Team Europe Initiative on Green Energy Transition (TEI GET), which used to be launched on Wednesday, will spend Tk 93.78 billion (EUR 930.6 million) on sustainable and renewable strength in Bangladesh.
Co-chaired with the aid of EU Delegation and Germany, EU member states and like-minded companions will enforce the new initiative, in accordance to a digital match held on Wednesday.
Some 88 per cent of the fund will be made on hand as credit score and the relaxation as provide assistance. The fund will be used in the areas of an high quality sustainable strength market, optimised grid infrastructure and renewable strength integration into the grid.
This holistic strategy covers generation, transmission, distribution and utilisation.
The strategy follows two essential instructions – one is the innovative decarbonisation of the strength area and the greenhouse fuel emission discount and the different relates to the everyday get right of entry to to affordable, reliable, sustainable and contemporary strength services.
The European initiative targets at assisting Bangladesh to construct a energy machine that leads to most insurance of the country’s strength demand thru renewable energy.
It additionally intends to minimize CO2 emissions, power consumption and demand thru power efficiency.
Speaking at the event, Ambassador of the EU Delegation Rensje Teerink highlighted the collective trip of Europe in the region of improvement of renewable energy.
“It pulls sources collectively and affords an probability to mix the most suitable combine of imposing modalities to gain most results. It indicates that multilateralism works,” she said.
Speaking on the occasion, German Ambassador Peter Fahrenholtz said, “The Team Europe method stands for impact, innovation and usual coherence. It sends a robust message of European partnership and solidarity. It helps a sustainable recuperation from the devastating affect of the pandemic.”
The State Minister for Power, Energy and Mineral Resources Nasrul Hamid welcomed the European initiative.
“We are reviewing our Power System Master design so that, underneath the management of the top minister, Bangladesh continues to maintain its CO2 emissions to a minimal stage regardless of its super financial growth,” he added.