Wind projects can fetch $2bn investment: PCJCCI
President Pakistan-China Joint Chambers of Commerce and Industry (PCJCCI) SM Naveed has said that Pakistan has the potential of producing approximately 150,000MW power from wind energy sources, adding the sector can fetch around $2 billion investment.
According to a press statement issued on Wednesday, the PCJCCI chief urged the government to opt for the short-term and quick start up of energy projects to curb the prevailing energy crisis that has crippled down the national economy in general and the industrial sector in particular.
He said that the government has planned to achieve up to 2,500 MW from wind energy and from renewable energy resources including 1000MW from solar, 50,000MW from hydro (large), 3,100MW from hydro (small) and 500MW from waste. But, he expressed deep apprehension over the government;s decision to opt for the long-term energy projects.
Senior Vice President PCJCCI Daud Ahmed said that the shortfall is causing a serious setback to the industrial sector and the industrialization process. The energy mix in Pakistan is quite imbalance in comparison to other countries, with greater reliance on non-renewable resources of gas (43.7%) and oil (29% majority of which is imported), therefore; a rational energy mix planning ought to be developed giving greater dependency to renewable (hydel power), indigenous (coal) and wind energy resources.
Vice President PCJCCI Khalid Raffique Choudhry said that wind turbine projects are relatively fast to install, however dams and nuclear plants take five to six years to complete, whereas the wind power plants can be installed in shortest period of 12 to 18 months and the major cost is just the price of land.
Secretary General PCJCCI Salahuddin Hanif said that the government of Pakistan deems to diversify its energy mix so that dependency over imported fuel may be reduced and some percentages of power requirement may be met through indigenously available energy technologies. Wind energy is sustainable, clean and economically competitive, he added.