ISLAMABAD: Government has planned to drastically reduce carbon footprints by increasing the share of renewable energy in power generation to 30 percent by 2030 from the current four percent, power minister said on Wednesday.
Minister for Power Omar Ayub Khan said a new renewable energy policy would help in reducing carbon footprints and bring up share of renewable sources in energy mix.
“With hydel resources, the share of clean and green resources in electricity generation will cross 60 percent,” Khan said at a meeting with European Union (EU) Ambassador Jean-Francois Cautain.
Hydropower generation currently accounts for 30 percent of power production.
The government is formulating a new renewable energy policy, with an aim to exploit more renewable energy sources for energy generation. It also provides opportunity to local and foreign investors to invest in the sector.
Per capita energy consumption of Pakistan is around 500 kilowatt, which is almost 700kW less than the region, 2,400kW less than China and more than 7,000kW less than developed countries.
The per capita energy consumption pattern in the country is indicating high demand in the near future, offering huge investment opportunities in power generation, transmission and distribution with competitive return on investment.
Energy demand of the existing consumers is expected to exponentially grow due to better economic growth. And, it offers best opportunities to the investors to gain maximum returns.
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Jean-Francois, while appreciating Pakistan’s efforts for reducing carbon foot prints, said investors in EU are closely following Pakistan’s energy markets.
The envoy said the EU is organising renewable energy workshop in May for Pakistan.
Nadeem Babar, chairman of Prime Minister’s Task Force on Energy, apprised the ambassador regarding the four pillars of energy policy of the government that includes availability, affordability, sustainability and responsibility.
“The government is working on increasing power supply to the consumers at affordable prices and on sustainable basis.
With the inclusion of more alternate resources, the price of the electricity would also reduce thus help boost the industrial sector and then the economy,” Babar said.
(This news/article originally appeared in The News on March 14th, 2019)