Fozia Azam

The National Energy Efficiency and Conservation Authority (NEECA) has identified 26 intervention areas that have the potential to save $6.4 billion annually, which highlights the immense economic benefits that can be reaped through energy efficiency and conservation measures. According to the recently approved National Energy Efficiency and Conservation Policy 2023, if the recommended measures are implemented effectively, the country can save $6.4 billion per annum from 2030 onwards. The policy uncovered a wide range of intervention areas that can be targeted to enhance energy efficiency and conservation. These areas span various sectors, including industrial, residential, commercial, and agricultural. Each sector presents an opportunity for substantial cost savings and reduced energy consumption. Within the industrial sector, NEECA has identified key areas such as improving process efficiency, optimising energy management systems, and promoting the use of energy-efficient technologies.

By implementing these measures, industries can significantly reduce their energy consumption, leading to considerable financial savings. In the residential sector, NEECA has emphasised the importance of energy-efficient appliances, insulation, and smart grid technologies. By adopting these practices, households can reduce their energy bills and contribute to a greener future. The commercial sector also offers tremendous potential for energy savings through initiatives like efficient lighting systems, optimised heating, ventilation, and air conditioning systems, and energy management strategies. As per NEECA, these measures will result in cost savings for businesses, and also contribute to a more sustainable environment. The policy also sheds light on energy conservation opportunities in the agriculture sector. Efficient irrigation systems, the use of renewable energy sources, and modernised farming techniques can also significantly reduce energy consumption and improve productivity.

Identification of these 26 intervention areas by NEECA presents a notable opportunity for Pakistan's economy. The $6.4 billion annual savings can be reinvested in various sectors, fostering economic growth, job creation, and infrastructure development. Furthermore, reduced energy consumption will lead to a decrease in reliance on fossil fuels and a subsequent reduction in carbon emissions. By targeting the identified intervention areas, Pakistan has the opportunity to save a substantial amount while simultaneously reducing its carbon footprint. The implementation of these measures will not only lead to financial savings, but also pave the way for a sustainable and prosperous future. It is imperative for the government, industries, and individuals to collaborate and take immediate action to realise these economic and environmental benefits.

Credit: INP-WealthPk