THE federal government has cleared for implementation 13 old renewable energy (RE) projects of about 700 megawatts — commonly called Category-III projects and has referred the matter to the Council of Common Interests (CCI) for formal approval. The NEPRA had approved the tariffs of these projects almost five years ago but unfortunately these kept languishing in bureaucratic process, resulting in unnecessary delays.
Anyway, the clearance of these projects is welcoming and hopefully there will not be any further delay. By addressing the hurdles and streamlining the implementation process, the government is sending a positive signal to investors, paving the way for increased private sector participation and investment in the renewable energy sector. It won’t be wrong to say that the future of country lies in exploiting the full potential of renewable energy. At present, our country heavily relies on fossil fuels which not only contribute to environmental degradation but also make it vulnerable to fluctuations in global oil prices. By harnessing renewable energy sources, such as solar, wind and hydropower, we can reduce dependence on imported fossil fuels, enhance energy security and stabilize energy prices in the long term. We believe that the implementation of renewable energy projects will also stimulate economic growth and create job opportunities. The construction, operation and maintenance of renewable energy infrastructure require a skilled workforce, offering employment prospects both for the skilled and unskilled workers. Additionally, attracting investment in renewable energy projects will lead to increased economic activity, technology transfer and the development of local industries associated with this sector. It is crucial for the government to continue its efforts in creating an enabling environment for renewable energy investment and implementing supportive policies that encourage the transition to a clean energy future. Prime Minister Shehbaz Sharif had also envisaged a mega project of producing ten thousand megawatts of electricity through solar. There is a need to accelerate work on these projects. Friendly countries such as China and Turkey should be engaged to attract investment in these vital projects.
