Federal Minister for Power Omar Ayub Khan has said that the Power Division is working on a renewable energy policy to harness the immense potential in solar, wind and hydel resources.
“In this regard, the Power Division is considering increasing the share of renewable energy in the overall energy mix to 20% by 2025 from the existing 4% and to 30% by 2030 to attract maximum investment,” he said.
The minister made the remarks during a meeting with Chinese Ambassador Yao Jing at his office on Thursday, according to a statement issued by the Ministry of Energy (Power Division). Power Secretary Irfan Ali was also present in the meeting.
Acknowledging the importance of China-Pakistan Economic Corridor (CPEC) energy projects, the minister said these were the symbol of deep-rooted relations between the two countries based on mutual respect.
He emphasised that the Power Division was extending all-out support to the Chinese and other investors in the power sector and the challenges encountered by them were being addressed on a priority basis.
Talking about the huge investment potential in the solar panel market, smart meters and other transmission and distribution equipment including the anti-fog insulators, the minister suggested that Chinese investors could take full benefit of the opportunities.
He apprised the Chinese ambassador of the current anti-theft campaign started by the Power Division which, he said, was achieving very good results. He also briefed him about the initiation of the smart meters’ project in the areas covered by different distribution companies and invited Chinese investors to start manufacturing such meters in Pakistan.
The Chinese envoy reiterated China’s commitment to further boosting existing ties between the two countries and said the power sector had been the prime and most important area of CPEC. “Chinese investors are closely following Pakistan’s power-sector policies and are keen to invest in renewable energy,” he said.