The World Economic Forum in its report revealed that Pakistan has become the third-largest importer of Chinese solar panels, due to the rising electricity prices and increasing shift towards renewable energy.
Pakistan’s transition to solar energy is accelerating rapidly, with minimal political intervention but significant market dynamics and external pressures driving the shift.
As per WEF report, Pakistan has now become the world’s sixth-largest solar market and the third-largest buyer of Chinese-made solar panels, with imports surging to 13 gigawatts (GW) in the first half of 2024.
This figure is expected to rise to 22GW by the end of the year, signaling a monumental shift toward solar power.
The surge in solar adoption is primarily fueled by rising electricity tariffs, which have increased by 155 percent over the past three years.
As electricity prices skyrocket, consumers, industries, and businesses are increasingly turning to solar power as a more cost-effective and reliable energy source.
The overproduction of solar panels by China has also contributed to lower prices, making solar energy more accessible to countries like Pakistan.
However, the rapid growth of solar power adoption presents challenges.
Source: The Express Tribune
