PSA supports 60pc renewable target

LAHORE: The Pakistan Solar Association (PSA), a trade body representing the national solar market, announced on Friday its commitment to collaborate with the government of Pakistan in realising the ambitious vision of achieving 60 percent renewable electricity by 2030.

The announcement came at an event titled "Let's Grow Together," where PSA chairman Amir Chaudhry and other senior officials of the association addressed the media and the stakeholders of the solar industry.

Chaudhry said that the association recognized the significance of recent initiatives, such as the 10 GW Fast Track projects launched by the Alternative Energy Development Board (AEDB) and the Ministry of Energy last year, which aim to accelerate the deployment of solar and other renewable energy sources in the country.

He also praised the government's efforts to solarize public buildings, tubewells, and 11 kV feeders, each with tremendous potential exceeding 1,000 MW, 2,500 MW, and 2,000 MW, respectively.

"These projects are not only beneficial for the environment, but also for the economy, as they will reduce the dependence on imported fossil fuels and create thousands of jobs in the solar sector," he said.

Chaudhry added that PSA was eager to collaborate with the government to ensure the success of these projects and actively participate in developing additional initiatives that would contribute to the national energy transition.

He also emphasised the importance of local private sector companies taking a leading role in financing these projects, minimizing reliance on foreign investors or donors.

"We have the capacity, the expertise, and the passion to make Pakistan a leader in renewable energy in the region and the world."

Riaz Ahmed, Director General, Trade Organization, hailed the role of PSA and its members in promoting the solar industry in Pakistan.

He expressed the hope that PSA would make better liaison with government institutions, including the Trade Development Authority of Pakistan (TDAP), for participation in international events to enhance networking with international partners.

Ahmed believed that a vibrant trade body could play a pivotal role in national development, particularly in the energy sector.

One of PSA's key targets is to reach a significant milestone – installing 4 GW of solar capacity by 2024. This ambitious goal translates to 16 million kWh (units) of solar energy generated per day, resulting in a substantial daily savings of Rs. 800 million and an impressive annual savings of almost Rs. 300 billion on electricity costs.

This impact alone, focusing on households, is expected to benefit 800,000 households, marking a notable stride toward a sustainable and cost-effective energy future.