Karachi: (RightNow) Sheikh Tahseen, President of the Federal B Area Association of Trade and Industry, states that increasing reliance on imported fuel is straining Pakistan’s foreign exchange reserves. He emphasizes the need for investment in renewable energy.

Sheikh Tahseen reports a 5.76% annual increase in oil imports. Over $16 billion has been spent on fossil fuel imports, accounting for 24.2% of the country’s total imports.

He mentions Pakistan’s target to reduce carbon emissions by 50% by 2035. Solar, wind, and hydropower are now essential for the economy, not just alternatives.

He further adds that energy transition is now an economic issue, not just environmental. Local and affordable energy is crucial for industrial competitiveness and economic stability.

It is noteworthy that Pakistan’s energy needs are rising, and reliance on imports is pressuring the economy. Investment in renewable sources is a necessity.