Thursday April 18, 2024

Pakistan seeks financial help to promote green energy

By Our Correspondent
July 19, 2022

Islamabad:Pakistan will seek financial and technical help from foreign donors to increase total share of clean and green energy up to 60 per cent by 2030.

According to the details, the government has already approached Asian Development Bank (ADB) for financial help after inclusion of Pakistan into first-ever Energy Transition Mechanism aimed to support energy mix conversion over clean renewable solutions.

With increased focus on clean energy to keep the atmospheric temperature under control, strict environmental rules and regulations would also be enacted in the spirit of the Paris Agreement, the UN Climate Change Conference (COP26) and the Sustainable Development Goals (SDGs).

One dollar spent in fossil fuels can produce 2.7 jobs while the same dollar spent in renewables and energy efficiency can produce 7.5 and 7.7 dollars, respectively. A process of green economy will require growth policies, environmental regulations, greening enterprises, social protection policies, active labour markets, occupational safety and health policies, skill development, mechanism for social dialogue, and policy coherent mechanism.

Minister for Climate Change Sherry Rehman has recently stated “We must also remember that Pakistan should not be burdened with the financial costs of the transition in this climate emergency.”

An official said a feasibility study would also be carried out to assess the energy mix and propositions for viable transition from existing fossil fuels to clean energy with least impact on the national economy.

He said it is a known fact that the battle against climate change would be won or lost in Asia and the Pacific, adding “There is a need to generate both resources and mechanisms for a just energy transition that should be replicable and scalable as well.”

“We will retire dirty energy power plants not only to decrease carbon emissions but also unlock investments in renewable energy, storage, electric vehicles, and other clean technologies,” he said.