Resources Diversification in Bangladesh’s Electricity Generation: A Study on the Role of Renewable Energy Sources

Abstract

The diversity of resources used to produce power in Bangladesh in 2010-2022 is examined in this research paper. The need for energy has increased dramatically as Bangladesh's economy expands quickly. Natural gas has historically been the primary fuel used in Bangladesh to generate power, although there has been a greater diversification towards renewable energy sources in recent years. The paper examines the country's electrical sector's present level of resource diversity and evaluates the possibility of even more diversification. The study takes a qualitative approach by reviewing secondary data sources. The findings show that the government has made significant strides toward diversifying the country's energy generation, even if natural gas remains the main fuel and electricity generated from natural gas in Bangladesh was 51.05% in the fiscal year 2020–2022. Renewable energy sources, such as solar, wind, and hydropower, have grown in popularity in recent years, and the government has set ambitious goals for their eventual implementation. However, a variety of difficulties, such as inadequate infrastructure, constrained financing, and legislative limitations are impeding the growth of renewable energy. The study report underlines the necessity to diversify Bangladesh's power-producing resources in order to guarantee energy security, reduce greenhouse gas emissions, and achieve sustainable development goals. According to our study, the government should improve infrastructure, offer suitable incentives, and resolve regulatory obstacles to foster investment in renewable energy. The results of this paper can direct stakeholders and policymakers in Bangladesh toward a more diverse, long-term, and robust electrical industry.