Pakistan unveiled its alternative and renewable energy policy in 2019, encouraging alternative energy sources
Ambassador of Turkey to Pakistan Ihsan Mustafa Yurdakul has said that Turkey is interested in the energy sector opportunities in Pakistan under the new policy. The Ambassador expressed these opinions after meeting with Omar Ayub Khan, the Federal Minister for Energy.
Pakistan has an alternative and renewable energy policy in place that emphasizes on production of energy through renewable sources. The eight point policy was approved in 2019. The government plans to produce at least 75% of the energy through domestic resources, according to Khan.
The minister also said that the policy prioritizes the production of equipment locally. “In line with the new policy, Pakistan will bring modern technology and start production of renewable energy equipment like solar panels, wind turbines and blades.” The minister said that the energy projects will be given via open and competitive bidding under the Alternative Energy Policy.
The alternative energy policy will further boost Pakistan’s reliance on renewable energy instead of fossil fuels, which benefits both the economy and the environment. With a sound policy in place, investment from domestic as well as international entities is expected in the near future. Pakistan already has worked extensively on the solar power and several projects are underway. However, a lot of work is desired in the area of wind energy. Production of the required equipment can certainly lower the cost significantly and make it a lot more financially viable.