Energetica India Magazine March 2022

COP26 and Renewable Energy Perspective of Bangladesh 50 energetica INDIA- Mar_2022 Bangladesh is the signatory of COP conference and agrees to keep tem- perature hike to 1.5°C to control global warming. The Kyoto agreement COP3 in 1997 sets, for first time, the direction for green energy need. COP is a legally binding deal and all signatories are to comply with the targets. The climate change vulnerability brought signifi - cant changes and adverse harms for the environmental health of many counties throughout the world. Industrially en- riched countries are largely responsible for repercussions of the LDCs. Due to climate change concern, ground zero for climate change faces additional stress as nearly 75% of Bangladesh may go un- der water. The Paris Agreement, in 2015, de- fined a set of goals at a global level to respond climate change threats more precisely article 2.1 of the Agreement to limit global warming to well below 2°C above pre-industrial level, limit temperature increase to 1.5°C to adapt to climate change fostering climate re- silience, aligning finance flows with two objectives. All signatory countries are to determine the Nationally Determined Contributions (NDCs) as a national tar- get to reduce emission. The COP agree- ment was aligned with SDG 2030. The broad goal of SDG was to ensure sus- In line with clean energy and COP commitment, Bangladesh scrapped 10 coal-based power plants worth of $12 billion as a firm commitment to green energy despite contributing to just 0.47 percent of global emissions, an eye-opening move for the world. tainable social, economic development of country. The goal 9, 7, 12 and 13 are closely interrelated and cross-cutting in energy issue. These all issues cannot be amicably dealt and balanced as per- spective of all goals are important in economic context. Goal 7 stated access to energy service for all as well some other targets of increase substantially the share of renewable energy in the global energy mix and double the global rate of energy efficiency. Thus, SDG is retained through COP deal for the sus- tainable global prosperity. The stark re- ality is many developing economies do not enforce these plans. China declared to be energy neutral by 2060 but ener- gy peak usage will be by 2030 on COP agenda and many developed economies and carbon super powers look indiffer- ent to Paris agenda as the USA changed support to COP in several times. Bangladesh is one of the most vulner- able countries due to global climate change impact with risks livelihoods, food security, health and wellbeing. Cli- mate change projections suggest that flood, cyclones, storm surge are likely to be frequent and severe with increased risk of temperature rise by 1.6°C by 2050s and sea level rise in the Bay of Bengal by 2100 upto 0.9 m. In 2021, the COP26 to the UNFCCC in Glasgow has few surprises. Climate change impacts has significant chal - lenge for the private sector especially for MSMEs and large industries. MSME contributes to our GDP around 28%. If their sustainability and business conti- nuity is at risk due to manifold climate related issues, the economy will suffer resulting in job loss, poverty and change in industrial landscape. Climate change matters have changed and forced us to change the energy supply sources in Bangladesh. For outcome of Glasgow dialogue, Ban- gladesh advocated to formulate and im- plement a specific ambitious plan of Na - tional Determined Contribution (NDC) to reduce widespread damage, USD 100 billion fund generation by developed economies for adaptation and mitiga- tion, green technology at affordable prices while considering development of Climate Vulnerable Forum (CVF). In line with clean energy and COP com- mitment, Bangladesh scrapped 10 coal- based power plants worth of $12 billion as a firm commitment to green energy despite contributing to just 0.47 per- cent of global emissions, an eye-open- ing move for the world. It is worth that recent time 75% of global power plants are mostly produce renewable power which is a positive notion indicating a AKM Asaduzzaman Patwary Sr. Research fellow, Dhaka Chamber of Commerce & Industry (DCCI) and Doctoral Fellow in Economics in Jagannath University, Bangladesh RENEWABLE POWER