The introduction of solar technology at household level has improved lives of entire communities, as it provides a cheaper and safer form of electricity that power up all sorts of electrical appliances.

One would have thought that the flattening out of global oil prices would have spelt doom for the renewable energy industry. On the contrary, we find that there has been a 4pc increase in clean energy technology spending in 2014 and the price of photovoltaics and wind turbines are coming down drastically.

While the oil industry has frozen up to $380bn investments in new energy, new investments in renewable has topped $329.3bn.

China remains the market leader for renewable energy with spending up by about 17pc, or in dollar terms, some $110bn, roughly double what the US has spent.

We find that across the board, advanced economies are pouring money into renewable energy. According to the Bloomberg New Energy Finance research, “Wind and solar power are now being adopted in many developing countries as a natural and substantial part of the generation mix. They can be produced more cheaply than often high wholesale power prices. They reduce a country’s exposure to expected fossil fuel prices. And above all, they can be built very quickly to meet unfulfilled demand for electricity.”

The worldwide interest in clean energy technology has been spurred primarily by the collective realisation that we need to do something for climate change.

Bangladesh has seen the ‘world’s fastest expansion’ in solar energy. As of January 2016, some 3.5m homes got power from solar energy or 18m residents have benefited from off-grid ‘green’ electricity

The December 2015 agreement to cut emission in an effort to contain global warming has prompted action across the field on various renewable technologies. The year 2015 saw more countries putting more money in solar, wind, geothermal and other sources of renewable energy and this trend is expected to continue in the current fiscal.

According to World Bank data, countries far and wide have undertaken ‘green’ programmes. In the Middle East, Morocco has taken the lead to become a ‘solar powerhouse’.

It is building the world’s largest concentrated solar power plants in the Saharan desert. The Noor-Quarzazate power complex when it goes into operation will give power to 1m of its citizens and reduce Morocco’s dependence by 2.5m tonnes of oil annually.

Mexico has undertaken a nationwide programme to make households energy efficient by distributing more than 20m energy efficient bulbs free of cost.

That means some 5.5m Mexicans will save about 18pc of their energy bills. China, the undisputed leader in renewable technology is turning 800 schools into ‘sunshine schools’ through rooftop solar connections generating 100MW of power that will power classrooms. And in Europe, Turkey has put into place 16,000MW of hydro, geothermal, wind and other renewable power.

As we draw closer to home, Bangladesh is forging ahead with solar-powered homes. Indeed, our country has been dubbed the ‘world’s fastest expansion’ in solar energy.

As of January 2016, some 3.5m homes got their power from solar energy, i.e. 18m residents have electricity generated from off-grid ‘green’ power.

Access to electricity translates into bolstering income and reducing expenditures; uninterrupted education for children and access to cell phone technology; and of course employment generation with a budding solar industry – which has generated some 70,000 jobs. The solar revolution in remote areas of Bangladesh has transformed lives for the better.

A 20-watt system costs approximately $150, which users pay over three years. The system produces enough energy to power two lights and one mobile charger.

The deletion of kerosene lanterns is a safety boon where it could easily ignite mosquito nets used in rural households. The benefits of power in rural Bangladesh is most important as access to electricity enables mobile phones to be charged – which in turn allows for mobile banking to complete financial transfers. The process becomes much easier as this can be done at home.

To put all this in perspective, the introduction of solar technology at household level has improved lives of entire communities, as it provides a cheaper and safer form of electricity that power up all sorts of electrical appliances – TVs, radio, cell phones, etc. Poorer communities can check on a weather forecast which is a major boon for a country that suffers from extreme and unpredictable weather conditions.

On the health front, the replacing of kerosene lamps with electrical bulbs mean no more toxic fumes that contribute to indoor pollution and lastly, the rapid growth of the solar panel industry means substantial new employment generation, for both men and women.

The writer is an assistant editor at The Daily Star.

The Daily Star/ANN

Published in Dawn, Business & Finance weekly, March 28th, 2016