Metropolis Report-
For a commercial offshore wind project off the Bay of Bengal, Copenhagen Infrastructure Partners (CIP) and Copenhagen Offshore Partners (COP) have offered Bangladesh a $1.3 billion investment.
With a 500 MW starting capacity, the utility-scale project is anticipated to be the key to Bangladesh’s transformation towards a green economy. The plan arrives at a critical time for Bangladesh, which is largely dependent on imported fossil fuels because of price shocks brought on by inflation.
By utilizing its coastal resources to their full potential and promoting the growth of the “Blue Economy,” the nation will be able to take advantage of a rare opportunity provided by the offshore wind project.
Climate change might cause a 9% decline in Bangladesh’s GDP by the middle of the century, and the Institute for Energy Economics and Financial Analysis (IEEFA) estimates that $1.7 billion in funding will be required annually for the green transition.
The offshore wind project will be the first of its sort in Bangladesh and perhaps all of South Asia, which will facilitate knowledge transfer and shorten the industry’s learning curve.
