G7 can help Dhaka meet aim of 40% renewable energy by 2041: Experts

14 May '23

2 min read

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Bangladesh expects guidance, assistance, support and funding from the G7 to prevent, mitigate and adapt to climate change, a dialogue organised by the Centre for Policy Dialogue in Dhaka was told.
CPD research director Khondaker Golam Moazzem said the debates now on fossil fuel and renewable energy financing in the G7 are 'ambiguous, delayed and unstable'.

G7 countries can assist Bangladesh in meeting its objective of 40 per cent renewable energy by 2041 through financial assistance to enable a seamless energy transition as the country requires $1.53-$1.71 billion in annual investment between 2024 and 2041, a recent dialogue organised by the Centre for Policy Dialogue (CPD) in Dhaka was told.

The $6.71 billion the country received from national and foreign sources in the sector between 2016 and 2023 was insufficient, the participants were told.

The 49th G7 Summit is scheduled to be held on 19-21 May 2023 at Hiroshima, Japan.

CPD research director Khondaker Golam Moazzem said G7 commitments are now stagnant, with some countries moving in opposite directions. The ongoing debates and discussions on fossil fuel and renewable energy financing in the G7 are ‘ambiguous, delayed and unstable’, he said.

The G7 nations should stop investing in fossil fuels in developing nations. Investment in LNG should be prevented since it is a carbon-based fuel, Moazzem said.

“The summit should focus on promoting and financing renewable energy in developing countries and allowing them to use advanced technologies. However, the use of untested, debatable and expensive technologies like hydrogen fuel and ammonia should not be imposed on developing countries,” he was quoted as saying in a CPD press release.

“A global carbon market should include developing countries and be managed by third-party organisations for a just and inclusive transition to a net-zero future,” he added.

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