ISLAMABAD, June 13: The chairman of Alternate Energy Development Board (AEDB), Air Marshal (retired) Shahid Hamid, has called for setting up a 'World Renewable Energy Development Bank' (WREDB) to encourage the developing world to invest and employ more resources towards finding alternative sources of energy.

Talking to Dawn after his return from Bonn where he was heading a Pakistani delegation at the international conference for renewable energy, Air Marshal (retired) Hamid emphasized that the proposed bank should be located in a developed country and be responsible for financing renewable energy projects.

He proposed creation of International Renewable Energy Agency (IREA) on the lines of the International Atomic Energy Agency (IAEA). He said Pakistan had set an ambitious target of achieving 10 per cent of the total electricity demand through renewable energy by the year 2015. He encouraged investors from developed countries to invest in Pakistan in renewable energy technologies.

"There are huge potential markets available and it is also a priority area of the government of Pakistan," he said. Air Marshal (retired) Hamid said the recent Bonn conference on renewable energy, which was participated by delegations from 154 countries, was a major success.

He said during the recent conference in Bonn, the private sector from Germany, China, India and Canada expressed willingness to invest in wind energy projects in Pakistan.

The AEDB chairman claimed that there was immense potential available in the country and the fact was a big attraction for the private sector to come to Pakistan. He said China had already provided two wind turbines of 750kw each which were being installed at Pak Steel and KANUP in Karachi respectively.

"We are also bidding for a 100mw power supply project for Karachi very shortly," he said. He pointed out that Pakistan had a vast area measuring 70 to 80km in width from Gharo to Ketybandar and 165km in depth up to Hyderabad.

"In addition we have a vast coastal line of 1,048km till Gwadar which offers huge potential for wind energy while similar wind tunnels are also available at certain spots in our Northern Areas which we can exploit for best benefit of the country," he said.