Category: Energy and Power

The UN-backed carbon market has expanded to the renewable power sector, allowing eligible grid-connected renewable electricity projects to generate carbon credits under the Paris Agreement’s Crediting Mechanism.

The Article 6.4 Supervisory Body adopted a new methodology setting rules for project eligibility, emissions reduction measurement and verifi cation.

The move is aimed at helping renewable energy projects overcome fi nancing barriers while ensuring credits represent real and additional emission reductions.

UN Climate Change Executive Secretary Simon Stiell said the mechanism could help unlock fi nance for cleanpower projects that might otherwise not move forward, enabling countries to accelerate renewable energy deployment and progress toward their climate targets.

The decision comes as countries seek to triple global renewable energy capacity by 2030 and increase electrifi cation across transport, buildings and industry

Bangladesh has put a proposed 13year LNG supply agreement with US-based Gunvor USA LLC on hold after the company quoted a price considered too high by the government.

The Cabinet Committee on Economic Affairs had approved the proposed government-to-government deal on July 28, but the Cabinet Committee on Government Purchase did not approve it on August 7.

As a result, signing of the supply purchase agreement remains suspended.

Under the proposal, Gunvor would supply fi ve LNG cargoes in 2026, six in 2027 and three in 2028, priced against the Asian JKM benchmark.

From 2029 to 2038, it would supply 10 cargoes annually under a Henry Hub-linked formula of 121% of Henry Hub plus $5.20/MMBtu.

Offi cials said Gunvor initially offered the 2026-28 LNG at JKM plus $0.10/MMBtu but later raised the premium to $0.875/MMBtu, citing tight global LNG supplies.

Prime Minister Tarique Rahman has called for the maximum and effi cient use of existing power and energy infrastructure to strengthen Bangladesh’s energy security, alongside greater transparency, accountability, regular maintenance and long-term integrated planning.

During his visit to the 1,200MW Matarbari Ultra-Supercritical Coal-Fired Power Plant on August 9, the Prime Minister stressed the need to diversify energy sources while giving priority to economic viability, environmental impacts and the long-term interests of the people.

He also emphasized integrated development of the Matarbari power and energy facilities, deep-sea port and related industrial infrastructure, saying their effi cient use could accelerate industrialization and wider economic activity.

Offi cials briefed the Prime Minister on the plant’s operations, generation capacity, fuel supply, maintenance, safety and future expansion plans.

The facility comprises two 600MW units and uses ultrasupercritical technology, with JICA providing loan assistance for the project.

The Power Division has strongly refuted what it described as misleading propaganda by certain individuals or groups regarding allegations of excessive electricity bills.

In a statement issued recently, the division said that all complaints relating to unusually high electricity bills received so far have already been reviewed and resolved by the Power Division and the respective electricity distribution companies.

The Power Division said there is therefore no basis for spreading misinformation or creating unnecessary public confusion over the issue.

However, it encouraged any customer who believes they have received an excessive electricity bill to submit a formal complaint, along with supporting evidence, to the relevant authority.

The statement assured consumers that any genuine complaint would be investigated and addressed promptly through appropriate action.

Extreme heat is causing significant economic and employment losses in Bangladesh, with heatr e l a t e d productivity l o s s e s estimated at up to $1.8 billion in 2024, while around 465,000 full-time jobs in Dhaka are effectively lost each year, according to a World Bank report.

The report, A Livable Future: Protecting Jobs and Growth from Extreme Heat in South Asia’s Cities, warned that rising temperatures could increasingly threaten Bangladesh’s jobs, exports and economic growth without urgent adaptation measures.

Heat stress currently makes about 3% of annual working hours in Dhaka unworkable.

Without effective adaptation, the fi gure could rise to 7.4% by 2080, equivalent to nearly 1.65 million full-time jobs.

Low-income workers in construction, manufacturing, transport, agriculture and informal services are particularly vulnerable.

The Chittagong Chamber of Commerce and Industry (CCCI) has urged the government to provide a three-month fi nancial relief package for businesses affected by prolonged gas and electricity shortages.

In separate letters to the Finance Ministry and the Ministry of Power, Energy and Mineral Resources, the chamber sought a threemonth waiver of bank interest and deferment of loan instalments, along with a 90-day moratorium on gas and electricity bill payments without penalties.

CCCI President Mohammad Amirul Haque said persistent energy disruptions had severely affected garment and textile factories, plastics manufacturers and other industrial units, with some forced to suspend production or implement layoffs.

The chamber said lower and irregular energy supplies had caused sharp declines in production, exports and sales, leaving businesses struggling to pay wages, bank interest, utility bills and other operating cost

Climate change is projected to widen global inequality by driving greater airconditioning (AC) adoption in wealthy countries while causing sharply higher heat-related deaths in poorer nations that lack access to affordable electricity, according to a new report by the Climate Impact Lab.

The report warns that rising temperatures could contribute to an additional 430,000 heat-related deaths every year by 2050, with lowand lower-middle-income countries accounting for nearly 10 times more deaths than wealthier nations.

Researchers say access to reliable and affordable electricity for cooling will determine how effectively countries can adapt to worsening heat.

However, many of the regions expected to experience the most extreme temperatures are also those least able to expand electricity access.

Iran’s Oil Ministry said it sold about $18 billion worth of crude oil during the war with the United States and the subsequent ceasefire , despite severe disruptions to its energy exports.

According to the ministry, Iran sold $11.5 billion of oil during the war and a further $6.5 billion during the ceasefi re.

The ministry said the revenue represented more than 60 percent of the oil income projected in the country’s annual budget.

The statement contrasts with an earlier claim by Iranian parliament speaker and chief negotiator Mohammad Bagher Ghalibaf that Iran had been unable to export oil during the US blockade of its ports.

The confl ict began on February 28 following USIsraeli strikes on Iran.

A ceasefi re in April largely halted the fi ghting, but hostilities resumed in July amid renewed tensions over the strategic Strait of Hormuz, a key route for global oil shipmen

The Council of the Global Environment Facility (GEF) has selected Colombia’s former Minister of Energy and Mines Diego Mesa Puyo as the next CEO and Chairperson of the GEF family of funds.

Mesa Puyo is expected to assume offi ce in October 2026 for an initial four-year term, coinciding with the GEF’s ninth replenishment cycle (GEF-9) and the fi nal phase of efforts to achieve global environmental targets for 2030.

He will succeed former GEF CEO and Chairperson Carlos Manuel Rodríguez, who stepped down in December 2025.

Claude Gascon has served as interim CEO and Chairperson since then.

The Council had initiated a formal selection process and planned to interview the fi nal candidates before making the appointment.

Before his selection, Mesa Puyo served as Deputy Chief of the Climate Policy Division at the International Monetary Fund (IMF).

India has approved an $8.8 billion plan to support offshore oil and gas exploration as the country seeks to reduce its heavy dependence on imported energy.

The cabinet, chaired by Prime Minister Narendra Modi, approved the ambitious program to explore offshore areas under Indian jurisdiction for new oil and gas reserves.

Information and Broadcasting Minister Ashwini Vaishnaw said successful exploration could signifi cantly increase domestic production.

India currently meets only about 10% of its crude oil demand through domestic production.

The move follows disruptions to global energy supplies linked to tensions around the Strait of Hormuz.

India has responded by expanding its crude supply sources from 27 to 41 countries, while increasing purchases from Russia and African producers