UAE to invest in renewable energy in Pakistan, MoU signed

Pakistan has signed a memorandum of understanding (MoU) with United Arab Emirates (UAE) in the field of renewable energy.

Under this MoU UAE will invest in the renewable energy sector in Pakistan.Power Division Secretary Rashid Mahmood Langrial and the Undersecretary of the Ministry of Energy and Infrastructure of the UAE, Sharif al Olama, signed on behalf of their respective sides.

While speaking at the ceremony the UAE minister of industry and technology Dr Sultan bin Ahmed Al Jaber said the relations between Pakistan and the UAE were very important.

We are eager to collaborate with Pakistan in the renewable energy industry and use size and finance in expanding renewable energy assets, whether it be in the conventional energy or alternative energy arena.”

Pakistan’s excessive reliance on imported fuels to meet its growing energy needs, burns a hole in the pocket of the national coffers and weighs heavily on the already stressed economy. Pakistan is also one of the most affected countries due to climate change and has been working towards reducing the usage of fossil fuels for electricity generation.