Call for tapping renewable energy sector’s potential

Islamabad : Pakistan has a huge potential in renewable energy sector and its tapping could play a significant role in achieving environmental targets.

This was declared by experts during a webinar held on ‘Low carbon recovery in Pakistan-green financing strategies in post-COVID-19 scenario,’ by the Sustainable Development Policy Institute (SDPI).

Energy Finance Analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), Simon Nicholas, said green recovery initiatives were not only about environmental concerns but also about rescuing the power sector of Pakistan, which was under great strain.

He said being a partner of china, a global green recover leader, Pakistan was serious contender for green recovery and transition to renewable energy.

"Pakistan can diversify its power sector by making sustainable investment commitment and attracting private investors in the fields of green energy. The financial and technical assistance from developed countries could be vital to develop renewable energy," he said.

Member of SAARC energy sector on renewable energy Dr Ahsan Javed said the green recovery initiatives can prove a game changer in the countries having great potential for renewable energy.

He said the shared regional hydel projects could prove a good initiative in ensuring green recovery in the region.

Zeeshan Ashfaq, the country representative of the World Wind Energy Association, said green recovery could save the humanity from pandemics and climate crisis.

"We need to make renewable energy projects a top priority in our power sector policies, especially in the post-covid-19 recover," he said.

Green energy expert Nameera Hameed was of view that to achieve post covid-19 economic recovery, the government needs to lead first in decarbonizing the economy, especially the energy sector. She also emphasized that the green recovery should be inclusive by ensuring gender equality by including women leaders and experts in the green recovery.

Dr Sajid Amin Javed, a research fellow at the SDPI, said the Covid-19 pandemic had opened some opportunities windows as well and the green recovery was one of such emerging opportunities.

Investment Advisor to the SEED Vardah Malik said Pakistan may take advantage of the multi-lateral and bilateral funds and bonds to mobilize private sector investment, which was inevitable in the post-covid-19 green recovery.

He said Pakistan needed to align itself with the global and regional green energy recovery framework to have a holistic approach in this regard.

CEO of the Indus Consortium Hussain Jarwar said Pakistan being among the top 10 countries worst affected by climate change was greatly pressed to utilize its coastal areas for wind energy projects for green energy production.

Dr Hina Aslam, an associate research fellow at the SDPI, said a greater access to financial institution, engagement of private partners and local banks, and catering for the regional countries’ experiences could kick-start green recovery in Pakistan.