Renewable energy only solution to Pakistan’s energy woes: Abbasi

ISLAMABAD: Former prime minister Shahid Khaqan Abbasi said that Pakistan was phasing out its oil-based energy generation as a 42 percent energy mix was based on renewable resources which were expected to cross the 50 percent mark by 2030.

He said that renewable energy is the only solution to Pakistan’s energy woes, therefore the country needs to invest in hydro, solar, and wind energies.While chairing a session, ‘Future of Energy Landscape in Pakistan’ at the 10th Finland Pakistan Business Summit 2023” held here on Monday, he said, “We will need to make renewable energy cheaper for the masses to facilitate its uptake,” he said, adding that solar energy is now more affordable and cheaper than energy generated from fossil fuels.

He noted that while Pakistan has immense hydel potential, it has proved very difficult to capitalise on it owing to the remoteness of the Northern hydel-rich region and the related transmission issues. He said Thar coal has massive potential to resolve Pakistan’s energy crisis. While environmental concerns are important, Pakistan has the right to use its resources to meet its energy needs.

The former prime minister said that Pakistan had enough power generation capacity to sustain itself and added that the loadshedding is a fuel-saving measure.

The summit is a networking platform that facilitates business cooperation between the two countries. It has helped explore business opportunities, share expertise, and help Pakistani businesses use the Finnish corridor to access the enormous markets in the European Union and the Nordic region. Finland-Pakistan Business Council (FPBC) organised the 10th edition of its legacy Finland Pakistan Business Summit 2023 in Islamabad. This year, the summit focused on expanding cooperation in the energy and education sectors to boost bilateral trade, investment, and exchange of technical expertise for shared growth and development.

The summit was inaugurated by the ambassador of Finland to Pakistan, Hannu Ripatti, while the former prime minister of Pakistan, Shahid Khaqan Abbasi chaired a session, ‘Future of Energy Landscape in Pakistan’. More than 20 Finnish companies, the majority from the energy and education sectors, participated in the summit, which was also attended by prominent business owners, business representatives, entrepreneurs, and corporate executives from Pakistan.

The panelists who are experts in their respective fields emphasized the need for Pakistan to replicate the Finnish model in enhancing its reliance on renewable energy and excellence in education, professional training and gender equality for socioeconomic success.