Prospects of investment in renewable energy under CPEC are promising: Director Green BRI Centre
According to Dr Christoph Wang, the director of the Green BRI Centre, Pakistan has great potential to attract foreign investment in its renewable energy sector. In Pakistan, Investment under BRI has increased in renewable energy from 19.6% in 2014 to it outshining share of investment in fossil energy during 2020. Energy investment in hydel power projects under CPEC added up to $1.93 Billion of Chinese resources. With non renewable energy project share decreasing to 42% in 2020 from 56% last year, Dr Wang believes that prospects of collaboration between Pakistan and China on developing renewable energy infrastructure in Pakistan is great.
ISLAMABAD – Despite the decline in total BRI investment in 2020 due to the Covid-19, Pakistan has great potential to attract BRI investments in the renewable energy sector.
“In the energy sector investment, renewable energy shows a strong performance. The share of renewable energy in BRI energy investment has increased year by year from 19.6 per cent in 2014, and surpassed the share of fossil energy investment in 2020,” a German scholar Dr. Christoph Nedopil Wang, director of the Green BRI Centre, was quoted by China Economic Net on Monday as having said in an interview.
BRI’s investment in the first half of 2020 covered all areas. Energy investment accounted for 37.6% of the total investment. This is a continuation of the infrastructure investment focus on the “Belt and Road” initiative.
Looking at BRI energy investments, 2020 saw a relative increase of non-fossil fuel related energy investments. While in the first 6 months of 2019 56 percent of energy investments were fossil fuel-related, the share dropped to 42 percent.
The two countries with the highest energy-related investments were Pakistan and Vietnam. Among them, $1.93 billion of China’s energy investment in Pakistan is all hydropower projects, which are invested by Power China.
He said that although Pakistan has a large amount of investment in the renewable energy sector, Pakistan has great potential to attract more investment under the “Belt and Road” initiative.
Wang also suggested that both Pakistan and China should focus on sustainable projects that can bring returns and prepare for a better future, such as renewable energy.