Bangladesh lags as renewables set to power half of global electricity by 2030: IEA
In a stark contrast to global trends, Bangladesh is falling behind in the renewable energy sector, according to the latest International Energy Agency (IEA) report.
The report predicts that by 2030, renewable energy will generate nearly half of the world's electricity, as more than 5,500 gigawatts of renewable capacity will be added between 2024 and 2030.
However, Bangladesh's progress in adopting renewable technologies, particularly solar and wind, remains dismally low.
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The IEA's "Renewables 2024" report, published today (9 October), highlights that while solar photovoltaic (PV) technology is expected to account for a staggering 80% of global renewable capacity growth, countries in the Asia Pacific region, including Bangladesh, are struggling to keep pace.
According to the report, by 2030, solar PV is projected to become the largest renewable generation technology, yet Bangladesh is anticipated to have a variable renewable energy (VRE) share of no more than 5% (Bangladesh's renewable energy share in power generation stands at a mere 1.6%, according to IEA's 2022 data), far behind its regional counterparts.
China's aggressive pursuit of renewable energy will result in it contributing 60% of the global renewable capacity growth. India and countries like Thailand, South Korea, and the Philippines are also rapidly expanding their renewable capacity, yet Bangladesh is mired in slow adoption and infrastructural challenges.
The IEA report stresses that this stagnation not only hinders Bangladesh's energy security but also limits the potential economic benefits associated with renewable energy deployment.
The report also pointed out that the deployment of low-cost renewable technologies, particularly solar and wind, could help alleviate Bangladesh's energy security concerns.
It also highlighted the country's ongoing reliance on imported fossil fuels and suggested that Bangladesh must urgently implement supportive policies and investment strategies aimed at boosting its renewable energy capacity to avoid falling further behind in this global energy revolution.
Dave Jones, Ember's director of global insights, said, "Policymakers 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."
Tim Buckley, a leading energy analyst and director of Climate Energy Finance, added that while global renewable energy investments have increased since the COP28 pledged to triple capacity by 2030, more international support is needed for developing countries. "Major economies must prioritise international cooperation to reduce renewable energy financing costs, especially in critical regions like Africa and Southeast Asia," he added.
