Energy Investments - Powering Business and Communities

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Energy Investments - Powering Business and Communities

July 11, 2024

Securing Pakistan’s Energy Needs

In April of this year, the UN General Assembly hosted the Sustainability Week, a global stock-take on SDG 7, ‘Affordable and Clean Energy'. The result was unambiguous: Persistent gaps remain, with over 600 million people still without access to electricity, and a staggering two billion people simply in need of clean cooking solutions. Countries need to rapidly accelerate transitions to cleaner, renewable energy, tripling energy capacity globally, doubling the global annual average rate of energy efficiency by 2030, and scaling global technology investment and capacity in vulnerable countries through public-private partnerships.

In November, the global community will convene at COP29 in Baku, Azerbaijan, to tackle the pressing challenges of climate change. Azerbaijan has announced a green energy push to place a levy on oil, gas, and coal production in order to fund climate action in emerging economies. It has also unveiled plans in partnership with the UAE for large-scale renewable energy projects, setting the tone for the conference.

Pakistan also has a great opportunity to fully join these global trends, and position itself strongly for critically required energy security. The country’s long-standing energy crisis has impeded economic growth, fueled unemployment, and continues to undermine Pakistan’s sustainable development ambitions. More than 40 million Pakistanis remain without electricity, and half the population lacks access to clean cooking facilities that use cleaner fuels or modern stoves.

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