FPCCI’s presidential candidate, Atif Ikram Sheikh, said on Monday that solar energy can help the country save billions of dollars, but it is not promoted. The policymakers are discouraging solar power in a very systematic way that is not being depressed anywhere in the world, he said. Atif Ikram Sheikh, who has also served as VP FPCCI, Chairman PVMA, and President ICCI, said in a statement issued here today that the current power policy is unsustainable and poorly designed.

He said that almost one hundred billion dollars are spent on cooling during summer, which can be reduced by fifty percent if renewable energy is promoted, but this is unfortunately not the case.

The country needs almost 18 thousand megawatts of additional electricity during summer, which is not used in winter. Still, capacity charges are paid to the power plants, increasing the cost of electricity for the masses and the business community.

Atif Ikram Sheikh said that the operational inefficiency has led to capacity payment obligations surpassing Rs 2 trillion, which compromises the country’s GDP growth. Adopting energy-efficient practices in residential areas can significantly reduce electricity loads for which sustainable practices are needed, he observed.

There is a need to change how buildings are designed and constructed, focusing on environmental sustainability and energy efficiency, which is the only way out, he underlined.

Atif Ikram Sheikh said that Pakistan’s location is a plus point for solar technology as we receive a large amount of daylight, which can produce around 95% of energy. Pakistan has 2.9 million MW of solar power potential, making it a viable source of energy to tap for producing power, he said.

The cost of solar technology has steadily decreased internationally, making renewable energy sources more viable. Pakistan can capitalize on this trend by investing in solar systems and lowering overall electricity production costs, he said.

He said that currently, people are looking for a substitute for electricity as paying for inflated bills is making their survival difficult.

Harnessing solar energy lessens Pakistan’s reliance on imported fossil fuels, which are expensive and volatile on the market. This improves the country’s energy security by minimizing disruptions in the energy supply.