Power and Energy Minister Iqbal Hassan Mahmood on Sunday said the government is prioritising private investment to achieve a target of 10,000 megawatts (MW) of solar power production by 2030.
Addressing a general discussion on the proposed budget for 2026-27 fiscal year on Sunday, Mahmood said new gas exploration activities, both onshore and offshore, are being accelerated to resolve the long-standing gas crisis.
Addressing Parliament, he expressed hope that the international tender process for these activities would be completed by November this year.
To facilitate the rapid expansion of the renewable energy sector, the government has provided duty exemptions on equipment and batteries used in the solar power sector, as well as tax holiday facilities until 2031.
According to the minister, these measures are expected to boost both domestic and foreign investment. In addition to solar power, the government is also encouraging investment in electricity generation from wind and waste.
However, Mahmood noted that while the use of renewable energy is increasing, gas and oil-based power plants must be maintained as standby capacity to ensure an uninterrupted electricity supply.
He explained that this is necessary because solar power cannot be obtained consistently due to weather and seasonal changes.
