A latest research report published by the International Energy Agency (IEA) says more money is pouring into solar than all other electricity sources combined, with investment set to reach two trillion dollars this year. It said improving supply chains and lower costs were driving up investment in forms of so-called clean energy, which include solar panels, wind turbines, electric cars and heat pumps, as well as nuclear power generation. Combined investment in renewable energy and nuclear power is now set to reach 10 times the amount going to fossil-fuel power, led by solar, with China investing the biggest share.
The report highlights the global trends as far as exploitation of the renewable energy sources is concerned because these have the potential to make electricity affordable for all types of consumers and also because they are environment friendly. Pakistan is an unfortunate country in the sense that it sits on the world’s largest coal reserves (in Thar), has the potential to produce cheaper electricity through hydro-power projects and unlimited scope for generation of solar power because of its climate conditions. However, the country, for decades, could not make any worthwhile policy to ensure optimal utilization of hydro-power or coal-based electricity generation due to political disputes, propaganda campaigns by vested interests and lack of vision on the part of the successive governments. After missing scores of opportunities to exploit the hydro-power and coal potential of the country, we are all set to miss the bus as far as development of solar energy is concerned only because of lack of proper understanding of the emerging global scenario. Initial statements and policies of the PML(N)-led Government created euphoria about rapid growth of solar power and resolution of woes of both the consumers and the energy sector, the Government is now pursuing an approach that would push Pakistan backward in the field. Energy Minister Awais Leghari has urged a Chinese company to invest in solar panel manufacturing in Pakistan but on the other hand it is proposing retrogressive measures like reversal of net metering policy and plans to impose taxes on solar power equipment. A clear policy is needed after a thorough debate on an issue, which would determine the future of the energy sector in Pakistan.
