Islamabad, July 15, 2022 (PPI-OT):Minister for Planning and Development Ahsan Iqbal has called for equitable access to natural gas and a financing mechanism to offset the high energy prices for the most severely affected countries. Speaking at an event of the United Nations on Sustainable Development Goals in New York, he also underlined the need to create mechanisms to provide the high upfront capital costs to developing countries on affordable terms.
He said there is a need to accelerate the momentum in the construction of renewable energy projects. The Minister said Pakistan’s policy is driven by three objectives: universal access to energy; doubling the share of renewable energy; and doubling the rate of energy efficiency and conservation.
He said our aim is that by 2030, 60 percent of our energy will be clean and renewable energy. Ahsan Iqbal said Pakistan’s solar and wind power potential is over 40,000 MW. He said today, in fact, many countries, especially developing countries, are facing an energy emergency.
The Minister said climate coalitions” have been created to provide finance to several emerging economies to induce them away from coal-fired plants. He said such incentives have not yet been offered to those developing countries which have refrained from utilizing their coal resources.
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