ISLAMABAD/LAHORE   -  President Dr Arif Alvi on Thursday said Pakistan was an emerging renewable energy market with an immense potential to grow exponentially in the years to come.

Speaking at the inaugural session of Pakistan Renewable Energy Summit 2019 here, the president called for setting a new paradigm in the country’s renewable energy sector particularly through adoption of solar means to urgently meet growing needs of the nation.

The summit, hosted by World Wind Energy Association and Global 100% RE, gathered national and international experts on energy who discussed the areas including global energy transition, decarbonizing industry’s power needs, grid versus off-grid distributed energy and achieving 30 percent renewable energy by 2030.

President Alvi emphasized the need for making renewable energy more affordable, reliable and dispatch-able by integrating the industry’s broadest portfolios of renewable technologies. He said by 2025, using renewable resources had the potential to create 25 percent of the country’s energy requirements.

He said in past, the invention of steam engine that used coal as an energy source, brought a change in human lives, however today, different kinds of energy was required which did not deplete natural resources.

He mentioned that consumerism was another trend of mankind which focused on producing and wasting more than needed. “With regard to energy, whatever we will do today will shape the future of the world,” he said.

President Alvi stressed the need for exploring cleaner, more efficient and economically viable sources of power generation including wind, hydro and solar energy, to meet the future needs of the nation. He said there must be a good balance in utilizing the resources of energy may it coal, water, solar and nuclear.

He said Pakistan was moving towards harnessing colossal renewable energy potential to supplement its initiatives to meet increasing share of renewable power in the power mix to at least 30 percent of the installed capacity by 2030.

On hydro power, the president said building of dams was necessary for water storage, however it should not be the primary way of energy generation.

The president said the government must encourage investors to locally manufacture solar panels to reduce the import of expensive panels.

The two-day summit aims to bring globally well-known companies and speakers to Pakistan to share global lessons learned, innovative technology applications, financing mechanisms, and best practices.

One of the goals is to create awareness of the global momentum for renewable energy to advocate for competitive renewable energy market in Pakistan.

Country needs renewable

energy resources development

Pakistan needs development of renewable energy resources as it would be prevailing in future and government should encourage local and foreign investors to invest in this particular area.

LCCI President Almas Hyder made these remarks while talking to a group of businessmen having vast expertise on renewable energy.

He 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.

Almas Hyder said that country has vast scope for renewable energy and its promotion will definitely reduce oil import bill of the country 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.

“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 Almas Hyder 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. He said that fossil fuels are not renewable. They are becoming too expensive, anti-environment and will eventually dwindle while renewable energy resources, such as solar and wind, will never run out.

The LCCI President 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.

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.

LCCI Senior VP Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said the business community is keen on acquiring economical and reliable alternative energy solutions to sustain their operations.