2 weeks Ago By NEWS WIRE
LAHORE - Federal Minister for Energy (Power Division) Sardar Awais Ahmad Khan Leghari said on Saturday that substantial steps were being taken to improve efficiency and reliability of electricity supply in the country. Addressing a ceremony here, he said the government was actively working on green energy projects, focusing on sustainable solutions to address the country’s energy needs. Leghari underscored the urgent need to upgrade the electricity transmission system to meet current demands and future challenges.
He also pointed out that the government was concentrating on alternative energy sources to alleviate reliance on expensive electricity, aiming for a more affordable energy. “We are pushing forward with reforms in the energy sector to ensure better service delivery and operational efficiency,” he stated. The minister mentioned ongoing efforts to standardise electricity tariffs, making them more equitable across different regions.
He stressed the importance of promoting modern technology within electricity distribution companies, which is crucial for enhancing operational capabilities and service quality. The energy minister also outlined the government’s comprehensive strategy to revitalize the energy sector, emphasizing the goal of ensuring a sustainable and economically viable electricity supply for all citizens. He emphasized that the ongoing advancement of the reform process in the energy sector is crucial for achieving both economic development and environmental sustainability.
This reform includes transitioning to renewable energy sources, enhancing energy efficiency, and modernizing infrastructure. By prioritizing these initiatives, the government aims to create a resilient energy system that not only supports economic growth but also addresses pressing environmental challenges. SBP governor and energy minister speak at LUMS energy summit Meanwhile, Awais Ahmed Khan Laghari said on Saturday that innovative financial solutions were crucial to drive Pakistan’s energy transition.
“Initiatives like the Asian Development Bank’s Energy Transition Mechanism and Just Energy Transition Partnerships can mobilize the necessary capital for this transition,” he stated while speaking at the end of the first day of Asia Energy Transition Summit being held at the Lahore University of Management Sciences (LUMS). The two-day event has been organised by the Pakistan Renewable Energy Coalition (PREC), a conglomerate of think tanks, research organizations and advocacy groups and activists, in collaboration with LUMS. Speaking at the inaugural session of the summit, Governor State Bank of Pakistan Jamil Ahmed said that transition to renewable energy in countries like Pakistan is strongly needed but it requires finance that these countries do not have.
“The countries required to make energy transitions most urgently — because they are highly vulnerable to climate change — are also the most indebted countries in the world. The foreign individual and institutional investors, therefore, are reluctant to invest in them,” he said. He said SBP was “determined to develop a climate-driven banking framework” to facilitate energy transition finance in Pakistan.
Leghari told the participants of the summit that “we must leverage Chinese expertise to enhance our renewable energy capabilities, focusing on knowledge transfer, infrastructure development, and technical training.” He also said that Pakistan “must not only rely on traditional funding sources but also consider instruments available in China’s financial markets, including RMB-based bonds. Additionally, Pakistan can position itself in the supply chain for green metals critical for the future of energy technologies.
” Delivering a keynote speech during another session, Dr Nafisa Shah, co-convener of the Parliamentary Forum on Energy and Economy, highlighted the deep connection between energy and economic crises. “But we cannot get out of these two crises unless we change the way the polices are made in Pakistan” she said and stressed the need for turning policy making into a transparent, open and participatory process. The proceedings of the summit started with a welcome addresses by Shahid Husain Khan, the rector of LUMS, and by Dr Ali Cheema, the vice chancellor of LUMS.
In his address, Dr Cheema highlighted how energy crisis and climate crisis hurting Pakistan’s economy badly and how a smooth, efficient but speedy transition to the renewable energy could offer a way out of these crises..
