Pakistan to achieve 30pc renewable energy target
The United Nations (UN) celebrated the first International Day of Clean Energy, and China was recognized for achieving the highest growth in renewable energy among all countries.
Gwadar Pro quoting a recent report by the International Energy Agency (IEA), stated that the amount of renewable energy capacity added to energy systems around the world grew by 50% in 2023, reaching almost 510 gigawatts (GW), with solar PV accounting for three-quarters of additions worldwide.
The largest growth took place in China, which commissioned as much solar PV in 2023 as the entire world did in 2022, while China’s wind power additions rose by 66% year-on-year. The increases in renewable energy capacity in Europe, the United States, and Brazil also hit all-time highs.
Another report by the Center for Research on Energy and Clean Air (CRECA) indicates that clean energy was the largest driver of China’s economic growth in 2023, accounting for all of the growth in investment and a larger share of economic growth than any other sector.
Clean energy contributed a record ¥11.4tn ($1.6tn) to China’s economy in 2023, which is almost as large as total global investments in fossil fuel supply in 2023. China’s contribution to global renewable energy capacity growth was over 50% in 2023, indicating that it played a vital role in the world’s development of clean energy, the report says.
China has been investing in Pakistan’s energy sector for several years now, with a focus on coal and hydro power projects. However, it has also invested in renewable energy projects in Pakistan.
China Three Gorges Corporation, a Chinese state-owned power company, has funded and built three wind projects with a combined capacity of nearly 150 MW in Jhimpir. In addition, China has also invested in hydroelectric power projects in Pakistan.
Speaking at the conference on “Stocktaking Pakistan’s Renewable Energy Progress 2024”, Pakistani experts and think tank suggested that developments at COP28 and the 3rd Belt and Road Forum are a clear indication that renewables are not only environmentally friendly but make a much better economic scenario.
As a close friend and neighbor, Pakistan can benefit significantly from China’s renewable energy development, especially since the energy crisis remains one of the top issues of Pakistan’s economy. Moreover, there is potential for enhancing technology sharing and its transfer.
Pakistan has set an ambitious target of achieving 30% renewable energy in power generation by 2030. Therefore, China’s experience and expertise in renewable energy could be beneficial for Pakistan in achieving this target.