$16b fossil fuel import bill strains reserves

According to The Express Tribune, Sheikh Muhammad Tehseen, president of the Federal B Area Association of Trade and Industry, believes heavy reliance on imported fuel is placing considerable strain on the country's foreign exchange reserves. He called for swift investment in renewable energy to address that strain.

Tehseen said oil imports rose 5.76% on an annual basis, while outlays on fossil fuel purchases from abroad exceeded $16 billion. Fossil fuels make up 24.2% of total imports, and he warned that the expanding bill for imports threatens economic stability.

Pakistan has targeted a 50% cut in carbon emissions by 2035, which Tehseen said requires the country to speed up its move to cleaner energy. He added that solar, wind and hydropower have become an economic necessity rather than just alternatives.