Syed Marwan Shah

Complete transition towards cleaner and greener energy in Pakistan will cost $101 billion, according to a report of Sustainable Development Policy Institute (SDPI) on annual state of renewable energy. The Pakistan government estimates that the energy transition costs will amount to $101 billion by 2030, and an additional $65 billion by 2040, based on the completion of ongoing renewable energy projects, additional hydropower, transmission, and phasing out coal by replacing it with hydropower.

Reaching 60% production by 2030 would require an estimated investment of $50 billion by 2030 and $80 billion by 2040. This is due to the rapid expansion of renewable energy sources and hydropower. By 2040, the transmission network would need to be upgraded, costing an estimated $20 billion. As solar and wind power percentage of variable energy grows, this estimate may rise further.

The upfront estimated cost of the new coal power facilities, including the Thar coal mines, is $18 billion. In addition, an estimated cost of $13 billion more would be needed to switch from coal power to solar energy. For other renewables, more than 12 gigawatts projects under consideration would require about $20 billion.

Syed Mujahid Shah, who has a vast experience in renewable energy, said while talking to WealthPK that as a result of transitioning towards renewable energy, Pakistan will enhance infrastructure development, create jobs, and uplift the socio-economic development of the people.

The International Energy Agency (IEA) estimates that investing in renewable energy generates three times as much employment as investing in fossil fuels. According to the IEA, the transition to net-zero emissions will increase the number of jobs in the energy sector overall, while there may be a loss of about 5 million jobs in the production of fossil fuels by 2030, there will likely be a gain of 14 million jobs in clean energy, for a net gain of 9 million jobs.

An additional 16 million jobs would be needed in the energy sector, for example, to fill new positions in producing electric cars, incredibly energy-efficient appliances, and cutting-edge technologies. Accordingly, by 2030, more than 30 million employments might be generated in renewable energy, efficiency, and low-emissions technology. To ensure that no one is left behind, it will be crucial to ensure a fair transition that puts people’s needs and rights at its core.

Credit : Independent News Pakistan-WealthPk