By Hifsa Raja ISLAMABAD, April 22 (INP-WealthPK) Oracle Power’s collaboration with other power companies for production of green hydrogen in Pakistan is a good initiative that will not only make the fuel very affordable, but also help in decarbonizing the harmful effects of carbon dioxide, said Secretary of Hydrocarbon Development Institute of Pakistan (HDIP) Dr Muhammad Parvez while talking to WealthPK. ‘’Developing countries need finances and knowledge to develop such projects, and different Asian countries are working on it. So, it is a good initiative of Oracle Power PLC to start a project for production of green hydrogen. Oracle’s collaboration with other power companies will be really helpful in making a positive impact on our economy. The joint venture will bring investment, job opportunities and prosperity to the country,’’ he said. Dr Parvez further said making green hydrogen at 2$ per kg will make the fuel very affordable for people and it will also help decarbonize the harmful effects of carbon dioxide, as green hydrogen did not emit carbon dioxide. Rising oil and gas prices was an opportunity for renewables energies, he said, adding that green hydrogen could be a substitute for fossil fuel. We should move to the renewable energies such as solar and wind energies, as they don’t pollute the environment, he said. Naheed Memon, CEO of Oracle, commented, ‘’We have been clear in our intension to rapidly move our green hydrogen ambition forward and today’s placing will enable us to do just that through our newly established joint venture. Importantly, raising $1.1million (£800,000) fund by Oracle Energy will ensure that we are positioned to make a good headway with this significant strategic project without delay. In a world where energy security and competitiveness has never been so important, we believe we have a prime source for green and affordable power and we are committed to expediting its development.’’ Oracle recently entered into a joint venture with the office of His Highness Sheikh Ahmed Dalmook Al Maktoum of the United Arab Emirates (UAE) for production of green hydrogen in Pakistan. Naheed Memon said, "Issues related to green energy and fuel security are high on the agenda worldwide and we are more determined than ever to bring this emerging green fuel source to commercialisation. I look forward to providing updates in due course, as we work with His Highness Shaikh Ahmed Dalmook Al Maktoum to move through the feasibility stages of the project."   ‘’The expected cost is $2 per kg of hydrogen. Governments around the world are thinking of moving towards a carbon neutral future. Green technology is internationally adapted. The neighbouring country has also launched green hydrogen pilot project with Toyota. I see there is real possibility of producing green hydrogen at competitive prices for the markets in China, South Asia and Europe,’’ she said.