With diesel prices rising around 50 per cent in one go, solar irrigation makes much more sense from an economic point of view.
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IDCOL has had some success with the technology, but as it costs a few hundred thousand Taka to install one, matching funds should come from the government to expedite the process. Similarly, there is no need to explain in detail the benefits of the solar pump for agricultural purposes. Once this is done, only then can authorities demand the same from the private sector and permanent residents of cities to follow suit. The rooftop solar programme should be made mandatory for all government buildings to start with, particularly in urban centres like Dhaka and Chittagong. Yes, the multi-million Euro aid package will certainly help, but obviously, much greater emphasis is needed at policy level. While it is certainly commendable that these funds are being given as grant, it begs the question why the government, through its own renewable body SREDA isn't spearheading the renewable issue on a much grander scale. Sub-sector activities will include promotion of off-grid renewable energy like solar irrigation pumps, domestic biogas plants, etc. IDCOL and Bangladesh Infrastructure Finance Fund Limited (BIFFL) will act as conduits for extending low-interest loan facilities to investors in the renewable energy sector. The implementing agency, Infrastructure Development Company Limited (IDCOL), has also adopted two programmes that will, in effect, increase the use of renewable energy sources.And that will also combat CO2 emissions in the overall power sector. The dual effect of this initiative, if implemented properly, will save much-needed primary energy and help keep check on carbon footprint. The other benefit from such transformation that comes through is that with adoption of more energy-efficient machinery, CO2 emissions will reduce considerably. The idea is to reduce energy consumption in these industries, particularly at a time when energy prices are rising phenomenally. These will go to pay for the replacement of existing machinery with more energy-efficient ones. With regards to increasing energy efficiency in industry, the funds will assist efforts to transform energy-intensive industries in the country by opening the door to concessionary loans. That said, there is a lot of potential for using photovoltaic systems on roofs of buildings in villages, towns and cities. The issue of renewable energy has been a contentious one in the country as land is a scarce and highly precious commodity. These include increasing energy efficiency and developing renewable-energy resources in country, and has signed two grant agreements to that effect with the government.This assistance could not have come at a better time, as the government has aggressively been pursuing ambitious targets - economic development andfulfilling the Paris agreement. It is good to know that the KfW Development bank is coming forward with €181.5 million as aid to Bangladesh in two very important fields. For all latest news, follow The Financial Express Google News channel.
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