Islamabad: Prime Minister (PM) Shehbaz Sharif on Wednesday (June 29) invited Chinese firms to invest in the renewable energy sector, especially solar power, in Pakistan, news sources reported. He highlighted huge investment potential in solar, wind and other power generation areas.
According to reports, the premier met with the Vice President (VP) of the Chinese state-owned corporation NORINCO Wang Xiaobing, and CEO NORINCO International (Pakistan) Li Chen to discuss the investment opportunities. The NORINCO team expressed a strong desire to participate in a wide range of renewable energy projects in Pakistan, particularly the 100 megawatts (MW) wind corridor in Thatta. Moreover, the premier complimented NORINCO on the execution of the Orange Metro Line (OML) project.
He stated that the government negotiated the project contract directly with the Chinese government using the Government-to-Government (G2G) mechanism. As a result, the project saved USD 600 million. He stated that the two countries have a long history of collaboration and that the government would continue to launch new initiatives in a variety of areas.
It is vital to note here that solar energy accounts for just 1% of overall energy output, with 90 kWh produced in May. Pakistan generates 70% of its energy from nonrenewable sources such as LNG, coal, and other types of fossil fuels. The remaining 30% is met by hydroelectric power, which accounts for 24%, and wind energy, which accounts for 4%.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
