Wind, water, and solar energy are major sources of renewable energy, and Pakistan’s favourable climate and geography offer immense potential in this sector. The country continues to face chronic economic challenges, including high inflation, a balance of payments crisis, circular debt, fiscal deficits, and trade imbalances. Through better management and governance, renewable energy could potentially address these issues.
Currently, Pakistan imports around $27 billion worth of oil annually for power generation. Switching to renewable energy could save the country billions.
Moreover, renewable energy is also cheap and reliable. The cheaper the price of electricity for industries, the lower the production cost. As a result, it will encourage industrialisation in the country while also addressing the trade imbalance by increasing exports. Renewable sources of energy are also clean and environmentally friendly. They would not only reduce pollution but also improve the country’s carbon footprint, making it eligible for carbon crediting.
The government should prioritise investment in renewable energy to ensure economic stability, environmental sustainability, and long-term growth.
Muhammad Moria
Sohbatpur, Balochistan
