Danish firms invited to invest in renewable energy

Omar Ayub says new energy policy will provide opportunities for good return

ISLAMABAD: Minister for Power Omar Ayub Khan has invited Danish companies to invest in the manufacturing of solar panels and wind turbines in Pakistan.

In a meeting with Denmark Ambassador Rolf Holmboe, who called on him on Friday, the minister said Pakistan's new renewable energy policy would bring opportunities for good returns due to transparent policies of the government.

He said the policy was unanimously approved by the Alternative Energy Development Board (AEDB) where all provinces had representation at the highest level.

The minister, while acknowledging the lead role Demark was playing in clean and green energy at the global level, said Pakistan too had embarked on a drive to tap its huge renewable energy potential.

The renewable energy policy, which would soon be presented to the Council of Common Interests (CCI) for final approval and implementation, has set ambitious targets.

He said by the year 2025 the current renewable energy share of 4% in the overall energy mix would be enhanced to 20% while by the year 2030 the share would be raised to 30%, or around 20,000 megawatts.

He said the government expected a gradual decrease in electricity prices as new projects with the lowest per unit cost would start power production.

He apprised the Danish ambassador that with the reduction in electricity cost, businesses would take benefit. Hence, overall economic activity would get a boost with creation of thousands of new jobs, he added.

Speaking on the occasion, the Danish ambassador appreciated Pakistan government's commitment to raising the share of renewable clean and green energy to 60%. He said the new policy was more transparent as it provided a level playing field for all.

He said Denmark was ready to offer capacity building modules to Pakistani experts in renewable energy, adding that Denmark was getting renewable energy at a very low per unit price.

He informed the minister that Danish companies were closely following developments in Pakistan in the field of renewable energy and they were ready to take part in the competitive process.

Published in The Express Tribune, November 23^rd, 2019.

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