Reported by Dunya News
WASHINGTON: On Monday, before the declaration of the coming fiscal year budget policy for significant growth, the World Bank authorized $1 Billion in a dual hoop of supplementary economics for DASU Hydropower Project (DHP) Phase 1.
The authorization appeared when the World Bank Board of Executive Directors visited Washington, where one of the Bretton Woods institutions claimed a statement, that the “financing will support the expansion of hydropower electricity supply, improve access to socioeconomic services for local communities.”
Further, it will enable the Water and Power Development Authority (WAPDA) to construct such strategies to enhance capabilities to equip hydropower projects for the future.
World Bank Country Director for Pakistan, Najy Benhassine claimed in a statement that “Pakistan’s energy sector suffers from multiple challenges to achieving affordable, reliable, and sustainable energy.
Further, he stated, “He described the project site as one of the best in the world and a game changer for Pakistan’s energy sector. With “a very small footprint”, the hydropower project will play a role to ‘greening’ the energy institutions and minimizing the rates of powers.
The most crucial element mentioned by the World Bank regarding Green dynamism, and endurable power are very essential. As relating to reality, Pakistan is one of the countries that are badly influenced by Global Warming, or climate change environment.
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Dasu Town is the headquarters of the Upper Kohistan District in Khyber Pakhtunkhwa, which is 8km far away from the run-of-river project. After finishing of two phases, it could enhance enough capacity to establish 4,320-5,400 MW.
Likely, Rikard Liden is the project manager of this DASU project. It is crucial to convert reliance on fossil fuels and approach a maximum of 60 percent renewable power source by 2031.
“The second additional financing will enhance the expansion of power supply and potentially save Pakistan an approximatley $1.8bn annually by substituting imported fuels, and offset around 5 million tonnes of carbon dioxide. The annual financial return of DHP-I is estimated to be around 28pc.”
