The Prime Minister’s Adviser on Finance and Planning, Rashed Al Mahmud Titumir, stated that the power and energy sector was pushed toward oligarchs during the fallen government’s tenure. Instead of enhancing domestic capacity, an import-dependent energy sector was established.

Rashed Al Mahmud Titumir said that in the past, the energy sector fattened the oligarchs. Industrialists and ordinary consumers became playthings in their hands. The energy sector was controlled by a few individuals. According to him, a handful of companies have tied up the entire energy sector, making it impossible to break free. This vicious cycle is pushing Bangladesh backward in such a way that subsidies have to be paid using the people’s tax money.

The Prime Minister’s Adviser on Finance and Planning made these remarks on Sunday at a dialogue titled “Renewable Energy in the Upcoming Budget: The Equation of Expectations and Achievements,” jointly organized by the non-governmental research organization Centre for Policy Dialogue (CPD) and the media outlet Dhaka Stream.

The event was held at the Sonargaon Hotel in the capital and was chaired by CPD’s Research Director, Khondaker Golam Moazzem. Researchers, businesspeople, and bureaucrats participated in the dialogue.

Among those present at the event were the Prime Minister’s Adviser on the Ministry of Posts, Telecommunications and Information Technology and the Ministry of Science and Technology, Rehan Asif Asad; Member of the General Economics Division (GED) of the Planning Ministry, Monzur Hossain; and the President of the knitwear exporters’ association BKMEA, Mohammad Hatem.

During the event, Rashed Al Mahmud Titumir announced that five initiatives regarding renewable energy will be undertaken in the upcoming budget. These are:

  1. To reach a trillion-dollar economy by 2034, an energy mix will be implemented, where the share of renewable energy will increase.
  2. The pricing structure will be determined in alignment with investment and industrial management, as well as the income of ordinary consumers.
  3. In the renewable energy sector’s policy framework, import dependency will be reduced, and production reliance will be increased.
  4. To ensure energy security, domestic institutions will be included alongside foreign companies for gas exploration and extraction.
  5. A minimum reserve for energy security will be maintained.

Speaking at the event, CPD’s Research Director Khondaker Golam Moazzem said that massive allocations are provided for the development of fossil fuels in the Annual Development Programme (ADP). Not more than 4 % of the total energy sector allocation is directed to the renewable energy sector. This clearly indicates that previous governments gave less priority to the renewable energy sector.

Dhaka Stream’s Editor and Publisher, Golam Iftekhar Mahmud, stated that while various issues are discussed in the media every year, their reflection in the budget remains minimal. He mentioned that to produce renewable energy, a producer has to visit 32 different offices, which exacerbates suffering.

CPD Researcher Khalid Mahmud presented the keynote paper at the event. He noted that the import duties on various renewable energy equipment are comparatively high. According to him, the allocation for the renewable energy sector in the Annual Development Programme (ADP) is only 3 to 4 % of the entire energy sector’s allocation. The keynote paper recommended that the government formulate a strategy to generate 10,000 megawatts of solar power.