RAWALPINDI - Speakers at the launching ceremony of a case based study report titled, “Pitfalls of Restoring Energy Security with Coal Power Plants in Pakistan,” on Thursday urged government and key stakeholders to revisit the energy policy and phase out coal based power plants. 

They said that thermal coal is the number one cause of global temperature rise.

The ceremony was jointly organized by the Rawalpindi Chamber of Commerce and Industry (RCCI) and Fair Finance Pakistan at Chamber House Rawalpindi.

The study report examines financial aspects and equity contribution from the private sector to the coal debt in Pakistan.

Speakers also urged that if the transition and eventual departure from coal to renewable energy does not happen, economic development particularly in lower-income countries will be unsustainable economically, socially and environmentally.

Special Assistant to Prime Minister, Senator Faisal Karim Kundi, who was the chief guest on the occasion, has said that Pakistan is facing severe effects of climate change, Sindh and Balochistan have been affected more, the number of volunteers will have to be increased. World powers and developed countries should address the damage caused by the harmful effects of carbon and help in rehabilitation of Pakistan’s flood-affected areas.

Earlier, President Chamber Nadeem Rauf said that all stakeholders have a common responsibility to adopt a comprehensive policy to deal with climate change. RCCI believed that the government must focus on renewable energy as the country has tremendous potential to generate wind, hydro and solar power.

The green energy sources like wind and solar are getting key focus on the global level as they are viable sources of energy at affordable cost.

Asim Jafari, representative of Fair Finance Pakistan, said that the government should bring the Clean Air Act and legislate. Banks should provide cheap loans for renewable energy under green banking, he added. Ms. Bernadette Victorio, Program Lead, Fair Finance Asia, Dr. Abid A. Burki, Author, Policy Analyst Professor of Economics at the Lahore University of Management Sciences, Mahmood Cheema, Country Representative, International Union for Conservation of Nature - IUCN Pakistan, Nasir Shabbir, Regional Head SME-North, Faysal Bank, Hussain Jarwar, CEO, Indus Consortium also addressed the participants and answered questions on the online platform Zoom.

Group Leader Sohail Altaf, Senior Vice President Asim Malik, Vice President Talat Awan, newly elected office bearers, Executive Committee members and a large number of members were also present on the occasion.