ISLAMABAD, Nov 11: A two day consultative stakeholder’s workshop on “development of medium-term renewable energy policy for Pakistan” concluded here on Tuesday with a commitment that the policy would reflect the aspirations and needs of the people of Pakistan.

The Chief Executive Officer AEDB, Mr. Arif Alauddin speaking on the occasion appreciated the useful and productive contribution of the participants representing various segments of stakeholders including public and private sectors, international agencies, etc. The CEO, especially appreciated Mr. Rune Stroem, Country Director Pakistan of the Asian Development Bank for the bank’s extensive support to developing Pakistan’s energy sector, both in terms of its expansion as well as streamlining its management and operations along cost effective lines.

In this respect, a $510 million multi-tranche financing the ADB has made available to Pakistan exclusively for renewable energy projects, under which hydro schemes in the NWFP and the Northern Areas are underway.

He said the medium-term renewable energy policy development process was a very important step in establishing a workable and attractive framework for future investments in this important source of clean energy, which can also benefit from carbon credits under the clean Development Mechanism (CDM) that Asian Development Bank can help facilitate.

He expressed the hope that the mid-term policy, which would address all the problems facing the stakeholders in promotion of Renewable Energy in Pakistan, would be finalized soon.

The CEO said the AEDB with the permission of the government would initiate such projects in collaboration with public sector organizations to rationalize the cost of alternative energy projects. He believed that by adopting this strategy the initial cost of alternative projects would further come down.

Mr Arif Alauddin assured the participants that their suggestions would be given due weightage while finalizing the policy. He said that another consultative meeting would be held soon with all the stakeholders before the policy draft is submitted to the Government of Pakistan for its approval.