Friday, May 24, 2024

Pakistan and United States Collaborate to Raise Private Sector Investment in Clean Energy

Today, the Government of United States, via the USAID launched the Pakistan Private Sector Energy Project, in partnership with Pakistan’s Government, the United Nations Industrial Development Organization (UNIDO) and local partners, to raise private-sector investment in clean energy.

In order to improve local and national economic growth, the project will fund small and medium-scale energy activities all across Pakistan.

The Pakistan Private Sector Energy project will promote more private investment in the energy sector, focusing on low-cost, renewable energy sources that are crucial for economic growth to expand. In order to access project funding, UNIDO will collaborate with clean-energy project developers and private sector investors.

A main ingredient in Pakistan’s economic growth is renewable, low-cost oil. “It will generate economic growth and create new jobs by harnessing the power of private sector investment,” said USAID Project Director, Julie Koenen.

“This new project, funded by USAID will complement the efforts of the Pakistani government to facilitate a cleaner, cheaper, more climate-friendly and sustainable energy mix for Pakistan,” said Malik Amin Aslam, Minister of Climate Change.

USAID’s long-term collaboration with the Government of Pakistan continues the Pakistan Private Sector Energy project. Since 2010, USAID has partnered with the Government of Pakistan to connect to the national energy grid more than 3,900 megawatts.

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