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S Asia needs $625b to triple renewable energy capacity

Nov 19, 2024

| Jago News Desk

South Asia, home to 1.93 billion people, 27% of the global population, faces an urgent challenge in transitioning to renewable energy.


Despite its abundant resources, the region’s electricity consumption per capita is only 656 kWh—74% below the developing Asia average and 80% below the global average.


To address energy disparities and meet climate goals, South Asia must significantly accelerate its renewable energy initiatives, requiring an estimated $625 billion over the next six years to triple RE capacity.


A discussion titled “Pathways to Tripling Renewable Energy in South Asia” was organised in Baku by Shakti Foundation, CLEAN (Coastal Livelihood and Environmental Action Network), and Friends of the Earth, said a press release. 


The event highlighted South Asia’s current installed power capacity of 524.3 GW, led by India (446.2 GW), followed by Pakistan (41.9 GW), Bangladesh (28.1 GW), Sri Lanka (5 GW), and Nepal (3.1 GW). Despite near-universal electricity access, 67% of the region’s energy mix still comes from coal, and only 9.9% is renewable. 

 

Challenges and opportunities 


Shifting to distributed renewable energy systems could cut costs by up to 50%, empowering communities and easing grid dependency. Syeda Rizwana Hasan, Adviser to Bangladesh’s Ministry of Environment, Forest, and Climate Change, emphasised the need for political will and effective economic modeling. “The claim of a land shortage for renewable energy is baseless,” she said. “For example, 16,000 acres were allocated for export processing zones (EPZs), while only 10,000 acres would suffice for renewable energy needs.”  


Rizwana criticised the previous administration for relying on import-driven energy rather than leveraging domestic resources. She noted a policy shift under new leadership, including reconsideration of high tariffs on RE imports and inviting foreign investments for solar plants.


Highlighting Bangladesh's potential, she added: Rooftop solar could meet 40% of the country’s renewable energy needs.


Underutilised lands: Barren tea estates and unused government lands are ripe for RE development.


Regional cooperation: Bangladesh imports hydropower from Nepal and explores similar opportunities with Bhutan through India, setting the stage for a regional renewable energy grid.


Community-centered solutions


Imran Ahmed of Shakti Foundation emphasised the central role of women in Bangladesh’s energy transition. “Empowering displaced women through entrepreneurial training has already contributed 360 MW of clean energy via 6 million solar home systems,” he said.


Vidya Dinker of GrowthWatch, India, called for decentralized energy systems to power rural communities, warning against the private sector’s overemphasis on nuclear energy.


Hasan Mehedi from CLEAN urged leveraging South Asia’s vast solar and wind resources through regional cooperation. “A regional renewable energy grid can help countries share resources and collectively achieve climate targets,” he said.


Environmental and financial concerns


Hemantha Withanage of Friends of the Earth Asia Pacific stressed the importance of sustainable planning, warning against projects like wind farms in bird migration routes that could harm biodiversity. M Zakir Hossain Khan of Change Initiative highlighted the financial challenges, noting that South Asia receives only 1% of global climate finance, with 60% in the form of debt. He advocated for smaller, community-led projects and sub-regional grids, rejecting risky carbon markets and calling for a halt to new coal plants


News Link: S Asia needs $625b to triple renewable energy capacity

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