CPEC 2.0: Transforming Challenges into Green Opportunities |
CPEC has always been seen as a major opportunity for Pakistan, offering a path to economic prosperity through infrastructure development, energy solutions and industrial growth.
However, its journey has been far from smooth and while some progress has been made, the expectations from its early promises have yet to be fully realized. The hope, however, lies in the second phase of the project, often referred to as CPEC 2.0, which aims to build on the lessons learned from the first phase and address the challenges that have slowed down its success.
The first phase of CPEC was undeniably ambitious. The project aimed to connect Pakistan to global markets, enhance energy security and provide long-term infrastructure benefits. However, CPEC 2.0 represents a critical pivot, a move away from just building infrastructure to driving industrial growth, technology transfer and export-led development. This shift is significant because it aligns with Pakistan’s economic needs in the current global context. CPEC 2.0 promises a more holistic, sustainable approach, incorporating green energy, renewable technologies and job creation, ultimately aiming to make Pakistan less reliant on external factors like imports and energy imports.
In the past, the project was criticized for placing a heavy debt burden on Pakistan, leading to concerns about the country’s ability to manage the loans taken for infrastructure development. This financial strain was compounded by delays in several key projects that were supposed to transform the country’s economy. Some of the Special Economic Zones (SEZs), a critical part of the CPEC vision, have either been underdeveloped or stuck in the planning phase for too long,........