Avail UN advisory body’s fund for clean energy: experts

Multilateral public private partnership Private Financing Advisory Network (PFAN) could be a great source of funds for Bangladeshi companies focusing on environment-friendly, efficient renewable energy, said experts yesterday.

Initiated by Climate Technology Initiative and the United Nations Framework Convention on Climate Change, the network also provides advice to businesses in developing countries having a low carbon footprint, said its regional coordinator for Asia, Peter du Pont.

Since its inception in 2008, the PFAN has supported 675 projects, which raised a combined $1.8 billion and 94 of which are in the pipeline in Asia as of this month, he informed.

Pont was addressing a webinar titled "Climate and Clean Energy Investment Opportunities in Bangladesh" jointly organised by the PFAN and Dhaka Chamber of Commerce and Industry (DCCI), says a press release.  

Bangladesh has immense potential in attracting Thai investment in renewable energy and agriculture, said the PFAN advisor for Thailand, Jamorn Teo Hoonsiri.

PFAN Thai will focus on facilitating Thai investment in agriculture, renewable energy, tourism, health, energy efficiency and waste and circular economy, said Hoonsiri.

Thai strategic investment can focus on Bangladesh for shrimp export, said the PFAN country coordinator for Bangladesh, Shaymal Barman.

They could also look into solar solutions, including independent power production, considering the fact that banking sources were not suitable for the over 10 years' funds required for such projects, he said. 

The private sector plays the biggest role in developing Bangladesh and needs to contribute to the paradigm shift caused by climate change, said DCCI acting president NKA Mobin.

Businesses are already taking action to address risks and opportunities stemming from climate change by incorporating environmental considerations into the decision-making process, he said.

He recommended developing a strategy for clean energy financing and growing the associated culture in Bangladesh.

Focus should be on gradually reducing industries' dependence on fossil fuel, low-cost investment in renewable energy, low-cost green fund for diverse industries and creating a climate change resilience refinancing fund, he added.

Mohammad Saifullah, head of business for ACI Agrolink, Masudur Rahim, CEO of Omera Renewable Energy, and Nancy Nguyen, the PFAN Asia network support manager, also spoke on the occasion.