Fiscal Nepal
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KATHMANDU: Nepal has emphasized that collective commitments were necessary for energy security.
During a third meeting of energy ministers from the Bay of Bengal Initiative for Multi-sectoral, Technical and Economic Cooperation (BIMSTEC) here today, Minister for Energy, Water Resources and Irrigation, Pampha Bhusal, highlighted the need for mutual trust, clarity in future endeavors and sincerity in objectives to address the serious issues in the energy sector, bearing in mind the future of 1.7 billion people of BIMSTEC nations.
The meeting was assisted by video conferencing technology.
Expressing her hope that the meeting would contribute to enhancing mutual energy cooperation among the BIMSTEC nations, the Minister stressed the need for adequate fiscal mobilisation and technology handover to advance toward the path of energy security.
She took time to say that increasing inter-relations among the BIMSTEC member states on all fronts would help further promote the spirit and sentiments of regional cooperation.
Talking about the Memorandum of Understanding (MoU) for the establishment of the ‘BIMSTEC Grid Interconnection’ signed at the fourth BIMSTEC Summit held in Kathmandu, the Minister said, “Energy trade is a significant issue and it is capable of addressing the problem of electricity waste and mitigating the risk of energy crisis in the region.”
“Energy is always the area of priority of BIMSTEC,” the Minister said, explaining that relentless efforts were made to promote energy cooperation in the sector.
The Minister further stressed the need for mutual cooperation, coordination and facilitation in the energy sector by encouraging the culture of experience sharing, increasing capacity enhancement and promoting best practices.
Also addressing the meeting, Ministry Secretary Devendra Karki was of the view of proving the COVID-19 crisis as a take-off for a green, safe and more sustainable Bay of Bengal. ” There is opportunity in every crisis.” For this, a consolidated and renewable regional partnership in energy would be of importance, he asserted.
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