Experts call for development of renewable energy through green financing 

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ISLAMABAD,: Energy experts stressed the need for exploring potential of renewable energy through green financing guidelines of China-Pakistan Economic Corridor (CPEC).

According to Gwadar Pro, China’s potential in renewable energy generation can potentially drive a massive shift in Pakistan’s energy sector.

It could also serve as a viable solution for Pakistan’s energy crisis which has been deepening over the years.

Experts from energy and development sector said this during a Capacity Building Workshop on the ‘Green Financing Guidelines for CPEC Energy Projects’ organized by Sustainable Development Policy Institute (SDPI).

Dr Hasan Daud Butt, CEO, Khyber Pakhtunkhwa Board of Investment & Trade (KP-BOIT) was of the view that CPEC can provide stimulus to Pakistan’s economic growth. 

This could be done through infrastructure development, improving intra-national connectivity and creating opportunities for investment and employment, he added.

However, the youth of the country face low skill development and low productivity challenge which reduces their job prospects in the CPEC projects, he highlighted.

Dr Vaqar Ahmed, Joint Executive Director, SDPI, termed the green financing guidelines extremely critical to design a pathway for achieving Nationally Determined Contributions targets of Pakistan.

“There is a need to design a predictable and certain fiscal policy for increased international investments, particularly under CPEC,” Dr Ahmed said and suggested that private banks need to introduce innovative financing models and rating mechanisms to ensure loaning for greener initiatives.

Dr Christoph Nedophil Wang, representing Fudan University, China, informed the participants that regulatory and business sector in China should uphold the national commitment of green financing through CPEC.