BP Business Desk
With the ongoing race to create a smooth and affordable transition to renewable energy sources in both developed and emerging economies, the Common Wealth Enterprise and Investment Council recently hosted a webinar titled ‘Commonwealth Clean Energy Conversation’.
Commonwealth governments have committed to dramatically lowering their CO2 emissions to fight climate change. Now, with a finite supply of fossil fuels and increasing evidence to prove their detrimental environmental impact, countries are transitioning to greater use of renewable energy sources such as wind, hydro, and solar on a mass scale.
Sheikh Fazle Fahim, the President of Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), took part in the webinar session that discussed the challenges in investment opportunities and how the Commonwealth can act as a platform to co-ordinate and share knowledge; to advance the transition to green economies. Financing local renewable energy initiatives through Commonwealth platform
Speaking at the webinar, the FBCCI president said, “The existing issues of the energy sector and the path forward, were brought under the light as early as the ’60s. But financing multilateral initiatives for the transition to happen is where we can work more. The modalities and the business model for renewable energy are not very common. Local governments and banks are not enough.”
“But through global platforms and resources such as that of Commonwealth, these issues can be addressed,” he added.
Highlighting the case for Germany and BMW’s aspiration to initialize a public infrastructure of electrical-vehicles, the president further said, “Resource and knowledge transfers on such existing initiatives will be crucial in multilateral cooperation across global and local platforms, either private or public; for an easy transition process into green and renewable energy.”
Alongside the FBCCI president, Director-General of REEEP Magdalena Kouneva, Board Member of Cool Earth Dr Tony Juniper, and Managing Director of UK Climate Invest LLP (Macquarie Group) Richard Abel, and other big energy policy influencers also attended the webinar.