ISLAMABAD: The Asian Development Bank (ADB) has initiated a pilot project of Energy Transition Mechanism (ETM) in collaboration with regional and international partners. The development bank believes the ETM is the way towards a cleaner and greener tomorrow, WealthPK reported on Monday.
The ETM is essentially an initiative in collaboration with developing member countries designed to expedite transition from fossil fuels to renewable sources of energy. Public and private investment will be utilized for ETM funds to stop the use of coal power assets earlier than scheduled.
The country-specific ETM funds will also be used towards exploring renewable energy resources.
The ETM initiative is expected to accelerate climate action of participating countries by enabling them to reach higher emissions targets.
Moreover, the increasing demand for clean energy will make it more sustainable and cost-effective in the long-run. The ETM is designed to be a replicative and scalable model which can also be implemented in various other parts of the world. In essence, the ETM – if implemented properly – has the potential to solve the climate woes of the world.
Pakistan’s inclusion in ETM
Special Assistant to Prime Minister (SAPM) on Climate Change, Malik Amin Aslam, informed the nation about the inclusion of Pakistan in the ETM. Aslam thanks the president of ADB, Masatsugu Asakawa on this development.
The ADB president issued a letter of thanks to the SAPM for attending the ETM for Southeast Asia: Partnership Launch at COP26, Glasgow, UK.
As per the president, the ETM will conclude to be “a win for the climate, a win for local communities, and a win for developing economies”.
Now that Pakistan is officially a partner developing economy in the ETM, the Asian Bank has also allocated grant funds to the country for the conduct of a pre-feasibility study on the early retirement of fossil fuel-based power plants.
The study is expected to begin in January, 2022.
Pakistan’s climate change commitment
According to the Global Climate Risk Index 2020, Pakistan is ranked as the fifth most-vulnerable country to climate change. In the decade starting 1999, Pakistan saw 152 extreme weather events which resulted in a loss of around $3.8 billion.
Given the precarious situation of Pakistan as a developing country and vulnerability to climate change, the country has been on the forefront of the fight against climate change.
Pakistan is one of the few countries that have achieved “on track” status for the SDG 13 on Climate Change. The feat has been achieved by the country due to its commitment towards combatting climate challenges. The government has launched several initiatives and policy reforms for this purpose – including “Ten billion Tree Tsunami”, “Clean and Green Pakistan”, and “Protected Areas Initiative”.
The ETM appears to be the next logical step for Pakistan in the fight against climate change. The findings of the pre-feasibility study will make clear the current position of Pakistan in terms of transitioning from fossil fuel-based power to renewable energy resources, WealthPK added. -INP
