Islamabad:

Pakistan needed over $ 100 billion investments to move its policy against renewable energy to achieve a carbon neutral energy sector, informed the Ministry of Climate Officials Senate Standing Committee on Wednesday.

They said the country demanded $ 50 billion to achieve 60% renewable energy targets by 2030, more investments to reduce emissions by 50% beyond $ 18 billion to fully operate National Energy Efficiency and Conservation Authority (NEECA) Plan- Plan- 2023-30.

The committee met here with its chairman Sherry Rehman in the chairman. The meeting was informed that support from the Global Environmental Facility (GEF) and Green Climate Fund (GCF) would play a crucial role in the implementation of the plans and reach climate goals.

The committee received a briefing from officials in industries and the Ministry of Production on the Electric Vehicle Policy (EV). The officials said he had set up a management committee for EV policy.

During the meeting, the climate change secretary said that the introduction of EVs in public transport was crucial to reducing carbon emissions. He said that transport had the greatest influence on air quality, adding that a proposal to subsidize two- and tricycle was currently under consideration.

However, the President noted that pollution from other sources spread more than vehicle emissions. She also criticized officials in the Ministry of Industry for lack of readiness. “It is regrettable that the officials do not even know the exact number of local EV producers,” she said.

Rehman asked the officials how they planned to run EVs without a clear strategy. She emphasized that the government could not stop the solarization by changing the net metering rules. She called on the Ministry of Climate Change to oppose any policy that deterred solar energy.

Energy Minister Awais Leghari told the committee that a sun revolution was already underway in the country. He recalled the committee that he had introduced net measurement regulations in 2017 and assured that there was no plan to deter solarization.

Leghari declared that solar investments were currently recovered within 18 months, but according to the new rules this period would extend to four years. He noted that owners of the solar system sold electricity to RS22 per year. Unit. However, he emphasized that the government bought electricity from solar producers at high costs and sold it to consumers at lower rates.

Senator Zarqa Taimur urged the government to reduce transmission losses and emphasized that agreements under Net measurement should remain unchanged. Leghari warned that if the new rules were not enforced, other consumers would carry an extra burden of RS103 billion.

Leghari revealed that the government had left the business with direct purchase of electricity from the producers. He also revealed that the plans were in hand to divide the National Transmission and Dispatch Company (NTDC) into three devices.

The Minister of Energy confirmed that conversations with the International Monetary Fund (IMF) were underway for a three-year energy package and assured that the government had plans to allocate electricity to industries at affordable prices.

Leghari acknowledged that previous power plants were installed under various policies, but under a new system, future power plants would be installed through a competitive bid process. He emphasized the need for green financing in support of the transition.

According to Leghari, 2,500 MW thermal power plants had already been retired and the government was actively working to accelerate the shift against green energy. He added that the government was working on retiring 200MW oven -based power plants that required green financing.

Leghari emphasized the importance of attracting investments to successfully implement EV policy. He argued that several charging stations would encourage the adoption of EVS. “With multiple charging stations, people will be more likely to switch to electric vehicles,” he said.

The climate change secretary told the committee that the State Bank of Pakistan (SBP) was actively working to finance green energy projects. However, Rehman criticized slow progress. “Even after five years, authorities still say the State Bank is working on it,” she said.

Senator Sherry Rehman called for the availability of loans to consumers to transition to EVS. Officials in the Ministry of Climate Ministry confirmed that the federal government had introduced a special customs duty for EVS charging stations.