Economic policy reforms and policy consistency under the ambit of Charter of Economy can reinvigorate investor trust for sustainable green development under CPEC.   This was the crux of a seminar titled, "A Shared Journey towards a Greener Economy under CPEC: Reflections and Prospects” organized by Sustainable Development Policy Institute here today. Speaking at the seminar, Dr Hasan Daud Butt, Research Fellow, SDPI said that developing a sustainable energy basket for boosting energy security was a critical agenda when CPEC was signed. He said that the discourse on renewable energy in Pakistan must be changed and increasing connectivity of renewable energy to national grid and ensuring energy security in the remote areas should be the focus in the coming years. 

He stressed that we must work on making a transition where Pakistan does not become a dumping ground for renewable energy equipment and decisions on promoting these technologies must be cognizant of the indigenous consumer demand and requirement.  Stressing the need for channelizing public-private partnerships for meeting the 30% target of renewable energy share by 2030, he highlighted that currently the share of renewables in the energy mix is only 4.8% out of which share of solar energy is only 1.4%. He stressed

He stressed that the key to capturing investments from China in renewable energy sector is in ensuring policy implementation and scaling up the role of academia in presenting local solutions. Mustafa Hyder, Executive Director, Pakistan China Institute, stressed that investment mobilization depends on maintaining competitive edge in the region, political and economic stability. 

He said the cost of production in China has increased and the country is exploring industry relocation which Cambodia and Ethiopia have capitalized on by functionalizing Special Economic Zones. He stressed that adopting a Charter of Economy, also being staunchly advocated by SDPI, is the way forward to restore the faltering investor trust and interest and can ensure policy consistency resilient to the political changes in the country. Dr Khalid Waleed, Lead Researcher, Energy Unit, SDPI highlighted that the political and economic challenges have emanated in trust deficit for investors which has consequently led to halting of CPEC projects. 

He urged for policy re-evaluation from not only the perspective of the government but also from the investor perspective. Policy re-evaluation can help lead to an integrated planning approach for distributed, efficient energy generation and supply, he added.

Dr Syed Ali Hasanain, Associate Professor, LUMS urged for reforming the domestic policies on doing business to attract investments and coupling it with sustainable policy stability and continuity based on the national interest.  He further stressed that addressing the weaknesses and challenges in the investment infrastructure, energy efficiency, electricity transmissions and distribution losses is key to avail the full potential of partnership with China. Precision agriculture and renewable energy technologies must be harnessed in the country for transforming the energy and agriculture sectors and mitigating associated emissions, he added. Shahzeb Jillani, Senior Journalist, stressed that strengthening collaboration with China is in the public interest of the country.

Earlier Ubaid ur Rehman Zia, Senior Research Associate, SDPI, highlighted some of the work that SDPI has been doing under its CPEC Green Development Programme (CPEC-GDP) with key partners such as the Pakistan-China Institute and Fudan University, on the themes of climate smart agriculture, sustainable transportation/infrastructure and sustainable energy under CPEC.

Credit : Independent News Pakistan-INP