Soaring LNG prices are adversely affecting Pakistan's balance of payments and threatening the nation's post-COVID economic recovery. Pakistan's trade deficit has widened to nearly $12 billion in July-September 2021 quarter, up more than 100% from the same period last year. The nation's heavy reliance on expensive imported energy has been the main cause of prior balance of payments crises that have forced it to seek IMF bailouts more than a dozen times in the last 70 years.
|Global LNG Prices. Source: The Peninsula Qatar|
|Pakistan: World's Fastest Growing LNG Market. Source: Bloomberg|
|Global Commodity Price Increases|
|Pakistan Trade Stats. Source: Topline Securities|
|Pakistan Coal Power Plants Under CPEC. Source:China's Global Power Database|
|All Pakistani Power Plants Under CPEC. Source: China's Global Power Database|
|Pakistan's Malik Amin Aslam with CNN's Becky Anderson|
Malik Amin Aslam, Pakistan Prime Minister Imran Khan's special assistant on climate change, said recently in an interview with CNN that his country is seeking to change its energy mix to favor green. He said Pakistan's 60% renewable energy target would to be based on solar, wind and hydro power projects, and 40% would come from hydrocarbon and nuclear which is also low-carbon. “Nuclear power has to be part of the country’s energy mix for future as a zero energy emission source for clean and green future,” he concluded. Here are the key points Aslam made to Becky Anderson of CNN:
1. Pakistan wants to be a part of the solution even though it accounts for less than 1% of global carbon emissions.
|900 MW Zonergy Solar Park in Bhawalpur, Pakistan|
|1,100 MW Karachi Nuclear Power Plant Unit 2|
|Pakistan Among Top 3 Countries For Newly Installed Hydro|
|Installed Wind Power in Pakistan. Source: Modor Intelligence|
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