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Dhaka Saturday,  Jun 15, 2024

Budget 2025 proposes Tk 1 billion investment in renewable energy initiatives

Finance Minister Abul Hassan Mahmood Ali has proposed a special allocation of Tk 1 billion to encourage the development and use of renewable energy.

The finance minister presented the budget for the 2024-25 fiscal year in parliament on Thursday.

“Considering the importance of renewable energy in building a developed, prosperous, smart and sustainable Bangladesh by 2041, I am proposing a special allocation of Tk 100 crore to encourage its development and use,” he said.

A target of achieving 40 percent of total power generation from renewable energy has been set as part of the long-term master plan for power generation, he said.

According to the latest data from the Power Division, solar, hydro, wind, biogas and biomass provide a combined 934.22 MW of energy to Bangladesh’s grid.

This year, Bangladesh has allocated Tk 303.16 billion to the fuel and energy sector, up from Tk 283.18 billion in the revised outgoing budget.

The allocation to the Power Division is Tk 292.30 billion, while the allocation for the Energy and Mineral Resources Division is Tk 10.87 billion.

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