Pakistan imported 17 GW of solar power systems in 2024, double the previous year, making it the world's third-largest solar panel importer. The surge is driven by high electricity tariffs and falling panel prices, according to the Climate Prosperity Plan report from the Ministry of Finance and Ministry of Climate Change. The report sets targets including 60% clean energy by 2030, 95% renewables by 2040, and phasing out 14,000 MW of fossil fuel plants by 2035. The plan also calls for restructuring high-cost power purchase agreements, introducing transparent auctions for new renewable capacity, and investing in grid modernization and storage. Pakistan aims to generate carbon credits equivalent to 200 million tonnes of emissions annually by 2030. The shift toward indigenous solar, wind, hydro, and biomass is intended to reduce fuel imports, ease pressure on foreign exchange reserves, and lower electricity costs while addressing the circular debt crisis in the power sector.
