Speakers at the launching ceremony of a case-based study report titled, 'Pitfalls of Restoring Energy Security with Coal Power Plants in Pakistan', urged the government and key stakeholders to revisit the Energy policy and phase out coal-based power plants.
The Rawalpindi Chamber of Commerce and Industry (RCCI) and Fair Finance Pakistan jointly organised the ceremony at the chamber house Rawalpindi.
The study report examined financial aspects and equity contribution from the private sector to the coal debt in Pakistan.
They said thermal coal was the number one cause of global temperature rise and urged that if the transition and eventual departure from coal to renewable energy do not happen, economic development, particularly in lower-income countries, would be unsustainable economically, socially and environmentally.
Special Assistant to the Prime Minister, Senator Faisal Karim Kundi, the chief guest on the occasion, said that Pakistan was facing severe effects of climate change. He added that Sindh and Balochistan had been affected more by recent floods and said that world powers and developed countries should address the damage caused by carbon's harmful effects and help rehabilitate Pakistan's flood-affected areas.
Earlier, President Chamber Nadeem Rauf said that all stakeholders were responsible for adopting a comprehensive policy to deal with climate change. RCCI believed that the government must focus on renewable energy as the country has tremendous potential to generate wind, hydro and solar power.
He added that green energy sources like wind and solar were getting key focus on the global level as they were viable energy sources at affordable cost.
Asim Jafari, the representative of Fair Finance Pakistan, said that the government should legislate the Clean Air Act while banks should provide cheap loans for renewable energy under green banking.
Ms Bernadette Victorio, Program Lead, Fair Finance Asia, Dr Abid A. Burki, Author, Policy Analyst Professor of Economics at the Lahore University of Management Sciences (LUMS), Mahmood Cheema, Country Representative, International Union for Conservation of Nature - IUCN Pakistan, Nasir Shabbir, Regional Head SME-North, Faysal Bank, Hussain Jarwar, CEO, Indus Consortium also addressed the participants and answered questions on the online platform Zoom.