Today, on Saturday, November 9, 2024, at 11:00 am, a press conference was held at the Tofazzal Hossain Manik Mia Auditorium at the National Press Club to release the report titled “The Cost of a $50 Billion LNG Project for Bangladesh and a Sustainable Future.” The event was organized by DHORA, Waterkeepers Bangladesh, Market Forces, and Fossil-Free Chattogram.

The press conference was presided over by former Chairman of the National River Protection Commission and DHORA advisory member Dr. Mujibur Rahman Howladar and moderated by DHORA Member Secretary Sharif Jamil. Market Forces Asia Energy Analyst Munira Chowdhury presented the report. Speakers included Professor Anu Muhammad, former professor of Economics at Jahangirnagar University; Dr. Khondaker Golam Moazzem, Research Director of the Centre for Policy Dialogue (CPD); Dhaka University Associate Professor Mosahida Sultana; Shafiqul Alam, Lead Energy Analyst for Bangladesh at the Institute for Energy Economics and Financial Analysis; Megu Fukuzawa, Asia Energy Finance Campaigner at Market Forces; and Amanullah Parag, South Asia Mobilization Coordinator for 350.org.

The report, jointly released by Market Forces, Waterkeepers Bangladesh, and DHORA, revealed that the planned liquefied natural gas (LNG) projects and import terminals would cost Bangladesh approximately $50 billion. The projects pose significant economic risks to the country and could lead to severe pollution and climate change impacts, such as floods and cyclones, endangering millions of people’s health.

Currently, Bangladesh faces rising electricity costs, and reliance on costly imported LNG could further strain the population. The report also indicated that while the country grapples with heatwaves and electricity demand crises, the $50 billion investment in LNG could alternatively support the development of 62 gigawatts of renewable energy capacity—double Bangladesh’s current electricity generation capacity.

Key Insights:

The study revealed that Bangladesh has plans for 41 new LNG-powered power plants totaling 37.4 gigawatts, exceeding the country’s current power capacity.

Seven new LNG import facilities have been proposed to support these projects.

The total cost of the proposed LNG projects would be around $50 billion, with $36 billion allocated for LNG power plants and $14 billion for import facilities.

By 2041, Bangladesh may incur an additional $7-11 billion annually due to LNG imports—two to three times the current fossil fuel import costs.

Planned LNG power plants in Chattogram are expected to emit approximately 1.3 billion tons of CO₂-e over their operational lifetimes—six times the current annual emissions of Bangladesh.

Environmental pressures from gas developments could endanger at least 26 threatened species, including the Asian elephant, clouded leopard, and Chinese pangolin, which depend on local forests.

Human rights violations, especially against women, are a concern during the implementation of gas projects, impacting communities dependent on industries such as tourism, fishing, dried fish production, salt production, betel leaf cultivation, and agriculture in the Chattogram region, including Cox's Bazar.

Instead of allocating $36 billion for LNG power plants, Bangladesh could invest in 62 gigawatts of renewable energy, sufficient to replace existing gas power plants or supply four times the energy generated from coal power plants. Bangladesh has an estimated 240 gigawatts of solar energy and 30 gigawatts of coastal wind power potential.

Bangladesh’s LNG-centered Integrated Energy and Power Master Plan was developed by Japan’s government agency JICA and the Institute of Energy Economics, Japan (IEEJ). Japanese companies have a significant stake in over half of the planned LNG projects in Bangladesh, with U.S. companies also playing key roles in this sector.

Source:

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