LAHORE-Renewable energy is a cheap source of energy and has changed the approach of big economies from conventional sources of power to more efficient, cheap and nature friendly resources.
These views were expressed by the president of Lahore Chamber of Commerce and Industry Irfan Iqbal Sheikh, senior vice president Ali Hussam Asghar and vice president Mian Zahid Jawaid Ahmed during a meeting with a delegation on renewable energy here on Monday. They said Pakistan is full of resources needed for renewable energy as it can receive about 1KW of solar energy for square meter of its landmass for 6- 7 hours on the average per day.
The office-bearers of LCCI said Pakistan receives 3000-3300 sunshine hours per year on average and provides a great opportunity to the investors to focus on this sector.
They said Punjab province has a vital importance in Pakistan’s economy as it contributes around 55% to the national GDP and accounts for about 68% of electricity demand in the country. Energy is an important component of the investment climate in our province because of its role as an important input in the production process.