Transition from Fossil Fuels to Renewables: A Comparative Analysis Between Energy-Rich and Energy-Poor Economies

The transition from non-renewable to renewable energy sources has emerged as a pressing global issue, driven by concerns over climate change, resource depletion, and sustainable development. This study undertakes a comparative analysis of Canada, a nation rich in energy resources, and Bangladesh, an energy-scarce country, to understand their respective dynamics of energy transition. We examine data on energy production, energy consumption, policy frameworks, resource capacity, and economic impacts, highlighting the energy transition challenges faced by each country using an extensive survey of available literature and both univariate and multivariate time series analysis. Canada, with a diverse energy portfolio of renewable and non-renewable energy resources and with congenial policy implementations, including employment subsidies, feed-in tariffs, and emission reduction targets, exhibits potential for a relatively more straightforward energy transition. It has been making progress in that direction and targets to achieve net-zero emissions by 2050. However, despite progress, Canada faces challenges, including infrastructure limitations, regional disparities, and resistance from established energy sectors, which cause long delays in implementing projects. Bangladesh, with a limited amount of natural gas, relies entirely on imports to meet its energy demand. Its energy resources, both renewable and non-renewable, are minimal. Despite such limitations, it also targets to increase its renewable energy share to 40% by 2041 through targeted promotion of solar energy. However, such a target is more of an illusion than a reality as it has numerous limitations. The unavailability of sufficient natural resources, inadequate infrastructure, and financial and institutional constraints prevent the country from reaping the benefits of energy transition. Despite a preference for clean energy, coal consumption is still increasing. Nonetheless, public opinions in both countries lean towards clean energy and a better environment, but concerns about affordability and reliability persist, particularly in Bangladesh.