en.Wedoany.com Reported - Bangladesh has set a target to achieve 5,000 megawatts of solar power by 2030, as part of a strategy to enhance energy security, reduce import dependence, and meet the demand for clean electricity from export-oriented industries.
Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood announced the target at a post-budget press conference held at the Osmani Memorial Auditorium in the capital. He stated that the goal is to supply 5,000 MW of solar power to the national grid, with actual installed capacity expected to be higher.
In response, Mahmood noted that renewable energy is already a structural economic necessity, not a policy choice. He said Bangladesh's export competitiveness is increasingly linked to the use of clean energy, particularly in the European market, and therefore the country must increase clean energy usage to remain competitive.
The minister emphasized that solar expansion will be paired with battery storage systems to ensure reliable round-the-clock supply. Fiscal incentives have been introduced in the budget, including tariff and tax exemptions for solar cells and related equipment, to encourage investment and accelerate renewable energy deployment.
Mahmood stated that promoting renewable energy aims to address structural weaknesses in the country's energy system. He noted that over the past 17 years, the energy system has become heavily dependent on imports. To this end, the government has decided to revitalize the state-owned Bangladesh Petroleum Exploration and Production Company Limited (BAPEX) by procuring five additional drilling rigs to strengthen its onshore exploration capabilities. Meanwhile, international oil companies have been invited to participate in offshore block exploration, as domestic enterprises lack experience in deep-sea operations.
The minister acknowledged a continued short-term reliance on imported fuel, but said fuel supply has remained stable despite global volatility. Bangladesh has spent approximately $2.5 billion on fuel imports to ensure energy security. Additionally, he admitted that the power sector faces significant financial pressure, with the government inheriting an outstanding debt of about 560 billion Taka. Regarding capacity payments to independent power producers, the minister said the contracts are complex and legal opinions have been sought; if a favorable opinion is obtained, appropriate legal measures will be considered.
He expressed hope that reforms in the energy sector, including expanded natural gas exploration and renewable energy development, will yield results in the coming years. Finance Minister Amir Khosru Mahmud Chowdhury, Information and Broadcasting Minister Zahir Uddin Swapon, and other cabinet members attended the meeting.
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