Pakistan seeks $100 billion for green energy transition

LONDON: Pakistan requires $100 billion of investment to transition to clean energy, Prime Minister Shehbaz Sharif told the World Governments Summit in Dubai on Tuesday.

Sharif addressed the conference after earlier meeting President Sheikh Mohamed bin Zayed during his visit to the Emirates.

In his speech, he said energy security and sustainability had become a  “national priority” central to the government’s economic plans.

Pakistan is aims to have 60 percent of its energy from green sources by 2030 along with 30 percent of all vehicles powered by electricity.

Pakistan is “rapidly scaling up solar, wind, hydro power and nuclear energy,” Sharif said.

While the country is using domestic resources and policy reforms to reach these goals, international partnerships and financial support remained critical to move away from fossil fuels.

“Pakistan’s energy transition alone demands $100 billion in investment,” Sharif said. “I call upon governments to strengthen climate financing and technology sharing, private investors to explore Pakistan’s green energy and infrastructure opportunities, multilateral institutions to support emerging economies like Pakistan in achieving sustainable growth.”

During his talks with Sheikh Mohamed in Abu Dhabi, the two leaders discussed ways to deepen cooperation and enhance ties between their countries in the economic, trade and development fields, the Emirates News Agency reported.

The meeting highlighted the summit’s role in identifying global governance trends and preparing governments to deal with global changes, the report said.

Sheikh Mohamed and Sharif also discussed regional and international issues, including the importance of lasting peace between Israel and Palestine through a two-state solution to ensure security and stability in the region.

Sharif reaffirmed Pakistan’s commitment to strengthening its relationship with the UAE and enhancing cooperation.