KATHMANDU, APRIL 20
The third meeting of energy ministers of the Bay of Bengal Initiative for Multilateral-Sectoral Technical and Economic Cooperation (BIM- STEC), held virtually today, has agreed to facilitate energy trade, prepare a master plan on 'grid connection', and to set up an energy trade centre, according to the Ministry of Energy, Water Resources and Irrigation.
The meeting agreed to form a 'BIMSTEC Grid Interconnection Coordination Committee' to implement the grid interconnection and prepare the necessary action plan. The meeting also decided to form a master plan to establish the BIMSTEC grid, with the help of the Asian Development Bank (ADB).
Similarly, the meeting also agreed to form policies and upgrade tariff systems for energy trade as well as to enhance trade strategies and plans among the BIMSTEC nations.
Likewise, the third energy ministerial-level meeting also agreed to establish a trade centre to strengthen trade and cooperation.
According to the ministry, decisions have been made to formulate and implement a master plan to establish infrastructure and operate them.
Stating that the BIMSTEC countries are rich in natural resources, Minister for Energy Pampha Bhusal stressed on the need to use clean and renewable sources of energy.
Citing the need to increase investment in energy production, she called for the promotion of newer technology in the energy sector of BIMSTEC nations.
Moreover, stating that energy, environment, and economy are important sectors for sustainable development, Minister Bhusal said, "We are constantly using fossil fuels. We need to change this tendency."
Minister Bhusal also emphasised on the need to further expand economic cooperation among BIMSTEC nations.
Similarly, addressing the meeting on behalf of Nepal, Secretary at the Ministry of Energy, Water Resources and Irrigation Devendra Karki said that progress was being made in energy cooperation with the neighbouring countries. He expressed the belief that mutual trust, cooperation, and partnership among the BIMSTEC nations would help in adapting and upgrading the development efforts of the member countries.
Regarding the progress made in the energy sector in Nepal, Karki said, "We have made a lot of progress in providing clean and reliable energy to our people. As a result, 93 per cent of our population has access to electricity. " He said that 15 per cent of the total energy demand will be supplied from clean energy sources by 2030 and that the country is aiming for zero carbon emissions by 2045.
Nepal joined BIMSTEC on February 8, 2004. The initiative mainly aims to create an enabling environment for rapid economic development, accelerate social progress, and promote collaboration on matters of common interest in the Bay of Bengal nations.
The other member states of the cooperation inc
