World Bank grants access to finances for various projects, including the KP Hydropower and Renewable Energy Production Project.
As the world pummels head first into the repercussions of resource exploitation—prompting climate change at unprecedented rates—the call towards the transition to green energy has been strong. As part of fulfilling social responsibility and minimising the carbon footprint, Pakistan set an objective to become a renewable energy reliant and producing country by 2030. With the World Bank (WB) granting access to 450 billion dollars’ worth of finances for various projects, including the KP Hydropower and Renewable Energy Development Project, the potential of this vision to materialise is maximised exponentially.
Not only has the demand for the provision of energy increased in Pakistan but inefficient organisations have also contributed towards the mishandling of production, distribution and storage. As such, the rate at which we emit greenhouse gasses in the environment ceases to stagnate. Given that, as a developing country, we are likely to be the first ones to face the aftermath of a globally changing climate and to be hit the hardest, it is imperative for us to invest in renewable energy projects which will reduce dependence on petroleum and promote an environmentally friendly production of energy—with hydropower and solar power being looked at as the primary target for investment. Additionally, the uplifting prospects of the various projects to be initiated by the government stand to make electricity a cheaper commodity to produce and sell, to the benefit of the consumer.
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There is no denying that a change was needed in the way Pakistan approached energy production and it is something that the government had been working towards. However, with the WB’s initiative, a diverse pool of opportunities has been unlocked through which job prospects for the masses improve, the development of skills can be facilitated and overall commercial infrastructure, especially for power plants, can be improved substantially. Thus, as far as progress goes, we seem to be moving in the right direction.
The article is originally published at Nation.