ACWA Power to invest $4.0bn in Pakistan’s renewable energy sector
ISLAMABAD: The Saudi power producing company ACWA Power on Sunday expressed its willingness to invest around $4.0 billion in Pakistan’s renewable energy sector.
The meeting was chaired by Minister for Finance, Asad Umar, and attended by Minister for Power, Omar Ayub Khan; Advisor to the PM on Commerce, Mr. Abdul Razak Dawood; Chairman Board of Investment, Haroon Sharif; Secretary Board of Investment and Additional Secretary Board of Investment, Press Information Department reported.
Living standards of the growing population, supported by urbanization, is influencing the demand for power around the world. Conventional power generation methods like thermal power plants are finding it hard to meet this increase in demand, thus paving way for the growth of renewables.Another factor that is aiding the renewable industry is the efficient collaboration between the governments, and the private sector. There is a growth in industrial investments backed by supportive government policies in renewable technologies. This is resulting in affordable technologies for applications ranging from power plants to small rooftop installations.
Growing concerns regarding greenhouse gas emissions and other pollutants has led to consequences like environmental damage and global warming. This is prompting governments to look for cleaner power generation options, which is again proving to be beneficial to the renewables industry.