Business

Pakistan to invest US$ 500 million in Renewable Energy Sector by 2030 – UN

Energy industry has to meet the needs of a growing population while supporting low carbon growth. This much needed transition will not happen without collaboration between government, large energy companies, business leaders, entrepreneurs and consumers.

Pakistan’s renewable energy sector has immense potential. The government urges investors to invest in this sector. The country has been facing worst power shortage for many years, the incumbent government is trying to resolve power crisis. “One of the government’s main priorities is to promote RE sector and to launch projects to unleash renewable energy potential”, said Rana Tanveer Hussian, the federal minister of science and technology. “There is dire need of hour to promote the environment friendly energy for survival of mankind.”

According to a survey, around two billion people across the globe have no excess to the electric grid line system. They can be facilitated through promoting Renewable energy sector.

An investment of US$ 500 million:

Cost of many renewable technologies has consistently fallen over time. Meanwhile, accessibility to energy storage and energy efficiency has remarkably improved over the years. Pakistan plans to invest more than US$ 500 million in its renewable energy sector, according to World Economic Forum report.

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Image: United Nations

Current statistics:

Pakistan is already generating 1,000 megawatts of electricity through renewable energy sources; the power generation capacity would be increased to 1135 megawatts by the end of next month. Under the flagship of China Pakistan Economic Corridor (CPEC), the first renewable energy project will be launched in December at Gharo. Out of the total 1135 megawatt generated by using renewable sources, 590 megawatts is from wind power, 400 megawatts by using solar energy and 145 megawatts through bagasse obtained from different sugar mills across Punjab.

Although, we are making considerable investment in renewable sector, but there are a lot of things we can improve. We have to articulate an energy policy that would guarantee supply security and affordable prices. Clean energy also represents a great economic and industrial opportunity for profit and job creation; ultimately it will help our economy grow faster and stronger.

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