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LAHORE: China large-scale development of solar power, coupled with continuous innovation and a complete industrial chain, is driving down production costs and making new energy products more affordable worldwide, stated by Moazzam Ghurki, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) during a think tank session held on Wednesday at PCJCCI Secretariat.

President PCJCCI said that this shift benefits the global community, whose current solar capacity still falls short of quantities needed to achieve decarbonization goals. Developing nations in particular require more advanced solar capacity to make electricity more accessible and cost-effective for both households and businesses. Pakistan has a potential of 40GW of solar power and has set a target of achieving 20% of its electricity from renewable sources by 2025.

Fang Yulong, Senior Vice President PCJCCI said that the advancement of China solar industry plays a pivotal role in ensuring a stable supply of solar products to address climate change worldwide, making solar power one of the most economical power sources for the vast majority of countries and regions globally. He added that current solar capacity of China still falls short of global market demand, particularly given the substantial demand for power in numerous developing nations. In recent years, Pakistan has witnessed substantial investments in solar power projects, both domestic and foreign.

Hamza Khalid, Vice President PCJCCI added that China abundant resources, innovative technology and extensive global relationships could make significant contributions. We look forward to more fruitful collaborations with Chinese authorities and companies in addressing challenges linked to displacements arising from climate change.

China scaled development, supply chain construction and technological iteration in the global PV industry have led to rapid cost reductions, allowing more countries especially developing ones to enjoy affordable electricity, promoting local economic development and bridging disparities among regions.

Salahuddin Hanif, Secretary General PCJCCI said that despite its vast potential for solar energy, Pakistan has only scratched the surface of its capabilities. The country is blessed with abundant sunshine, making it an ideal location for solar power generation.

Pakistan government, recognizing the importance of renewable energy, has introduced favourable policies and incentives to promote solar energy development.

The China-Pakistan Economic Corridor (CPEC) has also played a crucial role in fostering solar energy cooperation between the two countries.

Copyright Business Recorder, 2024

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