BEIJING: Pakistan has great potential to attract investment being extended under the framework of Belt and Road Initiative (BRI) for the development of its renewable energy sector.
This was stated by a German scholar and Director of the Green BRI Centre Dr. Christoph Nedopil Wang. In August, Pakistan set in motion a plan to boost the share of its electric power that comes from renewables to 30% by 2030, up from about 4% today.
He 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.
According to Dr. Wang China as a global leader in green finance and renewable development wants BRI to be green. Meanwhile, China has expanded the investment to the member countries in renewable energy sector.
China has an outsize impact on development financing for coal. From 2000-2019, its two global policy banks China Development Bank and the Export-Import Bank of China issued loans totalling US$51.8 billion for coal energy projects around the world, according to the Global Development Policy Centre at Boston University.