Prime Minister Shehbaz Sharif calls for concessional international financing and affordable technology to accelerate Pakistan’s clean energy transition, highlighting electric vehicle targets and investment needs.
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has reaffirmed Pakistan’s commitment to a sustainable energy future, announcing ambitious clean energy targets and urging international partners to provide affordable technology and financial support to developing countries.
Addressing a high-level session titled “Clean Energy Transition by 2035: Powering the Future” on the sidelines of the 31st United Nations Climate Change Conference (COP31), the prime minister outlined Pakistan’s roadmap for shifting towards cleaner energy sources.
Shehbaz Sharif said clean energy sources now accounted for nearly 55 per cent of Pakistan’s energy mix, reflecting progress towards reducing reliance on conventional fuels.
He also highlighted the inauguration of a key section of Pakistan’s seventh nuclear power plant before his departure for Antalya. The state-of-the-art project will add 1,200 megawatts of electricity to the national grid.
Pakistan sets electric vehicle targets
Outlining plans to transform the transport sector, the prime minister said the recently introduced automobile policy aimed to ensure that 30 per cent of new vehicles sold in Pakistan would be electric by 2030.
The government is offering incentives, including lower tariffs, to encourage electric vehicle adoption. He added that all future government buses and motorcycles would be electric.
For the first time, more than one in every 10 motorcycles sold in Pakistan this year was electric, indicating growing consumer interest in cleaner transportation.
Pakistan needs $188 billion for clean energy transition
The prime minister stressed that achieving Pakistan’s clean energy ambitions would require substantial financial resources.
He estimated that the country needed approximately $138 billion by 2035 for low-carbon power generation, alongside another $50 billion to replace coal-based power generation with solar energy.
He said expanding electricity transmission networks, developing reliable energy storage systems and making emerging technologies affordable would require significant investment.
Highlighting the financial challenges facing developing economies, particularly those burdened by debt, Shehbaz Sharif urged international partners to provide concessional financing and facilitate technology transfers.
“35 by 35 will be achieved only if finance flows at the speed of ambition through concessional capital and the transfer of affordable technology,” he said.
The prime minister called for a development model that balanced economic growth with environmental protection, ensuring countries could meet their energy requirements without damaging the planet.
He reiterated that Pakistan remained committed to advancing its clean energy agenda and contributing to international efforts towards sustainable development and climate resilience.