Thursday 11 July 2024
United Nations (Urdu Point News Latest - APP. July 11, 2024) Pakistan has emphasized the importance of accelerating progress towards the sustainable energy goals of promoting environmentally friendly energy, focusing on the adoption of environmentally friendly energy. has been done Pakistan's Deputy Permanent Representative to the United Nations, Usman Jadoon, in his remarks at a session organized by China and partners on Global Energy Interconnectivity and Transition for SDGs (Sustainable Development Goals) pointed out that the scale of investment in sustainable infrastructure challenges. is not in line with those facing the international community.
He said that the need for energy transfer was discussed at the United Nations Environment Conference in the United Arab Emirates.
It was also recognized in 28 in which we agreed to pursue “only energy transfer”. Referring to the $2.5 trillion annual funding gap in infrastructure with two-thirds needed in developing countries, the Pakistani delegate said financing needs for environmentally friendly energy were estimated at $4.3 trillion per year by 2030, which By 2050, it will increase to 5 trillion US dollars annually.
He said that international public financial flows to developing countries in support of environment-friendly energy are decreasing from 2020. The Pakistani delegate said that in 2022, especially in developed countries or countries with large emerging economies. Investment in renewable energy reached only $0.5 trillion. He said that most developing countries have set energy transition targets in their Nationally Determined Contributions (NDCs).
He said that Pakistan's goal in this regard is to achieve 60 percent renewable energy by 2030, energy transition is estimated to cost $100 billion by 2030 and an additional $65 billion by 2040. He said developing countries struggle to mobilize sufficient investment for their NDCs targets due to limited public resources and challenges in securing private investment.
Osman Jadoun said mitigation for energy transition would help developing countries to reduce country and project risks, improve credit quality and improve financing conditions, and develop a pipeline of viable infrastructure projects. A robust and innovative approach will therefore require the mobilization of significantly larger amounts of concessional financial support.
He highlighted that China is a key partner of developing countries in achieving the 7th goal of the Sustainable Development Goals on environmentally friendly energy, and launched several energy projects under the China Pakistan Economic Corridor (CPEC). These include Croat Hydropower Project, Quaid-e-Azam Solar Park and various wind power projects. The Global Energy Interconnection Project, proposed by the Organization for Global Energy Interconnection Development and Cooperation, represents an innovative initiative to achieve Sustainable Development Goal 7 (SDGs 7) and equitable energy transition. Will contribute significantly.
