Rise of Green Economy in Bangladesh

Bangladesh has geared up its environment conservation steps to save the world’s poorest countries from the adverse effects of global warming. Now it is turning towards green economy policies to save the degrading ecosystem.

What is green economy?

It can be explained as the economic development based on sustainable development which generates growth and improvement in human’s lives while significantly reducing environmental risks and ecological scarcities. Green economy in Bangladesh promotes three bottom lines – sustaining economic, environment and social well-being.

Gramin Shakti

Gramin Shakti is a nonprofit organization pioneering solar systems for homes in Bangladesh. It is linked with micro credit lender Gramin Bank. Gramin Shakti provided small loan scheme to the villagers to buy solar home system. The Solar Home Systems (SHS) cost around $135 and villagers can pay back amount in installments. Gramin Shakti aims to reach the targets of million SHS by 2015. Thus Gramin Shakti is in the forefront of pushing green economy in Bangladesh.

Solar Home System boosting Green Economy

Green Economy in Bangladesh

In Bangladesh about 70% of the population does not have access to electricity. Bringing electricity to the rural poor is one of the most important contributions that a green economy can make to developing economies thus making way for Ecotourism in Bangladesh.

Recently World Bank has approved US $172 million credit to Bangladesh to support the ongoing installation of additional 630,000 Solar Home Systems in the rural area where grid electricity is not economically feasible or hard to reach.

Earlier in 2009 December, World bank has provided financing of $130 million through which more than 300,000 solar home based systems have been installed. The solar component is manufactured by Rural Electrification and Renewable Energy Development Project (RERED) and it is implemented by the Infrastructure Development Company Limited (IDCOL), a government- owned financial institution

“It’s the fastest expansion of solar energy anywhere in the world,” said Haq, who heads the state-run IDCOL, which provides financing for clean energy projects.

“We crossed the one million thresholds in more than 18 months ahead of schedule and we have set a new target to cross 2.5 million by 2014,” he said.

Some 60 percent of Bangladesh’s 150 million people have no access to mains electricity, with many relying on costly kerosene lamps for lighting, something which is sure to change with the application of green economy in Bangladesh.

Solar Home Systems has changed the face of remote and rural areas of Bangladesh by providing cheap, reliable electricity. It has helped in replacing kerosene – fired lanterns and reduced deforestation to a large extend. Another offshoot of the green economy is the local jobs and income opportunities which have been created. Going forward green economy ideas are going to be the way forward for Bangladesh ecology and economy.