According to information presented at a recent dialogue organized by the Centre for Policy Dialogue (CPD) in Dhaka, the G7 countries can help Bangladesh to achieve its goal of 40% renewable energy by 2041 by providing financial support to enable a smooth energy transition.
Between 2024 and 2041, the country will need to invest about $1.53-$1.71 billion annually.
Participants informed that the $6.71 billion the nation got from domestic and international sources in the sector between 2016 and 2023 is insufficient.
The 49th G7 Summit is slated to take place in Hiroshima, Japan, on May 19–21, 2023.
G7 pledges are currently stagnating, according to CPD Research Director Khondaker Golam Moazzem, with some nations heading in the opposite direction.
He called the G7’s ongoing discussions and debates on finance for fossil fuel and renewable energy sources “ambiguous, delayed, and unstable.”
The G7 countries ought to stop financing the use of fossil fuels in poorer countries. Since LNG is a carbon-based fuel, investment in it ought to be avoided, he added.
The conference should emphasize encouraging and funding the use of renewable energy in developing nations and enabling them to access cutting-edge technologies. However, developing nations shouldn’t be forced to utilize unproven, contentious, and expensive technologies like hydrogen fuel and ammonia, he said.
“A global carbon market should include developing countries and be managed by third-party organizations for a just and inclusive transition to a net-zero future,” he added.
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