Pakistan hosts the first Asia Energy Transition Summit 2024 at LUMS
Lahore: Federal Minister for Planning and Development Ahsan Iqbal underscored Pakistan’s immense capacity to produce 300,000 megawatts of renewable energy from wind and solar sources. “However, it is crucial to mobilize both public and private financing to tap into this potential,” he remarked on the second day of the Asia Energy Transition Summit 2024, which took place at the Lahore University of Management Sciences (LUMS).
Asia’s Energy Transition Summit Happening at LUMS
The two-day conference, organized by the LUMS Energy Institute (LEI) in partnership with the Pakistan Renewable Energy Coalition (PREC), the Sustainable Development Policy Institute (SDPI), the Pakistan Research Institute for Equitable Development (PRIED), and Renewable First, aimed to tackle the challenges and opportunities in shifting from fossil fuels to renewable energy. PREC consists of a coalition of research organizations, civil society groups, and advocates for energy transition.
As a special guest, Mr. Iqbal highlighted the federal government’s emphasis on five key pillars for Pakistan’s energy transition: frameworks for innovation, technology-driven solutions, mobilizing new sources of finance—such as the proposed Asia Energy Transition Fund—policy harmonization both domestically and across Asia, regional collaboration, and ensuring an equitable energy transition.
Senator Sherry Rehman, while addressing the summit, emphasized the necessity for financial strategies to address climate change and support the energy transition. Reflecting on her experience as Federal Minister for Climate Change, she discussed the obstacles and opportunities for Pakistan in obtaining international financial backing.
During a session focused on energy policy, Sher Ali Arbab, Co-Convener of the Parliamentary Forum on Energy and Economy, pointed out the opportunities arising from the devolution of power to the provinces following the 18th Amendment and encouraged further decentralization to improve efficiency and inclusivity in Pakistan’s energy policy.
Prominent speakers, including Dr. Fiaz Chaudhry, Chairman of NTDC and Senior Advisor at the LUMS Energy Institute, Shahjahan Mirza, head of the Private Power and Infrastructure Board (PPIB), along with several local and international experts, provided valuable insights on the financial and technical dimensions of the energy transition.
Federal Power Minister Awais Ahmed Khan Laghari highlighted the importance of innovative financial solutions to facilitate Pakistan’s energy transition. At the conclusion of the first day of the summit, Mr. Laghari proposed utilizing Chinese expertise in renewable energy, emphasizing knowledge transfer, infrastructure development, and technical training. He also suggested exploring Chinese financial instruments, including RMB-based bonds, and positioning Pakistan within the supply chain for essential green metals.
The summit opened with welcoming remarks from LUMS Rector Mr. Shahid Husain and Vice Chancellor Dr. Ali Cheema. Dr. Cheema highlighted the urgent need for a rapid and effective energy transition to address Pakistan’s energy and climate challenges.
In his inaugural address, the Governor of the State Bank of Pakistan highlighted the financial difficulties facing nations like Pakistan that are particularly vulnerable to climate change but lack the resources necessary for an energy transition. He assured the SBP’s commitment to developing a climate-focused banking framework to support renewable energy financing.
In another session, Dr. Nafisa Shah, Co-Convener of the Parliamentary Forum on Energy and Economy, stressed the connection between Pakistan’s energy and economic crises, advocating for transparent, inclusive, and participatory policymaking processes.
Sindh Energy Minister Nasir Hussain Shah and Former Minister of State for Environment, Malik Amin Aslam, also shared their insights on provincial decentralization and integrating climate-resilient policies, respectively.
The event concluded with expressions of gratitude from Dr. Tariq Jadoon, Provost of LUMS, and Dr. Naveed Arshad, Director of the LUMS Energy Institute, recognizing the contributions of all participants and experts.
