Renewable Energy Resources for Pakistan’s Economy | Daily Writeup | Opinions
The following article, “What are the Potential Benefits of Renewable Energy Resources for Pakistan’s Economy?“, is written by Anum Saba, a student of Sir Syed Kazim Ali. Moreover, the article is written on the same pattern, taught by Sir to his students, scoring the highest marks in compulsory subjects for years. Sir Kazim has uploaded his students’ solved past paper questions so other thousands of aspirants can understand how to crack a topic or question, how to write relevantly, what coherence is, and how to include and connect ideas, opinions, and suggestions to score the maximum.
Renewable energy resources are crucial in directly or indirectly shaping contemporary modern economies as they are cost-effective and environmentally sound. A renewable energy resource is derived from natural resources like sun, wind and air, which are constantly replenished more than consumed. Leading countries like China, Brazil, Canada and the USA have shifted to renewable energy-based systems to produce low-cost electricity, which epitomizes its potential benefits. For instance 2018, Canada generated 426,000 gigawatt hours of electricity from renewables. That inflated 66.2% of its total power to 71% in 2023. However, a country like Pakistan, endowed with abundant renewable natural resources, is still heavily dependent on costly imported non-renewable energy resources such as coal, oil, and natural gas, increasing a significant GDP and leading to economic disparity. Therefore, Pakistan should shift to renewable energy resources for a sustainable future. The country’s reliance on renewable energy resources can bring multifaceted potential benefits, bolstering employment opportunities, fostering economic progression, reducing energy prices turmoil, and ensuring energy security while mitigating climate change. However, some argue that the initial installation of renewable energy systems is costly or sometimes unaffordable. Nevertheless, the long-term benefits of renewable energy outweigh its initial cost and are undoubtedly worthwhile. To conclude, Pakistan, endowed with renewable energy resources, such as abundant solar, wind, and hydropower resources, can also capitalize on this opportunity. Thus, the approach could ensure a prosperous energy future for Pakistan by combining economic growth with environmental responsibility.
Before discussing its benefits for Pakistan’s economy, it is essential to understand renewable energy’s meaning and importance for nations. Generally, renewable energy is a form of energy derived from natural resources that are continuously replenished at a higher rate than consumed. Indeed, these resources help develop a cleaner and greener environment for human beings across the globe. Unlike fossil fuels, the resources included in this process are solar, wind, hydro, geothermal, and biomass energy. Regarding its importance, renewable energy resources aid in reducing greenhouse gases and mitigating climate change effects. Further, these renewable energy resources not only enhance the nation’s energy security but also foster job creation for its masses. Additionally, investing in renewable energy safeguards public health and cultivates a healthier environment for future generations.
Moving ahead towards the benefits, renewable energy investments stimulate economic growth by attracting both domestic and foreign investments. These projects require substantial capital for development, and this investment spurs economic activity across various sectors. The growth of renewable energy industries in Pakistan can lead to a more diversified economy, reducing its dependence on traditional sectors, such as textiles and agriculture, which are susceptible to global market fluctuations. According to the International Renewable Energy Agency (IRENA), doubling the share of renewables in the global energy mix will increase global GDP in 2030 by up to 1.1%, equivalent to USD 1.3 trillion.
One of the most significant economic benefits of renewable energy is reducing turmoil in energy prices. Fossil fuel prices are volatile and subject to international market forces, impacting Pakistan’s energy costs and creating uncertainty. In contrast, renewable energy sources offer fixed and predictable fees, reducing the nation’s vulnerability to energy price fluctuations. This price stability benefits businesses and households alike, enhancing economic predictability. According to the International Renewable Energy Agency (IRENA), Renewable Power Generation Costs in 2019 show that more than half of the renewable capacity added in 2019 achieved lower power costs than the cheapest new coal plants. Thus, shifting to (RES) can alleviate electricity prices, stimulating economic activity and contributing to GDP growth.
Next, renewable energy can enhance energy security in Pakistan by diversifying energy sources and reducing reliance on imported fossil fuels. This will provide a better opportunity for the county to combat the energy security crisis while ensuring the availability, affordability, and reliability of energy sources. Further, meeting a nation’s needs is essential while minimizing risks associated with supply disruptions, price volatility, and environmental concerns. Moreover, Global efforts to mitigate the energy crisis and climate change have led to a surge in renewable power installations, with the next five years expected to match previous decades’ growth. Russia’s invasion of Ukraine has further motivated countries to embrace renewables to mitigate energy security concerns and lessen rising fossil fuel prices. Europe, in particular, is projected to double its renewable power capacity in 2022-27, driven by energy security and climate goals.
Additionally, the transformation of renewable energy sources in Pakistan can lead to the creation of many jobs. Renewable energy infrastructure construction, maintenance, and operation require a skilled workforce, offering employment opportunities for various professions. Whether it is solar cell installation, wind turbine maintenance, or hydropower plant management, these jobs can help alleviate unemployment and boost local economies, particularly in rural areas. For instance, the renewable energy sector in Germany has generated hundreds of thousands of jobs. By 2020, it employed over 300,000 people. Thus, this approach is indeed beneficial in providing inclusive employment opportunities, resulting in empowering economic development in Pakistan.
Critically, the energy sector in Pakistan has been facing challenges for decades. Importing costly oil, coal, and gas has severe implications on the country’s economy through energy security and economic deficit, resulting in economic declivity while impacting climate change despite Pakistan’s abundant natural resources. Yet, its reliance on non-renewable is a sad part. However, the country’s transformation to a sustained energy system might bode well for Pakistan’s economic progression as it ensures energy security while lowering electricity prices and offering employment opportunities. Moreover, the investment in installing renewable technology will benefit long-run economic growth, which will undoubtedly lay a strong foundation for economic prosperity. Therefore, policymakers should employ policies to implement the shift from non-renewable to renewable energy resources. Installing photovoltaics in government sectors and at the domestic level will ultimately lower the dependence on non-renewable energy, reducing the fluctuation in electricity prices. Employing this approach, indeed, ensures a brighter future for Pakistan’s economy.
To conclude, as countries strengthen their policy and regulatory frameworks to transform their energy systems, they can meet climate goals while fueling economic growth and improving welfare. Likewise, shifting to renewable energy security in Pakistan will benefit its economy. The energy sector in the country has been facing problems for a long time due to over-dependence on oil, coal, and gas to meet energy demands. Therefore, the burgeoning prices of these non-renewable energy resources cause daily inflation in the country. Nonstop fluctuation in electricity prices causes energy security crises and current account deficits, ultimately wreaking havoc on the country’s economy. In short, the transformation of the energy system can mitigate the energy crisis and ensure that economic growth flourishes.
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