Muhammad Aurangzeb says Pakistan’s solar expansion can help reduce reliance on imported fuels and strengthen economic resilience.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has highlighted the growing importance of energy security and renewable energy during a high-level dialogue hosted by the World Economic Forum (WEF).
Aurangzeb participated in the session titled “Powering Growth in the New Economy” during his visit to attend the 81st Session of the United Nations General Assembly (UNGA).
Global Shift Towards Energy Security
Speaking at the dialogue, the finance minister said the global energy debate has increasingly shifted from the longer-term focus on energy transition towards the more immediate challenge of energy security.
He linked the shift to ongoing geopolitical conflicts and disruptions to fuel supplies, which have increased concerns over the reliability and affordability of energy sources.
Aurangzeb noted that countries are facing greater pressure to secure stable energy supplies while managing broader economic risks arising from volatility in international energy markets.
Pakistan’s Solar Expansion
The finance minister highlighted Pakistan’s significant expansion in solar energy, describing the growth as largely driven by the private sector.
He said the rapid adoption of solar power demonstrates the potential of renewable energy to reduce the country’s dependence on imported fuels.
The expansion of solar energy could also support efforts to improve the resilience of Pakistan’s energy system by increasing the availability of alternative domestic power sources.
Energy Security Linked to Economic Resilience
Aurangzeb further stressed that energy supply challenges extend beyond the power sector and can have wider economic consequences.
He said energy security is closely linked to food security, as disruptions or shortages in energy supplies can affect economic activity and the wider supply chain.
The minister also underlined the relationship between reliable energy supplies and overall economic resilience, highlighting the need for countries to address energy challenges while adapting to a changing global economic environment.
The WEF dialogue brought together senior policymakers and stakeholders to discuss the role of energy in supporting growth and navigating emerging challenges in the global economy.