With the goal of enhancing energy availability and security as well as reducing climate change, renewable energy technologies, particularly solar, have experienced significant expansion in recent years. A third of the electricity produced in nations like Germany is now powered by solar energy, having long since hopped on the solar energy bandwagon. Interestingly, Pakistan is an ideal option for the production of solar electricity given the high levels of sun irradiation we get. Nevertheless, despite having a capacity of 2.9 million Megawatts, solar energy in Pakistan only makes up a measly 1% of the country's total energy production.
Investments in solar technology may boost access to energy, foster job growth, raise incomes, balance trade, and advance industry. Solar power has incredible socioeconomic benefits, and with the right macroeconomic policies, its influence may be further increased.
Creating Jobs
Pakistan's investment in solar energy systems would not only help to power the future but will also help to "create jobs" in the manufacturing, operations, and maintenance industries. The labour market for renewable energy is anticipated by the International Renewable Energy Agency (IRENA) to rise by 24 million jobs by 2030.
Market Balance
Solar energy system investments may be incredibly energising for our economy and commerce in a growing nation like Pakistan. With a need for 23 million tonnes of fuel annually, which is predicted to increase to 27 million tonnes by 2020, Pakistan's economy is now very dependent on a steady supply of imported fuels. We can enhance our trade balance and GDP by ultimately lowering the amount of gasoline we import since we won't be burning through a large portion of our foreign exchange reserves. Furthermore, by promoting local and international investments that will enable manufacturing and strengthen our services sector, we can benefit from the "green economy."
Industrial Progress
Pakistan's industries are in a debilitating position as a result of the energy crisis. Long load shedding periods and power outages that last more than 12 hours have significantly reduced productivity. Additionally, using diesel generators and other energy sources adds another expense that must be paid. As a result, Pakistan may easily overcome its current energy problem and actively contribute to the growth and development of its industrial sector by adopting solar.
Human Rights
Solar energy can be found everywhere since it is dispersed energy. This is especially advantageous for Pakistan since solar energy may be produced in places with little to no electricity and is simple to scale up. The International Renewable Energy Agency (IRENA) estimates that just 50 percent of Pakistan's rural residents have access to power. Therefore, supplying these settlements with solar power systems can quickly improve their quality of life.
Changing Climate
Last but not least, our current reliance on power plants powered by fossil fuels puts us in jeopardy. Among the environmental and climate problems we are now dealing with are carbon emissions, floods, droughts, and heat waves. Pakistan is rated seventh in the world on the Long-Term Climate Risk-Index (CRI), with 523.1 deaths annually caused by extreme weather events.
There is no arguing that switching to solar power has significant environmental advantages, but in Pakistan, it is likely economic transformation rather than those advantages that will make solar so profitable. An economic growth and development catalyst might be the solar energy system. We can quickly resolve our current energy problems and go on the path to a dependable and sustainable energy infrastructure.
To fight the energy problem, Pakistan must make the most of its perfect meteorological and geographic circumstances, as well as other alternatives available. By developing a good system for transforming solar energy into a usable source of energy, Pakistan may likewise gain greatly from the utilisation of solar energy systems.
Therefore, if you think technology has reached its full potential, you still haven't seen any new discoveries or advancements in the solar industry.
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