While much of the world is already reaping the rewards of renewable energy, Bangladesh has woefully fallen behind

That few countries are as exposed to the ravages of climate change as Bangladesh is an incontrovertible statement -- it is an immediate existential threat for which we as a nation have to take every possible measure to build a bulwark against.

In this context, transitioning to renewable energy is more than a policy preference but a national imperative, and to that end the newly unveiled Renewable Energy Policy 2025 potentially marks a pivotal turn in that direction.

According to the revised plan, the government aims to generate 20% of national power from renewable sources by 2030, up from the current 8%. Furthermore, tax incentives are also going to be offered to renewable energy producers, both private and public, in the form of a 10-year corporate tax exemption followed by five years of partial exemption. This is absolutely a step in the right direction for our nation.

For far too long, Bangladesh has relied heavily on fossil fuels, which are nothing if not expensive, environmentally degrading, and often geo-politically volatile. This over-dependence on an archaic source of fuel has led to energy insecurity, fiscal stress from imports, and heightened climate vulnerability.

To that end, the revised policy rightly acknowledges the urgency of diversifying our energy mix and empowering the private sector to be part of that solution. It is also good to see the new policy make space for global renewable energy best practices such as a Renewable Purchase Obligation system and tradeable Renewable Energy Certificates, both of which are instrumental in ensuring both accountability and transparency.

Of course, it is not policy alone that dictates real change but rather implementation -- which is far too often a stumbling block in Bangladesh when it comes to progressive policies and legislation. It is imperative that our storied bureaucratic inertia does not impede the momentum, which is why the interim government must invest in institutional capacity, upskilling, and regulatory coherence to ensure the private sector feels both welcomed and accountable.

While much of the world is already reaping the rewards of renewable energy, Bangladesh has woefully fallen behind. But there is always time for us to catch up.

News Link: Catching up with renewable energy