Bangladesh has a mere and inadequate quantity of non-renewable resources of its own. To solve the growing energy crisis, major portion of the fossil fuel consumed has to be imported from abroad. Among the available indigenous energy resources, Bangladesh has become increasingly dependent on Natural Gas. The energy consumption structure of the country over the years has got to be largely ‘Mono-Fuel’ dependent. But with the looming exhaustibility of the non-renewable energy sources and the rapidly growing energy demand in the country, the policy-makers of the country have shifted their focus to renewable energy sources. The renewable energy options such as solar-power, wind-power, hydro-power and biomass will be essentially useful to increase the accessibility to energy and power for the overall socio-economic advancement of the country. The aim of the research is to review the pros and cons of renewable energy resources in the overall economic development of Bangladesh.
Energy is a key player in the development of human societies and has a huge potential and pool of resources, in the light of increasing its productive capability. But it requires a constant supply of energy factors. Bangladesh has shown magnificent economic achievements in recent past maintaining an average of 6.01 % GDP growth rate since 2010. But it faces challenges such as infrastructure deficits and acute energy shortages. By analyzing the energy consumption trend, we can clearly see that the per capita energy consumption of Bangladesh is clearly low compared to the standard of other developing countries, which is a major barrier in its overall economic development as it hampers increased production. In Bangladesh, both energy usage and energy production are inefficient. To overcome this barrier renewable energy should be used more significantly than the current level. As Bangladesh has plenty of renewable sources of energy, such as- solar, biomass, wind, and hydro-power etc. Among the source solar and biomass have huge potential in a country like Bangladesh. The main challenge for Bangladesh is to make a shift from mono-fuel based energy sector towards renewable energy sources.