A unique green partnership for a sustainable future

In a historic moment, the European Investment Bank (EIB) and Bangladesh have come together to ink a remarkable series of agreements, totalling an impressive 395 million Euros. These agreements signify a momentous leap towards achieving a sustainable and green transformation of Bangladesh's power sector.

The agreements, involving seven renewable energy projects, are set to revolutionize Bangladesh's energy landscape. Representing their respective sides, the Economic Relations Department (ERD) of Bangladesh government and the European Investment Bank have signed these landmark documents, marking a turning point in the nation's pursuit of sustainable development.

However, the seven renewable energy projects will introduce a remarkable shift in the power sector of Bangladesh, with collective potentials to install an estimated 750 MW of new renewable energy capacity in the nation. These projects encompass a diverse range of initiatives, from solar power ventures in Sonagazi and Nowakhali to wind power projects in Raipura and Chattagram, indicating the government's comprehensive approach to sustainable energy.
Green energy provides genuine benefits for the environment since the power is derived from natural resources such as sunlight, wind and water. Constantly replenished, these energy sources are direct opposite to unsustainable, carbon emitting fossil fuels that have powered us for over a century. Furthermore, an additional 45 million Euros grant agreement was signed between the European Commission and the European Investment Bank, focused on boosting Bangladesh's renewable energy sector.

In a further demonstration of commitment to sustainable development, a 12 million Euro grant agreement will complement these efforts, addressing the policy, legal framework, and investment climate required to facilitate an inclusive green energy transition.

This remarkable endeavour, however, extends beyond the realms of renewable energy. Five additional cooperation actions worth 70 million Euros were launched to support education, decent work, green construction, e-governance, and the prevention of gender-based violence. These cooperation actions signify the comprehensive nature of partnership and its commitment in addressing the multifaceted challenges faced by Bangladesh.

The Global Gateway strategy, encapsulated by this momentous partnership, showcases a Team Europe approach, uniting the European Union, EU Member States, and European development finance institutions. Their collective aim is to mobilize up to 300 billion Euros in public and private investments from 2021 to 2027, closing the global investment gap and creating essential links rather than dependencies.

Last but not the least, the agreements between European Investment Bank and Bangladesh is not just about energy; they symbolize a shared commitment to a sustainable future and the global combat against climate change. Moreover, the collaboration between these two entities demonstrates the remarkable power of international partnerships in addressing the most pressing challenges of our time. We believe the recently inked 400-million-euro investment marks a profound and transformative step towards a greener and more sustainable future for Bangladesh and the world.