Energy experts on Saturday said that regional energy security can be achieved by building regional energy trade mechanisms and grid by increasing the share of renewable energy to provide it on affordable rates to the consumers.
Addressing an event titled “Energy Security in South Asia and Transition of Sustainable Sources” organized by Sustainable Development Policy Institute (SDPI) and Friedrich Naumann Foundation for Freedom Pakistan (FNF), Director Pakistan Office FNF, Birgit Lamm remarked that 60 percent of South Asia’s energy demand was imported, increasing vulnerability to external shocks like Russian-Ukrainian War and dollar exchange rate fluctuations.
She said that energy was a lifeline for South Asian economies and the issue of high energy bills was a shared regional concern and not limited to Pakistan, adding that structural challenges in the regional energy landscape and combined with demographic shifts hampered sustainable economic growth.
Senior Advisor and Research Fellow SDPI, Dr Hassan Daud Butt said that regional energy challenges were common and collaborative, integrated approach for sustainable, equitable renewable energy transition was the way forward amid rising costs and socio-economic disparities which calls for amplifying efforts for regionally acceptable solutions.
He stressed for bolstering regional co-operation beyond political conflicts, making responsive energy policies to tackle evolving economic challenges and global trends as means to uplift marginalized and vulnerable communities and ensuring inclusive access to clean energy in South Asia.
Head of Energy Unit, SDPI, Ubaid-ur-Rehman said that reliance on imported energy sources had created vulnerability to energy supplies and price fluctuations for South Asian countries, as apparent from the impacts of the ongoing regional turmoil.
Research Fellow (Renewable Energy), Ahsan Javed highlighted the untapped regional energy trade potential which must be leveraged to boost energy security through regional grid. Regional trade of surplus electricity can also increase revenue generation for economic growth, he stressed.
Lead Researcher, Energy Unit, SDPI Dr. Khalid Waleed discussed the energy profiles of South Asian countries and charted the way forward for energy cooperation by overcoming political-economic barriers, removing tariffs, promoting energy networks, exploring joint financing avenues, joint platform for energy planners and sharing energy and water statistics.