Nepal has emphasized the need for collective commitment to energy security.
The third meeting of the Bay of Bengal Initiative for Multisectoral Technical and Economic Cooperation (BIMSTEC) Energy Ministers emphasized on energy security.
Minister for Energy, Water Resources and Irrigation Pampha Bhusal said that mutual trust, clarity in future endeavors and sincerity in objectives were crucial to address the serious problems facing the energy sector in view of the future of the 1.7 billion people of BIMSTEC countries.
Expressing confidence that our deliberations today would contribute to the enhancement of energy cooperation in the BIMSTEC sector, he said that adequate financial mobilization for energy as well as technology transfer should be promoted.
He said that the growing inter-relationship between the economies of the member countries on all fronts would help in realizing the spirit of regional cooperation. Referring to the agreement reached at the 4th BIMSTEC Summit in Kathmandu for the establishment of BIMSTEC 'Grid Interconnection', he said, "Energy trade is an important issue which can reduce the risk of power wastage and energy shortage in our countries."
Stating that energy has always been an important priority of the BIMSTEC process and continuous efforts have been made to promote energy cooperation in this sector, Energy Minister Bhusal stressed on the need for cooperation, coordination and facilitation in the energy sector by promoting experience sharing, capacity building and best practices. He said that affordable, renewable and sustainable energy was needed for climate adaptation.
Secretary at the Ministry of Energy, Water Resources and Irrigation, Devendra Karki, said that every crisis brings opportunity. "A strong and renewable regional partnership in energy will be important for this," he said.
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