Prioritise sustainability
Pakistan’s energy sector stands at a crucial crossroads, with the recent independent study revealing the potential to save a remarkable $8.6 billion over the next decade. The Policy Research Institute for Equitable Development (PRIED) and Renewables First have laid bare the consequences of ineffective planning, leading to expensive and inefficient power plants, skyrocketing electricity costs, and a worsening circular debt crisis. However, this report also presents a beacon of hope, offering Pakistan an opportunity to reshape its energy landscape and create a more sustainable and prosperous future.
The study’s evaluation of the Indicative Generation Capacity Expansion Plan (IGCEP) 2022-31 casts doubts on its efficacy, urging the government to be receptive to constructive criticism and embrace expert recommendations. Collaboration with independent research institutions can significantly enhance the effectiveness of the nation’s energy strategies. One of the key takeaways is the immense potential of renewable energy sources, such as wind and solar technologies. Shifting towards cleaner and more sustainable alternatives not only promises substantial cost savings but also aligns with global efforts to combat climate change. Pakistan has the chance to lead the way in the region by showcasing its commitment to green energy and environmental responsibility. Transparency and open communication between government institutions and stakeholders are imperative. The National Transmission and Despatch Company should be forthcoming with its methodologies and data, allowing for informed decision-making and fostering trust among all parties involved.
The benefits of a reinvigorated energy sector go beyond financial savings. Affordable and reliable energy will uplift vulnerable communities, spur economic growth, and attract both domestic and foreign investments. The transformative potential of this is within reach, and Pakistan must seize this opportunity to secure its energy security, economic growth and environmental preservation.
Published in The Express Tribune, July 31st, 2023.
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