The country鈥檚 energy security hinged on policy consistency to attract domestic and foreign investments under a transparent regulation, experts said at a seminar on Wednesday in the capital.
The discussants, comprising policymakers, business leaders and energy experts, also said that the long-term predictable policy could only ensure the much-needed investment in the sector as well as the uninterrupted power to hungry industries.
The seminar titled 鈥楨nabling Bangladesh鈥檚 Growth and Prosperity: Developing a Sustainable Power Sector Investment Climate鈥� was organised by Policy Exchange Bangladesh and the Economic Reporters Forum with support from EMA Power, an investment platform focused on power projects in emerging markets.
Cautioning that without long-term reforms and greater private sector engagement, the speakers said the country could face a major power crisis in the next decade.
Bangladesh Energy Regulatory Commission chairman Jalal Ahmed, speaking as chief guest in the event, highlighted challenges, including over capacity, falling gas supply, lack of diversified fuel solutions and bureaucratic delays in project clearance, plaguing the sector.
Identifying sustainability of power sector depended on renewable energy and referring examples of Pakistan and India on booting renewable energy sources, Jalal Ahmed said that about 4,000 factories could generate huge power through rooftop solar initiatives.
He urged inclusion of industrial renewable energy in long-term planning to meet the country鈥檚 growing energy demand.
M Tamim, vice-chancellor of the Independent University Bangladesh, Park Young-sik, South Korean ambassador in Dhaka, Abdul Awal Mintoo, vice-chairman of Bangladesh Nationalist Party, Mahdi Amin, an adviser to the Acting chairman of Bangladesh Nationalist Party, and Mobarak Hossain, member of Shura Council of the Bangladesh Jamaat-e-Islami, participated in the discussion as guests of honour.
M Tamim described the high cost of energy in the country as a major limitation for industrial competitiveness.
He warned that the country might face energy shortages until 2029 and stressed the need for a long-term policy approach to ensure supply stability.
BNP vice-chairman Abdul Awal Mintoo noted that political stability was inseparable from economic progress.
He put emphasis on restoring investors鈥� confidence to overcome the economic challenges compounded by the lack of energy security.
The country has attained the capacity of generating around 28,000 to 29,000 Megawatts power every day, but half of it remained unutilised due to a weak grid, costly fuel and idle plants.
Despite billions of dollars invested, energy security remains one of the largest concerns, said Mahdi Amin.
Highlighting the past experiences of some mega projects suffered from a culture of impunity, he said that the future policy must be transparent and sustainable.
Predictable policies, transparent regulation and long-term investment confidence were termed by the Jamaat Shura Council member as pre-conditions to strengthen the energy sector.
He emphasized capital investment, energy storage, regional power trade and modernization of institutional frameworks for depoliticising the power sector and enhancing efficiency of it.
Earlier in the day, two panel discussions were held, where Imran Karim, chairman of Confidence Power Rangpur Limited, Kamran T Rahman, president of the Metropolitan Chamber and Commerce Industries, Mahmud Hasan Khan Babu, president of Bangladesh Garment Manufacturers and Exporters Asssociation, Shamsul Alam, energy adviser of Consumer Association of Bangladesh, participated, among others.
Stakeholders expressed optimism that continued reforms and coordinated action among government, private sector and development partners could unlock Bangladesh鈥檚 significant economic potential and secure a sustainable, prosperous future.
Vice-chairman of AK Khan Group and Business Initiative Leading Development chairman Abul Kashem Khan and ERF president Doulot Akter Mala gave introductory remarks.
Abu Chowdhury, director of EMA Power Investment Limited and chairman of EPV Thakurgaon Limited, made a power-point presentation.