Warning that the energy crisis has already taken a toll on Bangladesh’s economy, Prime Minister Tarique Rahman on Wednesday sought a US$2 billion fund from development partners to help overcome the crisis and stabilise the economy.
“The situation before us demands urgency, solidarity and decisive action,” he said while addressing the Asia Zero Emission Community (AZEC) Plus Online Summit.
The Prime Minister said immediate support for the most vulnerable countries must be at the top of the collective agenda of the summit.
“In this regard, Bangladesh is seeking to mobilise US$2 billion from development partners to meet our immediate energy needs and safeguard our economic stability. We urge the international community to respond swiftly and positively to this call,” he said.
The Prime Minister said the current global energy crisis is a stark reminder of global communities’ shared vulnerability and interdependence.
No nation- regardless of its size or strength- can overcome this challenge in isolation, he said, adding that it demands a coordinated and forward-looking Asian response, to strengthen regional energy security, address immediate supply disruptions, and support the most vulnerable countries.
“The energy crisis has already disrupted Bangladesh’s economy. In response, we have taken a range of short-term measures to contain the impact,” Tarique said.
He said the measures include demand-side management through the rationing of government office and market hours; stabilisation fuel supplies through emergency imports and diversification of sourcing; and consumption controls, including fuel rationing and limits on retail sales to prevent hoarding and panic buying through initiatives such as 'Fuel App'.
The Prime Minister said Bangladesh is concerned that the scale and consequences of this crisis could exceed those of the 1970’s oil shock, which triggered a decade of stalled development in the 1980s.
Since gaining independence in 1971, he said Bangladesh has worked relentlessly to drive economic growth, lift millions of out poverty, and improve the quality of life for its people. “Today, these hard-own gains are in danger, facing the real threat of reversal.”
The Prime Minister said Bangladesh is not alone in facing this risk, nor can the country overcome it through national effort alone.
“This moment calls for a decisive and co-ordinated global action, to contain the impact of the ongoing energy crisis, particularly to protect vulnerable countries, including the Least Developed Countries (LDCs), from its severe economic and social impact,” he said.
Tarique Rahman appreciated Japanese Prime Minister Sanae Takaichi for convening this timely and important Summit.
Tarique Rahman addressed (AZEC Plus Online Summit from his Bangladesh Parliament Secretariat office.
Bangladesh Foreign Minister Khalilur Rahman and PM’s Foreign Affairs Adviser Humaiun Kobir were present.
Heads of state and governments of various countries, including Prime Minister of Japan Sanae Takaichi, also virtually spoke on the occasion.
Heads of the government and the representatives of different countries, including India, Sri Lanka, the Philippines, Malaysia, Singapore, Thailand, Vietnam, Timor-Leste, the Republic of Korea (ROK), Australia, Brunei, Cambodia and Indonesia, participated in the online summit.
The organisations from which representatives joined the session are International Energy Agency (IEA) and Asian Development (ADB).
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