Renewable Energy Bill

The era of renewable energy is upon us. The rapid pace at which it is being adopted across the world has even astounded experts closely observing the trend. And Nepal is not an exception. From a fleet of school buses and public microbuses to bikes and scooters, electric vehicles (EV) have started being seen on every road in growing number. This powerful momentum towards clean energy only seems unstoppable. Not just vehicles, everything from cooking to heating, we are now employing renewable energy in the form of hydroelectricity – a mirror of the big shift in the way how the world produces energy and uses it in a clean and green way as per the call of the time. 

In the age of climate change, transition to 100 per cent renewable energy is not only a moral obligation to future generations, but is also socially and economically beneficial today. Across the world, the developed nations that burned fossil fuels for more than a century to become the richest economies on the planet are rapidly shifting away from such fuels. Automakers have made electric vehicles central to their business strategies and are keenly talking about an expiration date on the internal combustion engine. As the planet witnesses record-shattering temperatures, governments around the world are pouring trillions of dollars into clean energy to cut the carbon pollution that is causing the warming. The cost of generating electricity from the sun and wind is falling so fast that it is now competitive with their fossil fuel counterparts in price. 

The incumbent government is going to present the 'Renewable Energy and Energy Efficiency Bill' with the objective to address the changing circumstances and demands of the times in the field of alternative and renewable energies. Minister of Energy, Water Resources and Irrigation Shakti Bahadur Basnet has assured that the bill related to renewable energy will be tabled in the federal parliament within a month. We welcome the announcement, and urge the government to expedite it. Not only will it help regulate and manage the massive number of EVs, it will also turbocharge our efforts towards producing cleaner and more sustainable energy.

Studies have shown that Nepal is one of the best-placed countries to harness the power of the sun. With plenty of sunny days and cooler climate, the solar power the country can tap into is immense, and so is the wind power with no shortage of windy areas like Mustang, Manang and Kathmandu among many others. The bill should contain measures and provisions to incentivise the power producers to maximise this untapped potential. A law in place to protect and power energy producers will surely give those in the field a confidence to carry on with their businesses without fear.

As country after country strives to increase its share of renewable energy, we cannot afford to lag behind. They are giving generous subsidies, tax breaks and even capital support to hasten the shift. Several laws have been enacted in this regard. We producing enough clean energy will both lower the cost of electricity and curb the import of fossil fuel – the import of which is a drain on our foreign currency reserves. Once it is signed into law, the bill is sure to be instrumental in prompting new power producers to foray into the venture and be a key part of the timely shift.