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Pakistan Unveils Carbon Market Policy to Boost Green Investment

November 21, 2024November 21, 2024 Admin

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…

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

November 21, 2024November 21, 2024 Admin

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…

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

November 21, 2024November 21, 2024 Admin

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…

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

November 21, 2024November 21, 2024 Admin

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…

Pakistan Unveils NEV Policy to Transition 30% Vehicles to Electric by 2030

November 21, 2024November 21, 2024 Admin

ISLAMABAD: The government has launched a New Energy Vehicle (NEV) policy aiming to transition 30% of all new vehicles in Pakistan to electric by 2030. The policy, announced by Industries and Production Minister Rana Tanveer Hussain, includes subsidies, tax breaks, and financing incentives to promote electric vehicles (EVs) and hydrogen-powered transport. Key measures include subsidies of Rs50,000 for electric motorcycles…

Petroleum Production and Exports Surge in First Four Months of FY25

November 21, 2024November 21, 2024 Admin

ISLAMABAD: Pakistan’s petroleum sector witnessed remarkable growth during the first four months of FY25, driven by a 30.98% surge in crude oil imports, resulting in increased production by local refineries and a significant rise in exports. According to preliminary estimates, this growth in production and exports is expected to positively contribute to the country’s economic progress in the ongoing fiscal…

US natgas prices slid 2pc on mild weather and lower demand

November 20, 2024November 20, 2024 Admin

NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts…

Oil steadies as Sverdrup field restart counters geopolitical concerns

November 20, 2024November 20, 2024 Admin

Oil prices climb as market weighs Ukraine war escalation

November 20, 2024November 20, 2024 Admin

LONDON: Oil edged higher on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia outweighed data showing rising U.S. crude stocks. Brent crude futures for January were up 49 cents, or 0.7%, to $73.80 a barrel at 1313 GMT. U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday, were…

Iraq’s fuel oil exports head for record year after Oct volumes jump

November 20, 2024November 20, 2024 Admin

SINGAPORE: Iraq’s fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October as domestic demand eased even as output rose, according to industry sources and ship-tracking data. The boost in exports of the residue fuel will support oil revenues for OPEC’s second-largest producer despite stagnant crude shipments this year due…