Bangladesh’s nearly decade-long effort to improve energy efficiency is paying off. With targeted measures, the nation can build on this momentum and achieve its energy efficiency goals ahead of time, according to a new report by the Institute for Energy Economics and Financial Analysis (IEEFA).
Since 2016, energy efficiency gains have saved Bangladesh billions in fossil fuel imports, with great economic and environmental benefits for the nation, finds the report ‘Bangladesh’s energy efficiency goals within reach’ by Shafiqul Alam, Lead Energy Analyst, Bangladesh, IEEFA South Asia.
The report analyses Bangladesh’s primary energy consumption and gross domestic product (GDP) trends over the past decade to examine the country’s progress on energy efficiency.
“Between fiscal year (FY) 2014-15 and FY2023-24, energy efficiency increased by 13.64% against a target of 20% by 2030,” says Alam. “In FY2023-24 alone, energy efficiency gains helped Bangladesh cut fossil fuel consumption worth 7.02 million tonnes of oil equivalent, avoiding approximately USD3.34 billion in import bills.”
Initially, progress was encouraging but patchy until the global energy price shock and supply disruptions in FY2021-2022 made energy security and efficiency an urgent priority. Fortunately for Bangladesh, the Energy Efficiency and Conservation Master Plan developed in 2016 laid the groundwork to respond to such eventualities. Read more here.
