Daily Times

While the addition of renewables is a step to lower the generation cost in the country, it requires more holistic planning and strategic government intervention to effectively lower the cost of electricity for end consumers, said Moonis Alvi CEO K-Electric while speaking about KE’s plans to have a 30% share of renewable energy in its future generation mix. Alvi shared these remarks as part of the 2nd Pakistan Climate Conference hosted by the Overseas Investors Chamber of Commerce & Industries.

“If you create an overall generation mix for the country that is based on renewable energy and diverse beyond solar it could lower the overall cost of electricity as well. However, capacity payments remain a contributor towards higher tariffs for end users. This ought to be financed through tax revenue generation across the board which can greatly complement our efforts to bring affordability to electricity,” said Alvi.

This is the second consecutive year that the OICCI has organized the Climate Conference with the aim for a better climate action in the country. Despite being responsible for less than 1% of the world’s planet-warming gases, Pakistan is the eighth most vulnerable nation to the climate crisis.

The cost of climate change to Pakistan is substantial and is continuously increasing as the country faces severe economic challenges,” said Minister of Energy Muhammad Ali.

Addressing the Conference via a video link, the energy minister said that Pakistan’s energy transition requires substantial investments in energy assets infrastructure by 2040.

Ali added that to achieve this, “we must leverage the capabilities of private sector, especially OICCI as it consists of most advanced global organizations who have the technologies and know how to contribute towards Pakistan’s climate future.”

The themes for the Conference were in line with the upcoming COP 28 scheduled to be held in UAE by the end of November. These included but were not limited to Climate Resilience and Capacity Building in Vulnerable Communities, Plastic and Waste Management and Emissions Reduction and Green Energy.

The 2nd Pakistan Climate Conference 2023 built the dialogues on the foundations laid in first the PCC. The panelists and keynote speakers provided suitable policy directions and shared best practices from leading MNCs in Pakistan, which can help accelerate nation’s climate positive journey.

The conference was also addressed by Dr. Shamshad Akhtar, Minister of Finance, Muhammad Ali, Minister of Energy, Adil Najam, WWF Global President, Bill Winters, Global CEO Standard Chartered Bank, Philip Skinner, Managing Director GuarantCo, Sarah Mooney, British Deputy High Commissioner, among other leading business and thought leaders.

A large number of people from the business community, trade bodies, academia, NGOs and social sector organizations attended the conference and congratulated OICCI for brining the best global talent to one table and discuss the important issue.