ISLAMABAD, APR 23 (DNA) – Pakistan has a huge potential in renewable energy sector. Tapping this potential could play a significant role in achieving environmental targets. The experts said this d uring webinar ‘Low carbon recovery in Pakistan-green financing strategies in post-Covid scenario,’ held by Sustainable Development Policy Institute (SDPI) on Friday.

Energy Finance Analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), Mr Simon Nicholas, was of the opinion that green the recovery initiatives are not only about environmental concerns but also rescuing the power sector of Pakistan which is under great strain. He added that being a partner of china, a global green recover leader, Pakistan is serious contender for green recovery and transition to renewable energy.

He added further that Pakistan can diversify its power sector by making sustainable investment commitment and attracting private investors in the fields of green energy. The financial and technical assistance from developed countries could be vital to develop renewable energy, he added. 

Member of SAARC energy sector on renewable energy, Dr Ahsan Javed, on the occasion said that the green recovery initiatives can prove a game changer in the countries having great potential for renewable energy. He suggested that the shared regional hydro projects could prove a good initiative in ensuring green recovery in the region.

Mr Zeeshan Ashfaq, Country Representative-Pakistan, World Wind Energy Association, while covering environmental aspect of the issue, said that the ensuring green recovery can save the humanity from the pandemics and climate crisis. We need to make renewable energy projects a top priority in our power sector policies, especially in the post-covid-19 recover, he added.

Green energy expert, Ms Nameera Hameed, was of view that to achieve post covid-19 economic recovery, the government needs to lead first in decarbonizing the economy, especially the energy sector. She also emphasized that the green recovery should be inclusive by ensuring gender equality by including women leaders and experts in the green recovery.

Dr Sajid Amin Javed, Research Fellow, SDPI, while covering a different aspect of the topic, said that the covid-19 has opened some opportunities windows as well and the green recovery is one of such emerging opportunities. However, he said, it would be a huge task in the countries like Pakistan, to fully carter It is achievable resources with better macro-economic policies and prioritizing financial investment in this reenable energy sector.

Ms Vardah Malik, Investment Advisor, SEED, emphasized that that Pakistan may take advantage of the multi-lateral and bilateral funds and bonds to mobilize private sector investment which is inevitable in the post-covid-19 green recovery. Besides, Pakistan needs to align itself with the global and regional green energy recovery framework to have a holistic approach in this regard.

CEO, Indus Consortium Mr Hussain Jarwar, highlighted that Pakistan being among the top ten countries worst affected by climate change, is greatly pressed to utilize its coastal areas for wind energy projects for green energy production. Dr Hina Aslam, Associate Research Fellow, SDPI, in her concluding remarks said that a greater access to financial institution, the engagement of the private partners and local banks and catering for the regional countries’ experiences can provide kick-start in the path of green recovery for Pakistan.