Karachi, Thursday, 24th August 2023: Overseas Investors Chamber of Commerce and Industry (OICCI) organized an Industry Dialogue titled ‘Promoting Localization and Harnessing Indigenous Resources for Sustainable Energy’ in Karachi. The event aimed to fuel discussions on sustainable economic expansion and energy self-sufficiency by embracing native resources for power generation, propelling Pakistan towards fortified economic resilience.
Khalid Mansoor, Former SAPM on the China-Pakistan Economic Corridor, and a distinguished expert on the energy sector, as part of his keynote address, underscored, ” the critical importance of achieving national energy security while minimizing the impact on the balance of payment”. Khalid Mansoor further highlighted, “the need for integrated planning and coordination among various government bodies, with a strong focus on long-term environmental sustainability, energy efficiency, and conservation. The timely approval of Competitive Trading Bilateral Contract Market (CTBCM) and wheeling regulations is also deemed crucial, along with the commitment to uphold competitive tariffs to fuel the growth of the power industry.”
Mr. Mansoor’s discourse highlighted the intricate interplay of an imbalanced fuel mix, escalated power generation costs, sluggish growth in local power sources, unabated energy wastage, and insufficient recoveries – a collective array of factors culminating in a disconcerting power shortfall, unaffordable electricity, and an escalating circular debt.
“Through this dialogue OICCI endeavors to unite energy experts, corporate leaders, consultants, and academia members in a collaborative dialogue. The goal is to facilitate the exchange of insights, knowledge, and real-world experiences, forging a progressive journey towards sustainable energy practices and bolstered economic resilience”, stated Mr. Najeeb Ahmad, OICCI Managing Committee Member and Country MD, Hitachi Energy Pakistan (Pvt) Limited while opening the discussion.
The event was focused towards creating a dialogue around multifaceted strategies that will propel Pakistan towards energy self-sufficiency, diminish its environmental footprint, and bolster national resilience. Facilitating robust partnerships among participants within the energy value chain, the event encompasses panel discussions, interactive sessions, and networking opportunities.
The distinguished speakers brought together diverse perspectives on fostering localized supply chains, incentivizing investment, and implementing sustainable energy solutions. The deliberations also yielded crucial recommendations including the encouragement of Solar, Wind, and Hydro Hybrid projects on existing infrastructure and the promotion of off-grid Solar/Wind projects to electrify the remaining 27% of the population also featured prominently. A multifaceted approach involving export promotion, manufacturing investment, import substitution, and indigenization has become imperative to restore economic resilience.
The national power sector, encompassing generation, transmission, and distribution, harbors immense potential for change. Policies favoring renewables and local empowerment beckon technological breakthroughs, industrial growth, and human resource development.
Through transitioning from imported coal to local coal, harnessing hydropower, and embarking on a clean energy transition, Pakistan can journey towards sustainable economic growth, energy autonomy, reduced environmental impact, and heightened national resilience.
In conclusion, embracing indigenous resources propels a collaborative endeavor, forging robust partnerships among governing bodies, corporates, financial institutions, regulators, and industries. With determination and foresight, Pakistan is poised to usher in an era of self-reliance and prosperity.
The participants comprised esteemed speakers from the power sector, investment landscape, business realm, and academia actively contributed in this dialogue. Distinguished panelists included Ms. Maheen Rahman, CEO of Infrazamin Pakistan Limited, Syed Moonis Abdullah Alvi, CEO K-Electric, Mr. Fahd Chinoy, CEO of Pakistan Cables, Mr. Yusuf Siddiqui, CEO of Engro Energy Limited, Mr. Amir Iqbal, CEO of Sindh Engro Coal Mining Company (SECMC), Mr. Ruhail Muhammad, CEO, Lucky Electric Power Company and Dr. Fiaz Ahmad Chaudhry, Director of LUMS Energy Institute.
