LAHORE: Federal Planning and Development Minister Ahsan Iqbal on Sunday stated that Pakistan has huge potential to produce renewable energy from wind and solar – 30000 megawatts and three billion megawatts respectively. “But we need to mobilize private and public finance to realize that potential,” he said.
The minister was speaking at the start of the second day of Asia Energy Transition Summit 2024 held at the Lahore University of Management Sciences (LUMS). The two-day event was organized by LUMS in collaboration with Pakistan Renewable Energy Coalition (PREC), a conglomerate of research institutions, civil society organizations and just energy transition activists.
Speaking as special guest during the event, Iqbal said that the federal government was working on five important pillars to ensure Pakistan’s transition from fossil fuels to renewable sources of energy. “These pillars include a framework for innovation, to find technology-based solutions, mobilization of finances through previously untapped or non-existing sources such as an Asia energy transition fund; policy harmonization not just within Pakistan but across Asia; regional collaboration and the development of integrated energy markets across Asia; and ensuring a just energy transition,” he said.
Senator Sherry Rehman, who spoke towards the end of the day’s proceedings also stressed the need for mobilizing finance for tackling the twin challenges of climate change and energy transition. She recounted some of her experiences when she was working as the federal minister for climate change in 2022-23 and highlighted the opportunities and obstacles that Pakistan faces while trying to mobilize international finance.
Speaking during another session, co-convener of Parliamentary Forum on Energy and Economy Sher Ali Arbab, explained how the energy policy in Pakistan is still highly centralized in Islamabad even when this sector has been dissolved to the provinces under the 18th amendment. “Though the three provinces of Baluchistan, Khyber Pakhtunkhwa and Sindh have a lot of potential to produce hydropower, solar power and wind power, the centralized policy and planning framework is seriously hindering them from realizing this potential” he said.
Others who also spoke on different aspects of energy transition and the financing required for it include Dr Fiaz Chaudhry, Chairman board of directors of National Transmission and Dispatch Company (NTDC), Shahjahan Mirza, the head of Private Power and Infrastructure Board (PPIB).
Copyright Business Recorder, 2024