Muhammad Saleem

The renewable energy (RE) sector offers local and foreign investors significant opportunities for investment.

Talking to WealthPK, Hassan Ali, an investor, said Pakistan has been grappling with the energy crisis for decades, with people actively seeking ways to get rid of expensive electricity. Sensing the surging demand for cheaper energy, he invested in the solar systems. “Now we are in contact with all sorts of clients, from households to industrialists, for the installation of solar systems. The demand for solarization will surge in all sectors, including agriculture and textile units,” he asserted.

“We are working diligently with our manufacturers to ensure a smooth supply of solar systems. Similarly, we are also training our staff to stay ahead of the curve. By investing in the solar systems, I am earning handsome money quickly and easily,” he said. Hassan predicted that the demand for renewable energy will surge in future, as the government seems slow in addressing the growing energy needs of consumers. Only renewable energy can help consumers get rid of the expensive energy, he added.

He commended policymakers for promoting renewable energy sources, stating this approach will help attract foreign investors. He said Pakistan needs large-scale projects, and investors could play a crucial role in achieving the desired goal.  Dr. Shahbaz, an economics teacher, said Pakistan’s outdated transmission systems and high upfront costs for infrastructure development pose major challenges. “Our country is blessed with abundant solar and wind resources, and it is the responsibility of those at the helm to cash in on this opportunity on a war-footing basis,” he said.

Supportive government policies are the need of the hour to incentivize consumers to go for renewable energy. Such policies will lessen financial burden on consumers interested in embracing renewable energy. Sensing the urgency of climate change, it is imperative for the country to adopt renewable energy sources to maintain a clean environment. “We have a long way to go toward reducing greenhouse gas emissions, which are jeopardizing our environment.

The government claims that the country will shift to 60% clean energy by 2030. This task must be achieved regardless of any change in the government,” he said.  Dr. Shahbaz noted that solar technology is becoming increasingly affordable globally and suggested that the government launch mega projects such as Quaid-e-Azam Solar Park. He asserted that only large-scale applications of solar power systems could help people avoid expensive electricity.

He pointed out that solar power holds a great promise in Pakistan due to its favorable climate. “We have ample sunlight throughout the year —about nine hours daily on average. With this advantage, we can make it ideal for off-grid solutions, like rooftop installations.” Similarly, he said by investing in infrastructure, the government could efficiently launch grid-connected projects.

Saeed Ahmed, a former employee of Faisalabad Electric Supply Company, told WealthPK that as a textile hub of Pakistan, the industrialists of Faisalabad are perfectly positioned to invest in green energy. He said local and foreign investors are hesitant to invest due to the prevailing uncertainty in the country. Investors need assurance of their capital’s safety and a reasonable return on investment. However, many are hesitant to invest due to the current uncertain political environment in the country.

Credit: INP-WealthPk