‘Aggressive’ funding for nuclear energy needed

Dar calls for support from global financial institutions in developing initiative

BRUSSELS:

Minister for Foreign Affairs Ishaq Dar, on Friday, called for “aggressive” financing by International Financial Institutions and multilateral development organisations for developing countries to help them launch nuclear energy projects. Speaking in a video message after attending the First Nuclear Energy Summit hosted by the Belgian government and the International Atomic Energy Agency (IAEA), the foreign minister highlighted the challenges faced by developing countries in benefiting from nuclear energy due to its costliness.

Dar stressed that, after hydropower, nuclear energy stands out as the safest and most cost-effective energy source, particularly for developing nations. He noted that many leaders at the summit shared this perspective, underscoring the crucial role of international financial institutions (IFIs) and multilateral development institutions in financing such projects.

Read FM Dar urges financing for nuclear energy projects

Praising the Belgian government and the IAEA for organising the summit, Dar described it as a positive step forward, especially in light of Pakistan’s vulnerability to climate change, as evidenced by the devastating losses incurred during the 2022 floods.

The foreign minister highlighted Pakistan’s existing nuclear energy projects, with a capacity of around 3,000MW, and announced plans by the incumbent government to commence work on Chashma Nuclear Plant-V, following its approval by the previous government. Dar also mentioned his side-line discussions with counterparts from Turkey, the United Arab Emirates, and Belgium, as well as meetings with the Chinese vice premier and the director general of the IAEA. He specifically commended Pakistan’s Ambassador in Brussels, Amna Baloch, and Aftab Khokhar in Vienna, along with their respective teams, for their active involvement during the brief visit.

Published in The Express Tribune, March 23^rd, 2024.

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