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CPI Preview: Inflation to fall below 14% YoY in May

Pakistan’s energy landscape to witness a renewable surge

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November 24, 2023 (MLN): The government's commitment to increasing the share of renewable in the energy mix, coupled with international support and investment, is paving the way for a sustainable energy future, caretaker Minister for Energy Muhammad Ali said during a seminar on Thursday, according to a press release issued on the said day.

The minister made these remarks during a seminar titled Renewable Energy the Way Forward jointly organized by the Information Service Academy and Alliance for Good Governance Foundation.

The minister said that with abundant sunlight and wind resources, Pakistan has significant potential for solar and wind energy generation.

The future of renewable energy in Pakistan holds great promise as the country seeks to address its growing energy demands while mitigating the environmental impact of traditional energy sources.

Initiatives such as the Alternative Energy Development Board (AEDB) and the implementation of supportive policies and incentives for renewable energy projects are driving the transition, he said.

Diversified renewable energy not only enhances energy security but also contributes to reducing carbon emissions, aligning with global efforts to combat climate change, he added.

The future of renewable energy in Pakistan represents a crucial step towards a cleaner, more sustainable, and resilient energy landscape.

The minister said that the government of Pakistan had recently approved the National Electricity Plan 2023 which provided guidelines, implementation mechanisms, and tools for the realization of the National Electricity Policy goals for the power sector.

Muhammad Ali laid emphasis on decarbonization and electrification, saying that they were critical components of Pakistan’s energy strategy for the future.

The minister also discussed the possible plan to expand sustainable energy, particularly focusing on wind and solar energy.

The power sector plays an important role in climate change mitigation and accordingly, the government is giving top priority to energy transition in Pakistan.

He said that the true success of the transition was to have a real impact in the area of sustainable energy.

The aim is to gradually decrease the tariff and move towards utilization of indigenous resources.

He outlined three key priorities for the energy sector: First, addressing exploration challenges by improving data availability, removing payment barriers, and revising policies.

Second, expanding the natural gas supply and third, focusing on the power sector, including transmission investments, promoting renewables, and resolving circular debt to ensure a stable power supply and payment resolution

Other speakers also highlighted the importance of renewable energy for Pakistan. Managing Director Private Private Power and Infrastructure Board (PPIB) Shah Jahan Mirza, said that clean energy was the top priority of Pakistan.

He said that one scenario will be the green scenario where the progress of wind and solar energy will be discussed and the other scenario will be the economic aspect.

“In the past, Pakistan has not focused as much on decarbonization but now there is a huge focus on this,” he added.

He said Pakistan was working to develop renewable energy projects, improve energy efficiency, and reduce its reliance on fossil fuels.

Pakistan was also looking to partners in the Middle East to help it achieve its decarbonization goals, he said.

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Posted on: 2023-11-24T12:17:48+05:00