Developing countries should have level playing field for economic recovery: Ahsan Iqbal

NEW YORK, July 15 (SABAH): Federal Minister for Planning,  Development and Special Initiatives Ahsan Iqbal Chaudhry on Friday said that developing countries should have level playing field for economic recovery.

Speaking at an event of the United Nations on Sustainable Development Goals in New York, Ahsan Iqbal said that the world is facing three major crises at the same time, which include corona, climate change and war conflict. “The current crisis has hit Pakistan the hardest,” he added.

Ahsan Iqbal further pointed out that poverty in the world is on the rise again and therefore loans should be given to the developing countries to save them from economic crisis. He called for equitable access to natural gas and a financing mechanism to offset the high energy prices for the most severely affected countries.

The minister said that there is a need to accelerate the momentum in the construction of renewable energy projects. He said that Pakistan’s policy is driven by three objectives: universal access to energy; doubling the share of renewable energy; and doubling the rate of energy efficiency and conservation.

Ahsan Iqbal said that their aim is that by 2030, 60 percent of our energy will be clean and renewable energy. He said that Pakistan’s solar and wind power potential is over 40,000 MW.

He said today, in fact, many countries, especially developing countries, are facing an energy emergency. The minister said that climate coalitions” have been created to provide finance to several emerging economies to induce them away from coal-fired plants.

He said such incentives have not yet been offered to those developing countries which have refrained from utilizing their coal resources.