Year: 2021

The U.S. Interior Department plans to hold up to seven lease sales for offshore wind as part of efforts to boost the country’s wind power capacity to 30 GW by 2030. “The Interior Department is laying out an ambitious roadmap as we advance the Administration’s plans to confront climate change, create good-paying jobs, and accelerate the nation’s transition to a cleaner energy future,” said Interior Secretary Deb Haaland. “This timetable provides two crucial ingredients for success: increased certainty and transparency. Together, we will meet our clean energy goals while addressing…

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The Ministry of Energy (Petroleum Division) on Wednesday awarded licences to carry out oil and gas exploration activities in Attock district of Punjab province and Loralai district of Balochistan, under its strategy to make the country self-reliant in energy sector. Minister for Energy Hammad Azhar witnessed the Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) awarding ceremony, a Petroleum Division news release said. The ELs and PCAs were be signed by Secretary Petroleum Division Dr Arshad Mahmood, Hammad Azhar said $ 30,000 would be spent to undertake social welfare activities…

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The European Union said Wednesday it would seek an international agreement to ban the exploitation of gas, coal and oil in the Arctic, weeks before a major UN climate conference. The Arctic is thought to be hugely rich in resources, with major players including Russia, Canada and the United States vying for control. But climate warming driven by humanity’s exploitation of fossil fuels is already severely affecting the region, with higher temperatures melting vast areas of ice in recent decades. Dozens of world leaders are due to meet next month…

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A Business Recorder exclusive news report has revealed that the government has agreed to pass on the withheld base tariff increase agreed with the International Monetary Fund (IMF) in the second to the fifth review talks in February 2021 – the major stumbling block in the unsuccessful sixth review talks held in June delaying the release of 750 million SDRs. The written agreement was to pass 1.39 rupees per unit of electricity on to consumers from 1 June 2021 while 1.95 rupees per unit had already been notified during the tenure of…

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The Asian Development Bank (ADB) on Wednesday announced that it was elevating its ambition to deliver climate financing to its developing member countries (DMCs) to $100 billion from 2019–2030. “The battle against climate change will be won or lost in Asia and the Pacific,” said ADB President Masatsugu Asakawa. “The climate crisis is worsening daily, prompting many to call for increased climate finance. We are taking action to meet this call by elevating our ambition to $100 billion in cumulative climate finance from our own resources by 2030.” In 2018,…

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