Energy conservation to help save $6.4b

Tribunal to be set up to address issues related to energy efficiency standards

ISLAMABAD:

The government has targeted to save $6.4 billion by implementing energy conservation measures under the National Energy Efficiency and Conservation Policy (NEECP) 2023.

The Cabinet Committee on Energy, chaired by Prime Minister Shehbaz Sharif, has recently approved the policy.

It is aimed at establishing an energy conservation tribunal (ECT) to address issues related to energy efficiency and conservation standards. It encourages private investment in energy conservation and efficiency projects by developing the Super ESCO Model to mitigate investment risks and issue energy saving certificates and bonds.

The policy also encourages cultural changes, such as vehicle-free weekends and daylight savings, through awareness raising campaigns.

The National Energy Efficiency and Conservation Authority (NEECA), a federal agency responsible for coordinating all energy conservation activities, will be implementing the policy.

NEECP is intended to achieve the target of 9 million tons of oil equivalent (MTOE) in energy savings by 2030, reducing 35 MT CO2 emissions.

It identifies sector-specific measures for industrial, building, transport, energy and agriculture sectors, providing precise guidelines for coordination with provincial governments.

Salient features of the policy include regulatory, capacity, and advocacy measures. These ensure compliance with energy performance standards and labelling regimes for appliances and products.

Published in The Express Tribune, May 5^th, 2023.

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