Danish firms invited to invest in renewable energy

The government of Pakistan is committed to provide sustainable energy solutions in the long-run. And the recent actions are the testament of their claims. Pakistan has a huge potential of energy reserves such as coal, oil, gold etc., which has been untapped for decades. Similarly, solar energy is also one of them which can generate thousands of mega-watts at a cheap price. 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, the minister said Pakistan’s new renewable energy policy would bring opportunities for good returns due to government’s transparent policies. It is pertinent to mention here that the policy was unanimously approved by the Alternative Energy Development Board (AEDB) where all provinces had representation at the highest level.

The minister also acknowledged the lead role Denmark was playing in clean and green energy at the global level. Therefore, Pakistan too had embarked on a drive to tap its huge renewable energy potential.

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

He said by the year 2025, the government is planning to enhance to 20% of the current renewable energy share from 4% in the overall energy mix, 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.

With the reduction in electricity cost, businesses would take benefit, the minister apprised. In turn, overall economic activity would get a boost with creation of thousands of new jobs, he added.

The Danish ambassador also appreciated Pakistan government’s efforts in 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 also showed interest in assisting Pakistan’s initiative for renewable and offered capacity building modules to Pakistani experts in renewable energy, adding that Denmark was getting renewable energy at a very low per unit price.

In this regard, Danish companies are closely following developments in Pakistan in the field of renewable energy and they were ready to take part in the competitive process.