Ahsan calls for innovation in energy policies to attract investment

LAHORE:Federal Minister for Planning Development and Special Initiatives Prof Ahsan Iqbal has stressed that environmental friendly energy projects are essential for Pakistan and across the region.

Speaking at an energy summit at Lahore University of Management Sciences (LUMS), here on Sunday, Ahsan Iqbal called for innovation in energy policies and projects to attract investment and foster development in the sector. The federal minister also urged collective action among Asian countries, both rich and poor, to improve the region's future.

Ahsan Iqbal said that Pakistan’s contribution to global emissions was less than 1 per cent, but was one of the seven countries most affected by climate change. The summit, organised by the LUMS Energy Institute in collaboration with the Pakistan Renewable Energy Coalition (PREC), focused on transitioning to renewable energy, moving away from fossil fuels, and improving energy efficiency. It also aimed to align Asia's energy transition efforts with the global targets set at COP28, particularly the tripling of renewable energy and the decisive shift away from fossil fuels.

Ahsan Iqbal also said that LUMS was a leading institution at the forefront of shaping ideas and solutions. He further explained that in order to guide our transition, we have established a five-pillar strategy, including innovation framework, financial mobilisation, policy reform, regional collaboration and social equity. Renewable energy solutions must prioritise fairness, especially in remote areas like northern Pakistan and Balochistan, he added.