Cut in taxes on renewable energy urged

LAHORE: Renewable energy resources should be kept within the reach of people by reduction in duties and taxes on the equipment used for this purpose, a statement said on Saturday.

Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder said that fossil fuels are not renewable. They are becoming too expensive, anti-environment and will eventually dwindle, while renewable energy resources, such as solar and wind, will never run out.

The LCCI president said Pakistan relies heavily on fossil fuels to meet its energy requirements and is spending billions of dollars on the import of petroleum products every year.

Apart from its very high financial cost, Pakistan remains at strategic risk because it remains heavily dependent even for its vital service.

He said Pakistan is blessed with all kinds of resources that are being used around the world as energy inputs.

He narrated the potentials available in Pakistan in the form of wind, solar, and biogas and bagasse and distinctively discussed the options, as well as developments with respect to each of them.

Similarly, intelligent financing tools should be worked out because initial cost of installing solar panels, biogas plants or other resources is relatively higher for common citizens, he added.

He urged the related government departments to work for the utilisation of indigenous resources for the development and promotion of industrial sector, leading to import substitution and export enhancement.