Home Business & Finance KE, NEPRA hosts webinar to discuss Pakistan’stransition to a low-carbon energy future

KE, NEPRA hosts webinar to discuss Pakistan’stransition to a low-carbon energy future

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K-Electric and NEPRA hosted a live webinar on “Pakistan’s Energy Transition and the Road Ahead”. While stressing the need for Pakistan’s shift to a more green and clean energy future, the panelists covered opportunities in renewable energy area with a focus on overcoming the challenges in regulatory and policy framework, financing, and technical fields. Attendees included Chairman NEPRA, Tauseef H. Farooqi, CEO Alternate Energy Development Board Shah Jahan Mirza and State Bank of Pakistan’s Director for Infrastructure Housing & SME Finance Department Dr Mian Farooq Haq along with Member Finance WAPDA, Naveed Azfar. Chief Strategy Officer K-Electric, Naz Khan represented KE.

Chairman NEPRA, Tauseef H. Farooqi highlighted that for renewable industry to innovate and thrive Pakistan needs a transition in its generation, transmission, distribution system. He also reassured the audiences that NEPRA has been constantly working to bring that very change and their “actions are louder than words”. He mentioned that as the regulator, NEPRA’s intent is to enhance the RE footprint, which currently accounts for only 3% of Pakistan’s overall generation capacity of over 35000 MW to 30% over the next ten years. Mr. Farooqi also shared that current share of hydropower at 30% should be included in the renewable energy mix, which would enable Pakistan’s total progress in the renewable energy space to exceed 60% in next ten years. This should result in an environmentally friendly and affordable energy mix in the country.

In her opening remarks Naz Khan, KE’s Chief Strategy Officer, revealed that K-Electric has stepped into the renewable energy space with the launch of its first ever subsidiary, “K-Solar”. She said that by launching K- Solar, the company has taken another step to a greener and more sustainable future for our future generations. Naz Khan also shared that currently renewables have around 250MW of share in KE’s total energy mix including almost 150MW from wind and 100MW from solar energy. She shared that additional projects are in the pipeline to increase the share of renewables to 350MW. “With the guidelines and policies set by the Federal Government, KE is moving accordingly and looks forward to continuously increasing the share of renewables in its energy mix in the build-up to 2030”, she added.

CEO KE, Mr. Moonis Abdullah Alvi, also joined the conversation and announced a donation of Rs 5.0 million for NEPRA and Akhuwat Foundation’s ‘Power with Prosperity Revolving Microfinance Fund’. Mr. Alvi said, “Through our contribution in this fund KE aims to reduce the energy poverty in the country. This is a humble contribution of KE to support NEPRA and Akhuwat to help Pakistan achieve the targets set in Sustainable Development Goals (SDG 7) which will enable the inclusion of dispersed communities living off grid in the electricity network”. Mr. Alvi also shared that K-Electric has been making greater efforts to increase its share of renewables in its energy mix and launch of the K-Solar is one milestone in achieving KE’s mission of a green and sustainable future.

During the webinar Shah Jahan Mirza, CEO Alternate Energy Development Board shared that allowing purchase of power from solar and wind energy projects through competitive bidding remained one of the strong feature of their new policy. This had never been done in Pakistan before.

Dr. Mian Farooq Haq, the State Bank of Pakistan (SBP) Director of IH&SMEFD shared with the audience the proactive initiatives around promotion of green banking which the State Bank has been taking. “The SBP introduced a financing scheme in 2016 to lend support in addressing climate change issues and to promote renewable energy. The scheme is continuing to offer varied financing options ranging from Rs 400 million to Rs 6.0 billion for a broad category of entities and individuals. As of February 2021, financing of around Rs 36.0 billion has been extended to over 500 projects,” he further added.

Masroor Mahmud, Chief Executive Officer, GE also shared that their company is supporting Pakistan in achieving its vision to a more renewable future. He shared that GE has been at forefront in terms of bringing innovative, sustainable, reliable, affordable and accessible products and solutions.

The full webinar is available for public access on KE’s Facebook or YouTube page in which policy makers, the regulators, the banks, and the private sector are on to the same table aligning the vision for Pakistan’s transition to a green energy mix.

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