KARACHI:
The World Bank has finally approved the support of $450 million for Pakistan in order to assist them in overcoming their ever-rising greenhouse emissions. Unfortunately, for decades our energy mix is centered on inexpensive and highly polluting conventional energy reserves such as coal, oil and natural gas. As a result, policymakers are either unaware or out of touch with the new developments in energy production that focus on green resources. Therefore, it becomes vital to understand that such assistance is futile without policy shifts. Instead of restricting the aid to few energy projects, Pakistan needs to synergise this opportunity in order to encourage alternative and renewable energy schemes.
In K-P, the World Bank has given consent for the establishment of hydropower and solar power plants — initiatives that, if taken seriously, will bring immense benefits to Pakistan in the future. Not only will Pakistan join the queue of environmentally friendly states, but its renewable energy policies will substantially contribute towards economic and social growth. In other words, the government of the day can strategically use these funds on renewable energy resources by revitalising infrastructure, encouraging tourism and creating new job opportunities for fresh engineers and graduates who are in dire need of work in this crippling post-pandemic scenario.
A report by an Australian organisation blatantly highlights the fact that Pakistan refuses to turn its focus on renewable energy resources such as wind and solar which are not only abundant in their country but are also the cheapest source of power generation. Therefore, unless and until we create a diversion in our conventional energy mix, the goal of affordability and sustainability of power resources will never be met, leading to the worsening of the energy crisis in future.
Published in The Express Tribune, October 5th, 2020.
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