LONDON: Four Cambridge University students have designed an investment model for energy efficiency in Punjab province in collaboration with Punjab Energy Efficiency & Conservation Agency (PEECA).
The researchers belong to Singapore, India, Nigeria, and Pakistan and have a background of policy-framing and implementation regarding the power sector in their original countries.
The research was conducted with input from power distribution companies, energy servicing companies, World Bank, GIZ, and various banks in Pakistan which had pointed out various flaws in policies and bureaucratic delays as barriers to woo investors.
Amjad Hafeez, senior civil servant and energy policy specialist from Pakistan; Dennis Khan, a senior power sector expert from Singapore; Bhavya Anand, a senior power sector executive from India; and Danial Uksonoya from Nigeria have designed this investment model.
The researchers have proposed an investment model, which takes care of all these issues and provides back-to-back guarantees to the investors in the energy efficiency sector of Punjab.
This investment model has its ingredients from both developed and developing worlds and has been customised to fit in the socio-political and economic environment of Pakistan.
The researchers said that Pakistan is a signatory to the Paris Agreement and Sustainable Development 2030 goals set by the UNO. The researchers believe that by adopting this model, Punjab can help achieve Pakistan international commitments and targets.
Dennis Khah and Bhavya Anand are of the view that this research will go a long way in community participation in the energy conservation sector in Pakistan. These four researchers are students of MPhil in engineering for sustainable development in Cambridge University.
Amjad Hafeez told Geo News that it was consultancy project from University of Cambridge Engineering Department as part of academic activity. The researchers were assigned energy efficiency sector of Punjab and tasked to design an investment model, which can attract local and foreign investment into the energy efficiency sector of Punjab, he said.
“Punjab consumes 70 percent of the electricity of Pakistan and energy efficiency in Punjab means significant development in emissions reduction from the overall economy of the country.
This policy document forms the basis of rules and procedures for energy conservation sector and PEECA in Punjab. It will help Pakistan achieve its emissions targets as per international commitments,” he said.
Amjad Hafeez is a civil servant in Pakistan and has a background in the energy sector in Pakistan. He played a crucial role in getting this research finalised and acted as the team lead to devise implementation mechanism for this policy document in Punjab.
This research paper is being published by the Energy Policy Research Group of Cambridge to act as a template of investment attraction in the energy efficiency sector of developing economies.