UN: Pakistan stressed the importance of accelerating progress towards sustainable energy goals at an event hosted by China and partners that focused on accelerating the deployment of clean energy.
Ambassador Usman Jadoon, Deputy Permanent Representative of Pakistan to the UN, in his remarks at a session on Global Energy Connectivity and Transition for the SDGs (Sustainable Development Goals) pointed out that investments in sustainable infrastructure do not match the scale of the problem. faced by the international community.
“The need for an energy transition was also recognized at COP-28 (the United Arab Emirates United Nations Climate Conference), where we agreed to pursue a ‘just energy transition,'” he said.
Pakistan’s envoy noted a $2.5 trillion annual infrastructure financing gap, with two-thirds needed in developing countries, and said clean energy financing needs are estimated at $4.3 trillion annually by 2030, with 2050 will increase to 5 trillion dollars per year.
In 2022, Ambassador Jadoon said investment in renewable energy only reached $0.5 trillion, mainly in developed countries or large emerging economies,
In this regard, he said that Pakistan aims to achieve 60% renewable energy by 2030, with the cost of energy transformation estimated at more than $100 billion by 2030 and another $65 billion by 2040.
He said developing countries were having trouble mobilizing sufficient investment for their NDC targets due to limited public resources and challenges in securing private investment.
Ambassador Jadoon said the energy transition will require the mobilization of significantly more concessional finance to mitigate country and project risks, enhance credit quality and improve financing conditions; as well as concrete and innovative mechanisms to help developing countries develop a range of viable infrastructure projects.
China, he says, has been a key partner for developing countries in achieving SDG-7, noting that several energy projects have taken place under the China-Pakistan Economic Corridor, including the Karot Hydropower Project, the Quaid-e-Azam Solar Park, and various wind energy projects.
The Global Energy Interconnection Project, proposed by the Global Energy Interconnection Development and Cooperation Organization, is an innovative initiative that will significantly contribute to the achievement of SDG-7 and a just energy transition.
In his opening speech, UN General Assembly President Dennis Francis called for access to affordable, reliable, sustainable and modern energy for all by 2030 – the core of SDG-7.
Today, he said more than 600 million people live without electricity and more than 2 billion people depend on harmful cooking fuels, but pointed out that gaps in investment in low-carbon energy and energy efficiency by 2030, in line with 1.5 degrees along the way, are estimated at $460 billion. The President called for a dramatic increase in funding and investment for developing countries.
