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Finance Minister Abul Hassan Mahmood Ali emphasized the significance of building trust and confidence among South Asian nations to unlock the extensive opportunities presented by cross-border energy trade.
He made this statement during his intervention at the South Asia Subregional Economic Cooperation (SASEC) knowledge event on “Financing the Clean Energy Transition in South Asia,” which took place in Tbilisi as part of the 2024 Asian Development Bank (ADB) annual meeting.
Minister Ali articulated Bangladesh’s vision for a sustainable energy transition, highlighting the nation’s commitment to tapping into additional capacities in hydro, solar, and other renewable energy sources to address the region’s escalating energy demands in an environmentally responsible manner. Drawing from firsthand experiences with various South Asian projects, Minister Ali emphasized the necessity of creating an enabling environment to attract both domestic and foreign investment in viable energy projects.
During sideline discussions, the Economic Relations Division (ERD) Secretary and Alternate Governor of Bangladesh to ADB engaged with the United States delegation, led by Ms. Alexia Latortue, Assistant Secretary for International Trade and Development at the US Treasury, to explore avenues for climate cooperation and progress on financial and fiscal sector reforms.
The ERD Secretary highlighted Bangladesh’s expectations from the recently established Bangladesh Climate and Development Platform (BCDP), aimed at leveraging international adaptation and mitigation investments. Expressing the need for substantial climate finance, the Secretary emphasized Bangladesh’s ambition for BCDP financing to supplement existing interventions in climate-related initiatives.
Furthermore, discussions between Bangladesh and the US delegation delved into the ongoing reforms geared towards enhancing financial and fiscal discipline in Bangladesh. The Secretary assured the US delegation of the country’s steadfast commitment to reform implementation while seeking support for realizing Bangladesh’s long-term economic vision of establishing a ‘Smart Bangladesh’ by 2041.
Minister Ali’s advocacy for trust-building measures among South Asian countries and Bangladesh’s proactive engagement in climate cooperation underscore the nation’s commitment to sustainable development and regional collaboration in the energy sector.
