ISLAMABAD, Oct 01 (Alliance News):Pakistan has emerged as a significant new market for Chinese photovoltaic (PV) companies, driving its energy transformation.
In the first half of 2024, Pakistan ranked as the second-largest market for Chinese PV module exports after Europe, as reported by the China Photovoltaic Industry Association (CPIA).
The growing demand for renewable energy solutions in Pakistan has sparked a surge in Chinese PV exports. During the first half of 2024, China exported inverters worth RMB 1.714 billion to Pakistan.
In August alone, inverter exports reached 326 million yuan, marking a 429.04% year-on-year increase.
The shift towards photovoltaic energy is a direct response to rising electricity prices in Pakistan. Businesses and households alike are turning to solar power to mitigate costs. Abbas, a Pakistani trader, noted at the Investment and Trade Forum for Cooperation between East and West China, “Electricity prices continue to rise, so people are finding their own solutions.”
As of June 2023, Pakistan’s installed solar power capacity stood at 630 megawatts, representing only 1.4% of its total power capacity. However, the country holds immense potential for solar energy.
According to the World Bank’s Global Solar Atlas, regions like Balochistan experience high levels of solar irradiance, providing favorable conditions for expanding PV systems.
The Pakistani government has committed to increasing the share of renewable energy in its electricity market to 20% by 2025 and 30% by 2030.
The Integrated Generation Capacity Expansion Plan (IGCEP) 2047 by NEPRA projects that Pakistan’s solar power capacity could reach 12.8GW by 2030 and 26.9GW by 2047.
Businesses are seizing the opportunity, with many factories covering rooftops with solar panels. Khawaja Masood Akhtar, CEO of Forward Sports, a major football manufacturer, has already increased solar power in his energy mix to 50% and plans to raise it to 80% by April 2025.
