FinMin for greater trust, confidence among S Asian countries to facilitate clean energy transition
Finance Minister Abul Hassan Mahmood Ali has urged South Asian countries to cultivate greater trust and confidence among themselves to harness their additional capacities in hydro, solar, and other non-fossil fuel sources while addressing the region's escalating energy demands sustainably.
"Building greater trust and confidence among countries could be key to leverage enormous opportunities for cross border energy trade and attract international finance in energy transition projects in South Asia," he said while speaking as a panelist in the SASEC knowledge event on "Financing the Clean Energy Transition in South Asia".
During the event in Tbilisi, on the second day of the ADB annual meeting 2024, Minister Mahmood Ali outlined Bangladesh's vision for a clean and green energy transition.
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Drawing from personal experiences in various South Asian projects, the finance minister stressed the need to create an enabling environment for both domestic and foreign investors to participate in viable energy projects.
He called upon the ADB to support these efforts.
On the sidelines of the event, the Economic Relations Division (ERD) Secretary, also Bangladesh's Alternate Governor to the ADB, met with a US delegation led by Alexia Latortue, Assistant Secretary for International Trade and Development at the US Treasury.
They discussed climate cooperation and progress made in financial and fiscal sector reforms.
The ERD Secretary highlighted Bangladesh's expectations from the newly established 'Bangladesh Climate and Development Platform' (BCDP), aimed at leveraging international investments in adaptation and mitigation efforts.
He stressed the need for increased concessional and blended climate finance as a significant investment required for Bangladesh's climate transition.
The dialogue between Bangladesh and the US delegation also touched upon ongoing financial and fiscal discipline reforms in Bangladesh, with the Secretary affirming the progress of these reforms and seeking US support for Bangladesh's long-term economic vision of becoming a 'Smart Bangladesh' by 2041.
