Pakistan has set a target to induct 14,000 megawatts of renewable energy (RE) into the national grid over the next 10 years as part of its efforts to provide low-cost electricity to consumers and combat climate change, was highlighted at a webinar titled “Accelerating Chinese Renewable Energy Investment in Pakistan” organized by Renewables First.
Speakers at the event stressed the need for creating an enabling environment to attract Chinese investment in wind and solar power projects.
The CEO of Alternative Energy Development Board (AEDB), Shah Jahan Mirza, emphasized that Pakistan has immense potential for producing renewable energy and has set an ambitious goal of adding 14,000MW of wind and solar energy to the grid in the next decade. Mirza also highlighted the significant role that Chinese investors could play in developing the renewable energy market in Pakistan.
National Electric Power Regulatory Authority (Nepra) Chairman Tauseef H Farooqi, speaking at the event, expressed optimism about the potential of Chinese investment in renewable energy in Pakistan. He noted that Chinese investors could play a pivotal role in supporting Pakistan’s efforts to privatize energy distribution and modernize transmission while incorporating solar and wind energy at the lowest cost into the electricity mix.
Xiaohui Ma, General Manager of Goldwind Menat Region, pointed out that while the regulatory framework and incentive structure in Pakistan were favorable for investment in renewable energy, the wind power industry faced challenges such as the unannounced moratorium on the import of renewable energy equipment.
He urged the government to refocus on both wind and solar PV and develop ambitious plans and frameworks for both technologies to maximize their benefits for Pakistan.
In order to attract more foreign investment, Noorul Arifeen Zuberi, Deputy CEO of China Three Gorges South Asia Investment Limited, emphasized the need for a streamlined project development process and removal of barriers through close collaboration and effective engagement with stakeholders.
He also called for private sector investment in transmission and distribution as a solution to the bottlenecks hindering greater integration of renewable energy.
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