Lahore - Renewable energy will be dominating the future due to its never-ending sources like solar and wind. Pakistan would have to focus this particular area and use of renewable energy should be encouraged by the government by all means.

While talking to a group of students, Lahore Chamber of Commerce and Industry (LCCI) President Almas Hyder, who has vast expertise on renewable energy, said that being a developing country, Pakistan cannot afford to rely on costly and anti-environment fossil fuels. He said that country is spending huge foreign exchange on oil import. And country’s oil import bill was recorded at $11.9 billion in July to April 2018-19 as compared to $11.4 billion in the corresponding period of the previous year, showing an increase of 4.01 percent.

Almas Hyder said that country has vast scope for renewable energy and its promotion will definitely reduce oil import bill besides reducing the cost of doing business and living cost of the common man. He said that solar penal and small wind turbines can easily be installed in residential colonies for power generation.

Govt departments should work for utilisation of indigenous resources for development and promotion of industrial sector

“Developed world is extracting energy from solar, wind, geothermal, hydrogen, tidal, sea-waves hydro, biomass and nuclear resources”, the LCCI president said and added that Pakistan also has all of these ingredients.

LCCI President further said that renewable energy resources are not in common use due to high cost and lack of awareness amongst the masses. He said that renewable energy resources should be kept within the reach of people by reduction on duties and taxes on the equipment used for this purpose.

The LCCI President further said that Pakistan relies heavily on fossil fuels to meet its energy requirements and country is spending billions of dollars on 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 that 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 are in the form of wind, solar, bio-gas and bagasse  Similarly, intelligent financing tools should be worked out because initial cost of installing solar panels, bio-gas plants or other resources is relatively higher for common citizens. Global successful experience and knowledge of implementing green technologies can be used by Pakistan to develop a sustainable civic and industrial infrastructure and realize rapid economic growth.

Almas Hyder said that related government departments should work for utilization of indigenous resources for the development and promotion of Industrial sector leading to import substitution and export enhancement.