Energy Saving News
Pakistan receives bank loan for energy-saving initiatives
The Asian Development Bank (ADB) has confirmed that Pakistan will receive funds totalling $780 million (£481 million) to finance energy-saving projects.
As part of the ADB's $1.18 billion Energy Efficiency Investment Program, Pakistan will aim to establish energy security and low-carbon growth in a country that regularly suffers major power outages due to the gap between energy supply and demand.
The country's government has a ten-year investment plan for energy efficiency which is estimated at $3.8 billion.
"Energy efficiency saves money and is the quickest and most climate-friendly way of bridging the energy gap and securing energy supplies," said ADB energy specialist Bayanjargal Byambasaikhan.
"The mainstreaming of energy efficiency into policy and planning marks a radical change for Pakistan and creates a major opportunity for new clean energy investments," he added.
Initial estimates show that Pakistan will cut greenhouse gas emissions by 30 per cent under the ten-year programme, while saving approximately $4 billion.
Lengthy power cuts have become a frequent occurrence in Pakistan because the country's production capacity falls short of demand by approximately 4,000 megawatts.
Monday 21st September 2009
