Experts who were invited to the launch of a report titled “Pitfalls of Restoring Energy Security with Coal Power Plants in Pakistan,” agreed that it is important to phase out coal-fired power plants in the country since they are one of the major contributors to global temperature rise. They asked the government to phase out the plants through changes in its energy policy.

The launch was organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) in collaboration with Fair Finance Pakistan at the chamber house, Rawalpindi. The report centers around the contributions of private sector to coal debt in Pakistan in the form of equity contribution and looking at other financial aspects.

Speakers at the event stressed the need to phase-out coal fired power plants because they represent an unsustainable form of energy development. Coal fired power plants emit large amounts of greenhouse gases in the atmosphere. Since their costs to the environment outweigh their benefits, it is very important that transition from coal is actualized.

Special Assistant to the Prime Minister, Senator Faisal Karim Kundi, was the chief guest on the occasion. He said that “Pakistan is facing severe effects of climate change. Sindh and Balochistan are the worst affected. Therefore, action on all fronts is needed to make sure that we do not go down the abyss of climate change any further. It is the responsibility of world powers and developed countries that they address the damage caused by the harmful effects of burning fossil fuels and also help in the rehabilitation and rebuilding of Pakistan's flood-affected areas.”

Earlier, President of the Chamber Nadeem Rauf said, “it is our common responsibility to fight climate change and help those who have been affected by the recent deluge. We cannot sit back and say that it will not affect us. Tomorrow climate change is going to come for us too,” he said.

“Therefore, it is important that government adopt a comprehensive policy to fight climate change. Phasing-out coal-fired power plants should be at the center of it. RCCI believes that the government must focus on renewable energy as the country has tremendous potential to generate wind, hydro and solar power,” he added.

Asim Jafari, representative of Fair Finance Pakistan, said, “the government should make the Clean Air Act focused on crowding out technologies and industries which are responsible for deteriorating the climate. Banks and other financial institutions should be directed to provide cheap loans for renewable energy under green banking.” 

Ms. Bernadette Victorio, Program Lead of Fair Finance Asia; Dr Abid A Burki, Author and Policy Analyst Professor of Economics at the Lahore University of Management Sciences (LUMS); Mahmood Cheema, Country Representative at the International Union for Conservation of Nature - IUCN Pakistan; Nasir Shabbir, Regional Head of SME-North, Faysal Bank; Hussain Jarwar, CEO of Indus Consortium, also addressed the participants and answered their questions.

Credit : Independent News Pakistan-WealthPk