LAHORE: Federal Planning and Development Minister Ahsan Iqbal emphasised Pakistan’s considerable ability to generate 300,000 megawatts of renewable electricity from wind and sun power. “However, mobilizing each non-public and public finance is important to realizing this potential,” he stated all through the second day of the Asia Energy Transition Summit 2024, held at the Lahore University of Management Sciences (LUMS). The -day summit, prepared via the LUMS Energy Institute (LEI) in collaboration with the Pakistan Renewable Energy Coalition (PREC), the Sustainable Development Policy Institute (SDPI), Pakistan Research Institute for Equitable Development (PRIED) and Renewable First aimed to cope with the demanding situations and possibilities in transitioning from fossil fuels to renewable energy. PREC is a consortium of research institutions, civil society agencies, and power transition advocates. Speaking as a unique visitor, Mr. Iqbal highlighted the federal government’s focus on 5 pillars for Pakistan’s strength transition: innovation frameworks, era-driven solutions, mobilizing new financial resources—consisting of the proposed Asia Energy Transition Fund—coverage harmonization within Pakistan and across Asia, local collaboration, and ensuring a simply power transition. Senator Sherry Rehman, addressing the summit, careworn the need for financing solutions to combat climate change and facilitate strength transition. Reflecting on her tenure as Federal Minister for Climate Change, she mentioned the challenges and possibilities for Pakistan in securing global economic help. In a session on electricity coverage, Sher Ali Arbab, Co-Convener of the Parliamentary Forum on Energy and Economy, highlighted the opportunities offered through the devolution of strength to the provinces under the 18th Amendment and encouraged similarly decentralization to enhance performance and inclusivity in Pakistan’s strength coverage. Key speakers, such as Dr. Fiaz Chaudhry, Chairman NTDC and Senior Advisor on the LUMS Energy Institute, Shahjahan Mirza, the head of Private Power and Infrastructure Board (PPIB), and numerous local and worldwide professionals, contributed insights on the economic and technical elements of the electricity transition. Federal Power Minister Awais Ahmed Khan Laghari harassed the need for revolutionary economic answers to drive Pakistan’s energy transition. Speaking at the near of the summit’s first day, Mr. Laghari proposed leveraging Chinese knowledge in renewable power, focusing on know-how transfer, infrastructure development, and technical education. He additionally recommended exploring Chinese financial contraptions, which include RMB-primarily based bonds, and positioning Pakistan within the supply chain for essential green metals. The summit started out with welcome addresses with the aid of LUMS Rector Mr. Shahid Husain and Vice Chancellor Dr. Ali Cheema. Dr. Cheema confused the significance of a quick and green power transition to address Pakistan’s electricity and weather crises. The Governor of the State Bank of Pakistan, in his inaugural cope with, called attention to the financial challenges dealing with international locations like Pakistan that are extraordinarily liable to climate trade but lack the necessary resources for electricity transition. He pledged the SBP’s commitment to growing a weather-pushed banking framework to guide renewable strength financing. In every other session, Dr. Nafisa Shah, Co-Convener of the Parliamentary Forum on Energy and Economy, emphasized the link among Pakistan’s power and monetary crises, advocating for transparent, open, and participatory policymaking methods. Sindh Energy Minister Nasir Hussain Shah and Former Minister of State for Environment, Malik Amin Aslam also shared their perspectives on provincial decentralization and integrating climate-resilient policies respectively. The event concluded with a note of thank you from Dr. Tariq Jadoon, Provost of LUMS and Dr. Naveed Arshad, Director of LUMS Energy Institute, spotting the contributions of individuals and professionals.
