The Ministry of Finance launched the Bhutan Resource Mobilisation Plan. It is a strategy to raise money to fund climate-resilient development programmes. It identifies priority areas for funding from the 13th Five-Year Plan, the 21st Century Economic Roadmap, and the 10X GDP growth strategy.
The country has many development priorities, but limited access to finance is a challenge. This plan is expected to help address this issue.
The plan identifies key areas such as maximising energy potential. It aims to increase the country’s hydropower capacity tenfold and make the country a 100 per cent energy exporter with zero energy imports.
Another priority is strengthening climate resilience in agriculture and food security.
The plan also focuses on building a sustainable economy by ensuring that all new roads, bridges, schools, and hospitals are climate-proof, while strengthening climate-resilient infrastructure.
Officials said that although these areas are already included in the 13th Five-Year Plan, the available budget and resources are not sufficient to meet the targets.
“The 13th five-year plan has broad areas, sectoral plans and programs, and we have a resource requirement, which is almost six billion USD. But we have not been able to achieve that target because we do not have the financing and the resources. That is why the need for resource mobilisation comes,” said Tshering Choden, Planning Officer, Department of Macro-fiscal and Development Finance, MoF.
The plan aims to secure funding from domestic and international investors or partners.
“For instance, in the energy sector, it outlines where investments are needed, how much is required, and which donors and financing instruments can be applied. It serves as a practical guide not only for the government, but also for the private sector and development partners to invest in strategic priority areas that will drive the country’s high-income growth strategy,” added Tshering Choden, Planning Officer, Department of Macro-fiscal and Development Finance, MoF.
Bhutan needs USD 56bn to realise the climate prosperity plan by 2050 fully. And that can be achieved through stronger collaboration with development partners and the private sector.
Sangay Chozom
Edited by Tandin Phuntsho
