The 26th iteration of the Conference of Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) was held over the past two weeks in Glasgow. The primary purpose of the conference was to take stock of global commitments in light of the Paris Agreement (2015), which calls for restricting global temperature rise to 2 degree Celsius with the enhanced…
Read More
The Glasgow Climate Pact, as it is being called, calls upon countries to accelerate the transition towards low emission energy systems including by rapidly scaling up deployment of clean power generation and including efforts to phase down coal power and inefficient fossil fuel subsidies. India pushed through a last minute intervention during the final plenary to weaken the language on coal…
Read More
The Glasgow Climate Pact is the first ever climate deal to explicitly plan to reduce coal, the worst fossil fuel for greenhouse gases.The deal also presses for more urgent emission cuts and promises more money for developing countries – to help them adapt to climate impacts. But the pledges don’t go far enough to limit temperature rise to 1.5C. A…
Read More
Pakistan has asked China to direct its Export & Credit Insurance Corporation Sinosure to resolve the pending issues pertaining to ML-I and six energy projects. “We have written two separate letters to National Development and Reform Commission (NDRC) for resolution of issues hampering the financial close of six energy projects and the term sheet for ML-I project,” Khalid Mansoor Special…
Read More
Two major multilateral institutions –– the World Bank and the Asian Development Bank – are exploring avenues to sell more loans to Pakistan and their senior level delegations had back-to-back meetings with various cabinet members on Tuesday. As part of these interactions, the ADB has formally offered $700 million worth of another loan for Covid-19 vaccination on top of an…
Read More
The Ministry of Energy has moved a summary to the Federal Cabinet for ending subsidised gas rates for industries, including captive power plants, which would likely increase the prices, Topline Securities reported in a research on Tuesday. Any increase in subsidised re-gasified liquefied natural gas (RLNG) price would significantly impact the Punjab-based textile players such as Nishat Mills Limited (NML)…
Read More
Pakistan Boulevard’ was inaugurated in Izmir by Mayor Tunç Soyer today. Ambassador of Pakistan in Turkey Syrus Sajjad Qazi, Honorary Consul General of Pakistan in Izmir Cahit Yasar Eren, Mr. Selami Poyraz, President of the Chamber of Commerce Assembly, and Mr. Mahmut Ozgener, President of the Board of Izmir Chamber of Commerce also participated in the inauguration ceremony. Pakistan Boulevard…
Read More
Nearly a dozen Senate Democrats called on President Joe Biden on Monday to fight high gas prices by considering a release of barrels from the nation’s emergency oil stockpile, or even taking the more extreme step of banning oil exports. In the letter, Senators Elizabeth Warren, Sherrod Brown, Jack Reed and others warned that the seven-year high in gas prices…
Read More
China ramped up its daily coal production to a new high of 11.93 million tonnes as part of the ongoing efforts to resolve the energy crisis in the country, the National Development and Reform Commission (NDRC) of China said on Monday. “Since October this year, coal mining has continued to grow. From November 1-5, the average daily coal production reached…
Read More
Intended deals at the 4th China International Import Expo (CIIE) on energy products will increase by 22 percent from last year’s event, while intended deals for liquefied natural gas (LNG) will double, according to a senior Chinese official. Ren Hongbin, vice chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), called on state-owned enterprises (SOEs) to take the initiative…
Read More
