Green Growth and Renewable Energy Adoption in Bangladesh: Economic and Policy Perspectives

Abstract

The purpose of this paper is to highlight the potential implications and nexus of green growth with renewable energy uptake in Bangladesh, providing a policy context that sets examples crucial for ensuring an appropriate understanding of sustainable development on a longer-term horizon. Based on a detailed bibliometric analysis of 6,794 research papers from the Web of Science database related to renewable energy ownership by inducible, published between 1990 and June 2023, this paper provides an updated understanding of the evolution of renewable energy in response to Bangladesh’s economic growth. Detailing significant findings, academic luminaries, and thematic trends on the subject, this study provides a critical analysis of renewable energy in supporting Bangladesh’s green economic transition. One understated point made by the study is that to curb environmental degradation, renewable energy use is more than necessary; it is also beneficial for a growing economy. Renewable energy holds the key to a green economy in Bangladesh, which will generate employment, improve local community welfare, and support energy security. The study further reveals an extensive positive relationship between the deployment of Renewable Energy and key economic parameters, such as GDP growth, industrial output & innovation in technology. The correlation is robust in resource-rich locations of Bangladesh, demonstrating the significant economy-wide implications of renewable energy, including its ability to draw in appropriate investment needed for higher economic growth and inclusive development. The study underscores the importance of proper policy frameworks and strategies to mainstream renewable energy in the Bangladesh economy model. Bangladesh must align its economic policies with the practice of sustainable energy if it wants to light up and flourish a resilient tomorrow for itself. The study provides important insights for policymakers, academics, and other stakeholders to further green growth of Bangladesh through renewable energy and achieve sustainable development in the long run.