A report by Market Forces, Waterkeepers Bangladesh, and Dhoritri Rokkhay Amra on Saturday revealed that the development of new liquefied natural gas power projects and import terminals could cost the Bangladesh economy an estimated $50 billion.
The report also warned that these projects posed significant risks to the health and safety of millions of Bangladeshis, exacerbating toxic pollution and contributing to the intensification of climate-related disasters, such as floods and cyclones.
The report was revealed at a press conference, chaired by Mujibur Rahman Howladar, former chairman of the National River Protection Commission and advisory board member of DHORA and moderated by Sharif Jamil, member secretary of DHORA and coordinator of Waterkeepers Bangladesh, at Jatiya Press Club in Dhaka.
Munira Chowdhury, Asia energy analyst at Market Forces, presented the report.
Key speakers include professor Anu Muhammad, former Economics faculty at Jahangirnagar University, research director at the Centre for Policy Dialogue Khandaker Golam Moazzem, associate professor at Dhaka University Moshahida Sultana, Megu Fukuzawa, asia energy finance campaigner at Market Forces, lead analyst for Bangladesh energy at the institute for energy economics and financial analysis Shafiqul Alam, and Amanullah Parag, South Asia mobilisation coordinator for 350.org.
The new analysis also found that as the country faced severe heatwaves and the demand for power soars, of the $50 billion to be invested in the harmful LNG industry, $36 billion spent on power plants could instead be used to make Bangladesh a clean energy powerhouse, by enabling 62 Gigawatts of renewable power, over two times the country鈥檚 current electricity generation capacity.
The new report - Expensive LNG Expansion - reveals how foreign interests, including some of the world鈥檚 biggest companies, such as US firm GE Vernova and Japan鈥檚 JERA, are doubling down on LNG expansion in Bangladesh, threatening untold harm to the climate and communities.
The analysis finds a staggering 41 proposed new gas power plants would spew toxic emissions worsening respiratory health, maintaining Bangladesh鈥檚 status as the country with the worst air quality in the world.
Muzibur Rahman said that these gas and LNG projects were established by taking over the resources of the people and strict actions had to be taken against those who had set up these facilities and seized the resources to implement these projects; if necessary, criminal charges should be filed.
Munira Chowdhury said that unethical foreign companies were forcing Bangladesh into a dangerous addiction to toxic liquefied natural gas, harming the health of millions of people and the planet.
鈥楯apanese corporations and financiers have a golden opportunity to support Bangladesh鈥檚 renewable energy transition and grid modernisation,鈥� she added.
鈥極ur research reveals $50 billion plans include building LNG import terminals and 41 new LNG power plants with a total capacity of more than the country鈥檚 entire existing power fleet,鈥� Munira said, adding, 鈥極n top of the crippling costs of building the LNG power plants, Bangladesh would face the burden of importing the gas that would cost $7-11 billion per year.鈥�
She said that Bangladesh had an opportunity to power the country into the renewable energy future by installing 240 GW of solar power and 30 GW of onshore wind.听
鈥榃e don鈥檛 need new infrastructure for LNG. We must start conducting energy audits, curb corruption in the energy sector, and use energy-efficient technology while transitioning to renewable energy,鈥� said Khandaker Golam Moazzem.
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