ISLAMABAD (APP): Coordinator to Federal Tax Ombudsman (FTO) Meher Kashif Younis on Sunday said by prioritising renewable energy, Pakistan can not only meet its electricity demands but also reduce its reliance on fossil fuels, and lower greenhouse gas emissions.
Speaking at a seminar on” Impact of Renewable Energy on Economy” held under the aegis of Gold Ring Economic Forum,a strategic think tank, he said moreover, embracing clean energy will enhance our country’s image on the global stage, attracting investments and fostering sustainable economic growth, said a news release issued here.
He said Pakistan faces the challenge of meeting the ever-increasing demand for affordable electricity while simultaneously striving to compete effectively in the global markets.
He said he firmly believed that embracing renewable energy is the key to addressing these challenges.
He said Pakistan is endowed with abundant renewable energy resources, including solar, wind, and hydropower. Harnessing these resources not only offers a sustainable solution to our energy needs but also presents numerous economic and environmental benefits.
He urged the government to implement policies and incentives that encourage investment in renewable energy projects with tax holidays, subsidies, and feed-in tariffs that can attract private and foreign investments in the sector.
Meher Kashif Younis said foreign direct investment and local investment in the development of renewable energy infrastructure, including solar and wind farms, hydroelectric plants, and energy storage facilities, will ensure a reliable and consistent energy supply.
He said collaboration with international organizations and countries experienced in renewable energy will help achieve the desired results from their successes.
He said the government must launch nationwide campaigns to raise public awareness about the benefits of renewable energy and encourage energy conservation.
He said promoting renewable energy is a vital step towards securing a brighter and more prosperous future for Pakistan.
He said the government must also set aside funds for research and development in renewable energy technologies to enhance efficiency and reduce costs besides introducing vocational training to build a skilled workforce capable of supporting the renewable energy sector.