Investing in renewables

Pakistan has the potential to not only use 100 percent renewable energy in Pakistan but also supply 100 percent renewable energy to other nations. With over 60,000 MW hydro dam potential; 5,000 MW hydro run-of-river; 50,000 MW wind and 80,000 MW solar power generation potential, we should be attracting all kinds of Green Funds for these projects. But in the past 75 years we have increased furnace oil power, installed a complete infrastructure for RLNG power, increased nuclear power and going ahead with imported coal power plants, while ignoring renewable energy.

The current government has passed the Renewable Energy Policy 2019 through parliament, without including hydro power in renewables. But even then the new policy has never been printed in the official Gazette of Pakistan till date. The government of Pakistan still has a chance of a win by changing their policy. They should target for 100 percent renewable energy mix in 10 years. Large Hydro, which can take decades to build and fill up, will be used to offset the current thermal power plants systematically, while only renewables will be used for new capacity under the new policy. Multiple locations and multiple licences to single company should be issued for small-scale renewables to make them more cost effective and bankable projects. While licences of companies that have not started work should be cancelled or sold to new potential bidders. Such measures will increase renewable energy, increase construction, reduce electricity costs, etc. But such a policy will be bitterly opposed by thermal power, RLNG, oil companies and automobile manufacturers.

Zeeshan Baseer

Peshawar