press release.
The fund is targeted to invest in a wide range of renewable energy projects, including large-scale endeavours like solar power plants and wind farms, as well as smaller opportunities such as rooftop solar installations, read the release.
Additionally, the CIF supports enabling technologies with substantial climate impact, such as energy storage and transmission infrastructure.
The event shed light on Bangladesh’s green energy transition including increased investments in renewable energy, the development of policies to facilitate green energy investments, the removal of fiscal barriers to renewable energy accessories, and collaboration with development partners for technical and financial support to accelerate the transition.
In his welcome remarks, NCCI president Tahrin Aman stated that Bangladesh’s energy and power sector was in the midst of a profound transition, shifting from traditional fossil fuels to renewable energy sources.
Source : Newagebd.net