The Bangladeshi government is focusing on the development of solar and wind power as it seeks to boost renewable energy generation in the country. Clean energy proponents say the strategy will lead to lower government subsidies for electricity generation.
The new financing scheme is aimed at helping factories to upgrade, acquire renewable energy-related machinery and technology and increase environment-friendly production in an effort to achieve sustainable development goals.
Some 15% of the finance disbursed must fit the wider definition of being ‘sustainable’ and banks and other lenders have been warned penalties will be applied for non compliance.
The facility was jointly funded by the Asian Development Bank and German state development lender the KfW.
The proposal includes 1 GW of solar farms on an army training base island in the estuary of the Meghna river.
The most ambitious scenario fleshed out in a draft National Solar Energy Action Plan includes 16 GW of project capacity at large scale ‘solar hubs’ but actions will speak louder than words in a nation set to fall short of its current clean energy target.
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