ISLAMABAD: Pakistan aims to decarbonize China–Pakistan Economic Corridor (CPEC) by re-directing Chinese infrastructure investments away from emission-intensive coal-based projects towards green energy enterprises like wind, solar and hydropower.
Under CPEC, Pakistan is also in the process of developing Special Economic Zones (SEZs). The development of ‘green’ SEZs is on the pattern of their Chinese counterparts, which have fuelled industrial development and growth in China.
Talking to WealthPK, Principal Scientific Officer, Global Change Impact Studies Centre (GCISC), Ministry of Climate Change, Muhammad Arif Goheer said that Pakistan had made policies and taken initiatives to ensure speedy transition towards green energy resources to neutralise the climate change threat. “Steps have been taken to start the process of decarbonising the economy.”
Arif Goheer maintained that the government had formulated a number of steps over the past years to move towards a low-carbon economy. “These included the National Energy Efficiency and Conservation Act 2016, National Transmission and Dispatch Company Expansion Plan 2018-40, Alternate Renewable Energy Policy, National Transport Policy 2018, National Electric Vehicle Policy, National Energy Efficiency and Conservation Policy 2022 (draft), Sustainable Energy for All, National Action Plan, Minimum Energy Performance Standards for Electric Motors and Fans, Energy Efficient Lighting Programme – Solarisation of Public Schools, Mosques and Public Buildings.”
He further said: “Pakistan has already identified market and non-market-based approaches to help diversify the funding sources, including nature performance bonds, green/blue bonds, carbon pricing instruments, etc.”
“Pakistan encourages the private sector to play role in development of NBS (nature-based solution) to mitigate effects of climate change across sectors,” he said.
Arif Goheer pointed out that main barriers to sector-wise transformation were a lack of liquidity to invest in renewable energy, weak enforcement of environmental regulations and lack of awareness about benefits of renewable energy resources.
“Pakistan should formulate strategies for a green investment roadmap to move CPEC-related investments to cleaner energy projects,” he remarked.
He said given Pakistan’s vulnerability to climate change, capital-intensive transition towards green growth economy was a must. He said Pakistan planned to enhance access to international climate financing to contribute its share towards decarbonisation measures. “The country will also adopt the instruments provided in Article 6 of the Paris Agreement in this regard,” he maintained.
The SEZs being set up under the second phase of the CPEC are set to attract increased foreign direct investment, generate higher employment opportunities and have greater access to the world markets for Pakistani products through export diversification.
-INP
