BIMSTEC region can provide green, affordable energy access to all

Subject: International Relations

Section: Groupings

Context: India hosted the first meeting of Governing Board of BIMSTEC Energy Centre in Bengaluru February 27, 2023.

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Access to energy has increased in most BIMSTEC countries except Myanmar, the overall generation mix is dominated by fossil fuel in major economies of BIMSTEC.
There is a need to decarbonise the power sector, thereby greening the energy access in the BIMSTEC region and fostering green access in the countries where energy access is still low and access is fossil dominant.
Increasing and deepening the cross-border power trade in the region would help improve energy access, greening the energy access and addressing energy security concerns in the region.
BIMSTEC countries go a long way in terms of energy cooperation bilaterally in the electricity sector.
There is a need to democratise dialogue on regional energy cooperation to build and maintain political trust and consensus by engaging in continuous dialogue on regional electricity integration and market development across all levels of stakeholders.

BIMSTEC

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organization.
BIMSTEC Secretariat was opened in Dhaka, Bangladesh.
Its members lie in the littoral and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
Out of the 7 members: Five are from South Asia – Bangladesh, Bhutan, India, Nepal,and Sri Lanka. Two are from Southeast Asia – Myanmar, Thailand.
It mainly aims to create an enabling environment for rapid economic development; accelerate social progress; and promote collaboration on matters of common interest in the region.

Origin of BIMSTEC

This sub-regional organization came into being in 1997 through the Bangkok Declaration.
Initially, it was formed with four Member States with the acronym ‘BIST-EC’ (Bangladesh, India, Sri-Lanka and Thailand Economic Cooperation).
It became renamed ‘BIMST-EC’ in 1997, following the inclusion of Myanmar.
With the admission of Nepal and Bhutan in 2004, the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC).