KARACHI: The US government, through the US Agency for International Development (USAID), joined with the Pakistani government to launch the Pakistan Private Sector Energy (PPSE) initiative to promote private sector investment in clean energy in Sindh province.
The virtual launch event brought together national and provincial government stakeholders, business leaders and investors, USAID representatives, and other technical experts to unveil the new effort and highlight opportunities for energy companies to strengthen their operations, promote Pakistan’s green transition, and expand economic growth.
To encourage more private investment in the energy sector, particularly investment in low-cost renewables, USAID provided $8 million to launch PPSE. Sindh’s vast clean energy potential and vibrant private sector make it a priority for the PPSE project, which will also support small- and medium-scale clean energy companies. Energy sector start-ups can also apply for advanced entrepreneurship training and business coaching through the Small and Medium Enterprise Accelerator Services offered by the Private Financing Advisory Network.
“The US government is a long-term partner with the Government of Pakistan to strengthen Pakistan’s energy sector and make it more competitive by using sustainable energy sources,” said USAID Acting Mission Director Michael Nehrbass. “This project will energize the private sector to finance more clean energy projects in Sindh and help Pakistan achieve its energy and climate goals.”
Noting Pakistan’s vulnerability to climate change during the event, Sindh Secretary for Energy Mr. Abu Bakar Madani said, “Projects like PPSE and partners like USAID are bringing the public and private sector together to innovate and strengthen our energy sector.”
Since 2010, the US government has supported the generation, transmission, and distribution of more than 4,000 megawatts of clean energy in Pakistan, amounting to over 10 percent of Pakistan’s current electric generation capacity. These investments have benefited more than 47 million Pakistanis, reduced costs for energy distribution companies by more than $400 million and facilitated $2.6 billion in private investment.