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Wednesday, February 28, 2024

UAE COP28 designated chair to explore renewable energy investments in Pakistan


ISLAMABAD: Sultan Ali Jaber, Chairman-designate of COP28 and UAE Minister of Industry and Technology, will visit Pakistan on 6 July 2023, with exploring investment opportunities in the renewable energy sector high on the agenda.

The visit is significant as it provides an opportunity to strengthen bilateral relations and promote cooperation between Pakistan and the United Arab Emirates (UAE) in the field of renewable energy.

During the visit, Sultan Ali Jaber, Managing Director and CEO of ADNOC (Abu Dhabi National Oil Company) and Chairman of Masdar (Abu Dhabi Future Energy Company), aimed to discuss potential cooperation and Investment. The Ministry of Energy and the Alternative Energy Development Board (AEDB) were tasked with thoroughly reviewing the draft Memorandum of Understanding (MoU) between Abu Dhabi Future Energy Company MASDAR and Pakistan’s Ministry of Energy (Ministry of Power).

The proposed MoU aims to establish a framework for cooperation and exchange of expertise between the UAE and Pakistan in renewable energy development. It is expected to pave the way for joint projects, technology transfer and investment opportunities in the renewable energy sector, in line with Pakistan’s vision to increase its clean energy capabilities.

Recognizing the time constraints, the Ministry of Energy and AEDB have been urged to expedite the review process and complete all necessary formalities for the signing of the MoU during Sultan Ali Jaber’s visit. The joint efforts of the UAE and Pakistan in renewable energy will not only help Pakistan diversify its energy sources, but also support its commitment to sustainable development and climate change mitigation.

Renewable energy has become a global priority, with countries working to reduce their carbon footprint and transition to cleaner energy sources. Pakistan has huge potential for solar, wind and hydropower resources, presenting attractive investment opportunities in the renewable energy sector. Sultan Ali Jaber’s visit signals the UAE’s strong interest in exploring these opportunities and contributing to Pakistan’s renewable energy goals.

The potential benefits of increased investment in renewable energy are manifold. It will help Pakistan meet its energy challenges, reduce its dependence on fossil fuels, create jobs, and promote a greener, more sustainable future. Furthermore, collaborations with UAE entities such as Masdar bring valuable expertise and technological advancements that can accelerate the growth of Pakistan’s renewable energy sector.

Sultan Ali Jaber’s visit is expected to strengthen the partnership between Pakistan and the UAE with a focus on sustainable energy development. The signing of the memorandum of understanding during his visit will be an important milestone in the cooperation between the two countries and open the door for further cooperation in the field of renewable energy.

With preparations underway for Sultan Ali Jaber’s visit, both Pakistan and the UAE are optimistic about potential outcomes that would benefit not only the energy sectors of both countries, but also global efforts to achieve a cleaner, greener future.


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