Risk Assessment of Sustainable Renewable Energy Resources on CPEC Route

Abstract

China and Pakistan have collaborated to start the project China Pakistan Economic Corridor (CPEC). Major part of this project is the formation of different special economic zones (SEZs) to boost industrial growth. Additional energy plants would be required once these zones are set up. As the world is shifting its trend towards renewable energy, therefore major focus will be on risks related to renewable energy. Literature was studied, different risk factors were identified and risk solutions/measures were also identified. In the second phase, three renewable energy technologies. The main method used for research was Multi Criteria Decision Making (MCDM) through the Analytic Hierarchy Process (AHP) tool. Expert Choice software was used based on AHP structural concept. Pairwise questionnaire was formed while data were collected through three groups consisting of government officials, company representatives and officials and end users. The high risks were identified as a result according to each group and the risk solutions. The results provided priority of risks which were most important according to each group. The solutions were also ranked as identified by each group. The results obtained from second phase indicated which renewable technology was most affected by each of risk factor. This risk assessment can provide overview to government and investors about different risks. The evaluation of results and taking necessary steps can reduce these risks and provide better business and working conditions for this industry.

Keywords

• risk assessment
• renewable energy
• multi criteria decision making
• analytic hierarchy process