[COP28 Side Event]Renewable Energy Project Financing Opportunities in Bhutan

Day：2024.01.17

event ｜

Person in charge

So Ozaki
Environmental Management and Climate Change Group, Global Environment Department, JICA
Associate Expert

Overview

Date: 5/12/2023
Host: The Royal Government of Bhutan
Location（Pavilion Name）：Bhutan Pavilion

Moderators and panelists

Ugyen Namgyal
Druk Hydro Energy Limited (DHyE)
Chief Executive Officer

Dasho Chhewang Rinzin
Druk Green Power Corporation Limited (DGPC)
Managing Director

Karma P Dorji
Department of Energy, The Ministry of Energy and Natural Resources
Director

Martin Raiser
South Asia Region, World Bank
Vice President

Declan Magee
Climate Change and Governance,Asian Development Bank
PrincipalEconomist

Ozaki So
Environmental Management and Climate Change Group, Global Environment Department, JICA
Associate Expert

Primary objectives and outcomes

Bhutan has 33 GW of technically and economically feasible hydropower potential, making it an important energy option for the future as countries seek to contribute to achieving the 1.5 degree target through mitigation efforts.
This seminar presented Bhutan's experience and successes in hydropower and discussed ways to promote investment in future projects as the country continues its efforts to scale up renewable energy development to address energy security and socioeconomic development.

Content of the discussions

Durk Hydro Energy Limited, which is responsible for the development of hydroelectric power plants in Bhutan, explained that while Bhutan currently has the potential to generate more than 30 GW of hydroelectric power, only 2-3 GW has been developed and hence the need to accelerate the development of hydroelectric power generation, including mobilizing private financing.
The Vice President, South Asia Region of the World Bank, mentioned that the construction of hydropower plants will not only contribute to energy security and GHG emission reductions, but will also lead to economic benefits by promoting private investment, as the demand for electricity increases from the perspective of economic growth.
The ADB economist emphasized that while it is clear that Bhutan has abundant hydropower potential, cooperation among development agencies is necessary to promote efficient and effective private investment.
JICA introduced the Power System Master Plan 2040, developed in 2022, and mentioned that it dispatched a Hydropower Technical Advisor to Bhutan so that hydropower development can be carried out with maximum consideration of environmental and social safeguards.

Seminar

Seminar

Speech by So Ozaki, Associate Expert

Speech by So Ozaki, Associate Expert