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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.

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