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Bangladesh has spent about $2 billion on energy imports since the current government took office, putting significant strain on foreign currency reserves, Energy Minister Iqbal Hasan Mahmud Tuku said on Monday.
Speaking at a workshop titled “Voice of Development” at the China Friendship Conference Centre in Dhaka, the minister noted that escalating global conflicts have driven up fuel import costs, leading to higher electricity generation expenses.
He criticised the previous administration for failing to make meaningful progress in exploring offshore energy resources, despite securing maritime boundaries.
In contrast, he said neighbouring countries have advanced considerably in tapping marine energy reserves.
Highlighting future plans, Tuku stressed the need for greater investment and support from development partners in renewable energy to build a welfare-oriented state. The government is moving ahead with plans to install solar power plants with a combined capacity of 10,000 megawatts.
To encourage wider adoption, tax incentives have been maintained in the latest budget to promote solar energy use at both household and commercial levels.
The minister added that Prime Minister Tarique Rahman is committed to building a welfare-focused state, with renewable energy playing a central role in that vision.