Pakistan requires $188 bn to accelerate clean energy transition by 2035
ANTALYA (News Desk): Pakistan will require approximately $188 billion to accelerate its transition towards clean energy by 2035, highlighting the enormous financing challenge facing the country’s energy sector as the government seeks to reduce dependence on carbon-intensive electricity generation.
Prime Minister Shehbaz Sharif, addressing a high-level meeting titled “Green Energy Transition by 2035: Powering the Future” on the sidelines of the COP31 summit in Antalya on Wednesday, said Pakistan needed around $138 billion for low-carbon electricity generation projects by 2035, while an additional $50 billion would be required to replace coal-based power generation with solar energy.
The Prime Minister said clean energy sources now account for approximately 55 percent of Pakistan’s overall energy mix, reflecting progress towards a more sustainable energy system.
He stressed that achieving the country’s clean energy ambitions would require substantial international financial assistance, affordable technology and concessional financing, particularly as developing economies face significant fiscal constraints and cannot independently bear the cost of the transition.
Sharif said investment was also needed to expand electricity transmission networks, develop reliable energy storage systems and make modern technologies affordable.
He urged international partners to provide financing on concessional terms and facilitate technology transfers to developing countries, warning that ambitious climate and energy targets could not be achieved without timely financial support.
The Prime Minister also highlighted the government’s recent progress in the energy sector, saying he had inaugurated a key component of Pakistan’s seventh nuclear power plant before departing for Antalya. The project will add 1,200 megawatts of electricity to the national grid.
He said Pakistan’s recently introduced automobile policy had set a target of converting 30 percent of new vehicle sales into electric vehicles by 2030, supported by incentives including lower tariffs.
The government also plans to ensure that all buses and motorcycles purchased in the future are electric, while the Prime Minister noted that more than one in every ten motorcycles sold in Pakistan this year was electric.
Sharif said Pakistan remained committed to advancing its clean energy agenda and contributing to international efforts aimed at sustainable development and addressing climate change.
He emphasised that the transition towards clean energy must balance economic development, energy security and environmental protection without placing additional economic hardships on populations.
The Prime Minister called for collective international efforts to ensure that developing countries could meet their energy requirements while protecting the environment and pursuing sustainable economic growth