ISLAMABAD: United Business Group (UBG) has said that enhanced use of coal for power generation can help country save billions of dollars in oil import bill to bridge budget deficit.
Coal can also save Pakistan from shocks of volatile oil market which can rebound anytime while dams can ensure generation of thousands of megawatts of cheap electricity, said Chairman UBG North Zone Abdul Rauf Alam in a statemnet issued here on Sunday.
Our economy will remain in red unless dependence on oil is reduced and reliance on coal is increased as refusal of loans by IMF can create very serious balance of payments crisis halting all activities in country, he said.
Abdul Rauf Alam who is also presidential candidate for FPCCI said that international lenders continued to lend to Greece despite its incapacity to retire loans that resulted in bankruptcy of country which should act as a wakeup call for our policymakers.
He said precious resource of Thar coal is lying unexploited due to want of coordinated efforts, he said, adding that sixth largest deposits could not be put to work so far despite the fact that it can to meet the country’s and neighbouring nations fuel requirements for centuries.
He said the countries having lesser coal than Pakistan have coal ministries which ensure smooth flow of things but here we see federal and provincial departments warring over petty matters to waste time and funds.
He said coal has met nearly half of the rise in global energy demand over the last decade, its use in India continues to rise and by 2025 it will overtake the United States as the world’s second-largest user meaning that it will need to import more coal while Thar coal may be most economical for her. He said Pakistan’s economy’s steady drift towards collapse can be averted if a powerful coal ministry is established.