LCCI President Almas Hyder told media here that renewable energy resources were not in common use due to high cost and lack of awareness amongst the masses.
He added that renewable energy resources should be kept within the reach of people by reducing duties and taxes on the equipment used for this purpose.
Almas Hyder said fossil fuels were not renewable and these were becoming too expensive, non-friendly to environment and would eventually dwindle, while renewable energy resources such as solar and wind would never run out.
"Pakistan relies heavily on fossil fuels to meet its energy requirements and country is spending billions of dollars on oil import every year.
Apart from its very high financial cost, Pakistan has been at strategic risk because it remained heavily dependent even for its vital service," he maintained.
He said, Pakistan was blessed with all kinds of resources that were being used around the world as energy inputs.
He narrated the potentials available in Pakistan in the form of wind, solar, bio-gas and bagasse, and distinctively discussed the options as well as developments with respect to each of them.
Similarly, intelligent financing tools should be worked out because initial cost of installing solar panels, bio-gas plants or other resources was relatively higher for common citizens.
Global successful experience and knowledge of implementing green technologies could be used by Pakistan to develop a sustainable civic and industrial infrastructure and realize rapid economic growth, he suggested.
LCCI President said related government departments should work for utilization of indigenous resources for the development and promotion of industrial sector leading to import substitution and export enhancement.
While, LCCI Senior Vice President Khawaja Shahzad Nasir and Vice President Faheem-ur-Rehman Saigal said the business community was keen on acquiring economical and reliable alternative energy solutions to sustain their operations.
They said a wide range of green technologies were available in the world for power generation, biogas and biofuels production, reducing carbon dioxide emissions and enhancing productivity and production in a sustainable and environment-friendly manner, therefore alternate energy options should be explored on war-footing.
They said a substantial investment and policy support was needed for a successful energy transition to renewable.