United Nations (TDI): Pakistan has called for supportive global policies to enable cash-strapped developing nations to deal with the energy transition.
At an event commemorating “International Day of Clean Energy”, which Pakistan co-hosted as a co-chair of Group of Friends on Sustainable Energy, Pakistan’s deputy permanent representative to the UN, Ambassador Usman Jadoon, said that developing nations with limited fiscal space are unable to invest in costly energy projects without enhanced access to finance.
He reiterated Pakistan’s resolve to contribute to the just energy transition with a commitment to increasing the share of renewable energy in its energy mix to 60% by 2030.
Ambassador Jadoon said, “We are planning to add an additional 13,000 MW of hydropower capacity by 2030. We also possess immense potential in solar and wind energy.”
He said that our energy transition goals are estimated to cost over $100 billion.
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Globally, it is estimated that keeping 1.5 within reach would require investments of USD 150 trillion in transition technologies and infrastructure by 2050, Jadoon added.
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He said, “On this International Day of Clean Energy, we must commit to taking the necessary actions, at both national and international level, to achieve our global energy transition goals.”