Karachi: The energy sector in Pakistan is poised for significant growth as global and local insurance companies express interest in investing in renewable and conventional power projects in the country. At the recent Energy Summit, industry experts highlighted the potential for billions of dollars in new investments in Pakistan’s energy sector in the coming years.
Key figures from insurance firms and energy companies, including Ata Khatib from Lockton MENA, Dr. Jason Shirley from ECP Energy and Chemical Professionals, Phil Pavey from GCube Insurance Services, Pavel Chernoverkhskiy from Zurich Insurance Company, and Khurram Ali Khan from Fidelity Insurance Brokers, discussed the crucial role of insurance in supporting the development and sustainability of Pakistan’s energy mix. The country aims to boost the share of clean and renewable energy sources to 60 percent by 2030.
Notable hydropower projects in the pipeline include Bunji (7,100 MW), Diamer Basha (4,500 MW) in Gilgit-Baltistan, Thakot (4,866 MW), and Dasu (4,320 MW) in Khyber Pakhtunkhwa. The government has outlined a policy with objectives such as universal energy access, increased renewable energy share, and enhanced energy efficiency and conservation. The target is to have 60% of Pakistan’s energy generated from clean and renewable sources by 2030, leveraging the country’s vast solar and wind power potential exceeding 40,000 megawatts. Additionally, Pakistan aims to have 30 percent of vehicles running on electric power by 2030.
Significant Investments from China and Saudi Arabia
The focus on Sustainable Development Goals (SDG 7) underscores the importance of clean and sustainable energy access in achieving broader development and climate objectives. These projects are being funded through public funds and financing from various agencies, with significant investments expected from countries like China and Saudi Arabia. China is set to build the Chashma-5 civil nuclear power plant, generating 1,200 megawatts of electricity daily by 2030, with an estimated cost of $3.5 billion. Meanwhile, the Kingdom of Saudi Arabia plans to invest in 500 megawatts of renewable energy projects worth $4.5 billion in Baluchistan, alongside a $10 billion mega oil refinery project in Gwadar.
