$300,000 of grant funds have been allocated for Pakistan by the Asian Development Bank (ADB) to help the country undertake pre-feasibility study for early retirement of coal and fossil fuel plants under the Energy Transition Mechanism.
The grant funds were allocated to the country at COP26 in Glasgow. Pakistan is among three other countries in Asia (Vietnam, Indonesia and the Philippines) where ADB is providing such assistance.
ADB has also helped the government in the development of the Alternative and Renewable Energy Policy 2021, which reinforced the government’s commitment to achieving a renewable energy capacity of 30 per cent by 2030.
“We have a clear climate direction now,” explained Special Assistant to the PM on Climate Change Malik Amin Aslam, who is leading the Pakistan delegation to the COP.
“By 2030 we aim to shift to 60pc renewable energy and 30pc electric vehicles and completely ban imported coal. We are opting for nature-based solutions with our Recharge Pakistan, Protected Areas Initiative, and 10 billion Tree Tsunami Programme. It’s a nature positive pathway”, he added.
Earlier at COP26, the energy director at the US Center for Biological Diversity’s Climate Law Institute, Jean Su, cited, that 21 countries and five multilateral financial institutions would eliminate public financing for international coal, oil and gas projects.
“This is a historic commitment,” she said, with the potential to shift $18 billion per year from fossil fuels to renewable energy investment. “All of us know very clearly that we have no time any longer for fossil fuels,” she said. “This is the end of an era.”
From : pk.mashable.com