The Asian Development Bank (ADB) has announced the grant of $300,000 to Pakistan to undertake pre-feasibility study for early retirement of coal and fossil fuel plants under the Energy Transition Mechanism, a news outlet reported on Friday.
According to the report, the bank announced the funds for Pakistan at COP26 summit in Glasgow.
“We have a clear climate direction now. By 2030 we aim to shift to 60 percent renewable energy and 30 percent electric vehicles and completely ban imported coal. We are opting for nature-based solutions with our Recharge Pakistan, Protected Areas Initiative, and 10 Billion Tree Tsunami Programme. It’s a nature positive pathway,” explained Special Assistant to Prime Minister on Climate Change Malik Amin Aslam.
The bank is providing such assistance to four Asian countries namely Pakistan, Vietnam, Indonesia and the Philippines.
The bank has also assisted the government in the development of the Alternative and Renewable Energy Policy 2021, which reinforced the government’s commitment to achieve a renewable energy capacity of 30 percent by 2030.
