Year: 2024

COP29 Draft Rejected as Negotiators Struggle to Finalize Climate Finance Deal

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COP-29-2

BAKU: Negotiators at the COP29 UN climate summit are racing against time to secure a breakthrough trillion-dollar deal to assist poorer nations in combating global warming after both developed and developing nations rejected an initial draft proposal. The summit, originally scheduled to conclude on Friday, is expected to extend into overtime as the Azerbaijani hosts scramble to revise the contentious draft. The primary goal of COP29 is to establish a new funding framework to succeed the $100 billion annual pledge by wealthy nations, focusing on emissions reductions and climate adaptation.…

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China Challenges Pakistan’s Energy Claims: Phasing Out Gas and FO Plants Could Save $3 Billion Annually

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furnace-oil

ISLAMABAD: China has disputed Prime Minister Shehbaz Sharif’s assertion that converting imported coal power plants to local coal could save $1.2 billion annually. Instead, Chinese officials have recommended prioritizing the phasing out of gas and furnace oil (FO) power plants, projecting savings of $3 billion per year. These insights were shared during the 3rd Belt and Road Energy Ministerial Conference held in Qingdao on October 23-24, 2024. Pakistan’s Minister for Power, Sardar Awais Ahmad Khan Leghari, represented the country, attending the opening ceremony, a parallel forum, and four bilateral meetings,…

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Cristiano Ronaldo and MrBeast team up for groundbreaking YouTube collaboration

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Cristiano Ronaldo and MrBeast team up

The announcement follows a leaked image on November 17 that hinted at the partnership. Ronaldo shared a preview on his official YouTube channel, revealing the video titled I Meet MrBeast To Break The Internet will premiere on November 21 at 6 AM PT / 9 AM EST. While fans are excited, the collaboration has drawn mixed reactions due to ongoing controversies involving MrBeast, including allegations of workplace misconduct. Despite these challenges, MrBeast remains the platform’s top creator, consistently pulling millions of views within hours of uploads. Ronaldo, a football legend…

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Bitcoin breaks $96,000 for first time on optimism over Trump crypto plans

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bitcoin

Bitcoin’s march toward $100,000 made further ground on Thursday as investors bet a friendlier US regulatory approach to cryptocurrencies under President-elect Donald Trump will unleash a boom era for the asset class. Bitcoin prices topped $96,000 for the first time in Asia trade, touching a high just above $96,898. The cryptocurrency’s price has more than doubled this year and is up about 40 per cent in the two weeks since Trump was voted in as the next US president and a slew of pro-crypto lawmakers were elected to Congress. “While it’s now firmly into overbought territory, it is…

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Nepra: Consumers Lose Rs 60 Billion Benefit Due to NJHPP Shutdown, Kanupp Debt Re-Profiling

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) revealed that a projected financial benefit of Rs 60 billion could not be passed on to consumers of Discos and K-Electric (KE) during the first quarter of FY 2024-25. The shortfall stemmed from the closure of the 969 MW Neelum Jhelum Hydropower Project (NJHPP) and debt re-profiling of the Karachi Nuclear Power Plant-2 (Kanupp), both of which hindered the availability of cost-effective electricity. During a public hearing on quarterly tariff adjustment (QTA) for the period, Nepra officials highlighted that the under-recovery of…

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CASA-1000 Power Transmission System: Key Stakeholders Convene in Turkiye

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power-subsidy

ISLAMABAD: The Joint Working Group (JWG) on CASA-1000 is meeting representatives from the World Bank, international financial institutions (IFIs), and donors on November 21-22, 2024, in Istanbul, Turkiye. The discussions aim to address critical issues hindering the completion of the CASA-1000 power transmission system, sources informed Business Recorder. Project OverviewInitiated in 2006 and formalized through agreements in 2008, CASA-1000 facilitates the transportation of surplus electricity from Kyrgyzstan and Tajikistan to Afghanistan and Pakistan during May-September. The system also includes bi-directional capabilities for energy transmission from Pakistan to Central Asian Republics…

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Pakistan Unveils Carbon Market Policy to Boost Green Investment

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Climate-Change

KARACHI: Pakistan has introduced a groundbreaking framework to operationalize carbon markets, emphasizing its commitment to global climate goals and sustainable development. The newly finalized Carbon Market Policy was launched during the high-profile event ‘Launch of Pakistan’s Carbon Market Policy & Panel on Coordinated Access to Net Zero Development Financing Through Paris-Aligned Carbon Markets’ at COP29 in Baku. Cabinet approval is anticipated next month. The policy provides a regulatory framework to attract green investments and accelerate Pakistan’s shift to a low-carbon economy. Coordinator to the Prime Minister on Climate Change, Romina…

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Power Sector Recovery: Discos Cut Losses by Rs69 Billion in Q1 FY25

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Chinese-power

ISLAMABAD: Pakistan’s state-run Power Distribution Companies (Discos) have achieved notable progress in the first quarter (July-September) of fiscal year 2024-25, slashing losses by Rs69 billion and boosting bill recovery rates to 91%, up from 84% in the same period last year. The Power Division reported that the growth of circular debt slowed significantly, rising by just Rs11 billion between July and October, compared to a staggering Rs301 billion increase during the same period last year. These improvements reflect enhanced financial management and operational efficiency within the energy sector. In fiscal…

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Roof Solar Panel Tariff May Drop to Rs7.5-11 Per Unit Under Net Metering Reforms

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Solar-Power

ISLAMABAD: The government is considering reducing the buyback tariff for electricity generated by rooftop solar panels to Rs7.5-11 per unit, down from the current rate of over Rs21 per unit. This adjustment, prompted by a significant decline in solar panel prices, aims to align with the evolving energy landscape. Under the proposed changes, six units of rooftop solar electricity would be equivalent to one unit of grid electricity, compared to the current two-to-one ratio. Solar consumers would also face higher night-time grid electricity costs, rising to Rs60 per unit from…

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Nepra Projects Rs1.6 Drop in Average Power Tariff Amid Sector Challenges

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NEPRA-Office

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has forecasted a Rs1.6 per unit reduction in the national average power tariff for the upcoming months due to quarterly adjustments. This decrease comes as the Rs1.74 per unit quarterly adjustment (QTA) from the March-July period expires. During a public hearing led by Nepra Chairman Waseem Mukhtar, officials clarified that Discos (power distribution companies) had initially sought an additional Rs6.4 billion QTA, translating to an increase of 36 paisa per unit. However, Nepra’s calculations, corroborated by the Central Power Purchasing Agency (CPPA),…

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