The Integrated Energy and Power sector Master Plan (IEPMP)provided false solutions for developing Bangladesh's energy and power sector.
"The power plan is designed for maximising profits of Japanese companies, and simply a scheme for Japan in trying to re-sell their surplus LNGs to Asian Countries in Bangladesh," said Yuki Tanabe Programme Director of Japan Centre for Sustainable Environment and Society (JACSES) at a session on Role of Bilateral Partnerships for Just Transition in Bangladesh, on the second day of the Bangladesh Energy Prosperity (BEP) 2050 conference.
"In the name of advanced technologies, it suggested the government to take those ones which are very expensive compared to renewable energy," Yuki Tanabe said.
The Japanese backed national master plan was endrosed by the Awami League government just one year back, the Institute of Energy Economics, Japan (IEEJ) in support from Japan International Cooperation Agency (JICA) formulated the mega plan for Bangladesh's energy and power sector development.
Nowadays, the IEPMP faces scrutiny for burdening Bangladesh towards further financial instability with depleting foreign exchange reserves.
The IEPMP of Bangladesh is economically non viable, misaligned with Paris Agreement, G7 commitments, and diminishes our Net Zero targets, the Japanese expert said.
"Bangladesh should not apply hydrogen and ammonia at this moment, however once these projects are tested and depending on technological advancements ensured, then we can update Bangladesh's power master plan as needed," assures Ichiguchi Tomohide, the Chief Representative from Japan International Cooperation Agency (JICA), Bangladesh said.
The session also highlighted the key role of Chinese and Nepalese investments in renewable energy and energy transition in Bangladesh as the most important strategic bilateral partners.
On other thematic areas of land constraints for renewable energy, bilateral and multilateral cooperation for energy transition, speakers highlight the role of Japan and G7 countries in progressing energy transition in Bangladesh, the potential of South-Asian Energy Cooperation and the historical responsibility and way forward of ADB and AIIB.
Another session on fair and sustainable financing, emphasised accountability, compliance and safeguarding mechanisms should be enhanced in the financial sector. Additionally, Bangladesh's taxonomy must be revised and aligned with global standards, while banks should ensure the publication of financial policies, project documents, and ESG reports.
The Bangladesh Energy Prosperity 2050 conference is uniting over 300 national and international representatives, including policymakers, energy experts, development partners, private sector investors and financiers, civil society organisations and youth for an impactful three-day event. Building on the success of its first 2023 edition, this year's conference features 23 co-organisers dedicated to advancing the shift towards renewable energy, powering prosperity through a collaborative approach to sustainable development.
