Bangladesh can generate maximum 5 per cent of its electricity from renewable energy by 2030 given the pace the country is adopting the technology, said a report released by the Paris-based International Energy Agency on Wednesday.
By 2030, solar photovoltaic is projected to become the largest renewable generation technology.
Bangladesh鈥檚 renewable energy share in power generation stands at a mere 1.6 per cent, far behind its regional counterparts, the report said.
The IEA鈥檚 鈥楻enewables 2024鈥� report highlights that while solar PV technology is expected to account for a staggering 80 per cent of global renewable capacity growth, countries in the Asia Pacific region, including Bangladesh, are struggling to keep pace.
China alone is set to account for a 60 per cent of the global renewable capacity growth.
Nations like India are leading the change with rapid renewable expansion, securing over half of the Asia Pacific region鈥檚 renewable growth from 2024 to 2030.
Philippines, Thailand, and South Korea are also set to see their variable renewable energy shares rise significantly, yet Bangladesh is mired in slow adoption and infrastructural challenges.
This stagnation not only hinders Bangladesh鈥檚 energy security but also limits 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.
The country鈥檚 ongoing reliance on imported fuels for power generation, however, exacerbates its energy security concerns, further emphasising the urgent need for a robust transition to renewable energy sources.
鈥楶olicymakers 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 prioritise 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,鈥� Ember鈥檚 director of global insights Dave Jones quoted in a press release issued on the occasion of the report鈥檚 release.
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 report said.