BAKU: COP29 has been marked by contentious negotiations as developed and developing nations clash over the New Collective Quantified Goal for climate finance. Progress remains slow, with only limited advances in carbon market standards under Article 6.4 of the Paris Agreement. Disputes over the rushed adoption of these guidelines highlight lingering disagreements on carbon credits, deemed by activists as “false…
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Power Users to Receive Refund for Fourth Consecutive Month
Islamabad: Public sector power companies have proposed a Rs1.016 per unit negative Fuel Cost Adjustment (FCA) in electricity bills, potentially refunding Rs10 billion to consumers overcharged in October 2024. If approved, this will mark the fourth consecutive month of negative FCA, enabled by significant fuel cost savings and a 20% base tariff hike implemented for the fiscal year 2024-2025. The…
Read MorePakistan’s solar & EV sectors open up with unique perks for China
BEIJING, Nov 15 (APP):Pakistan is set to attract Chinese investors with exclusive incentives in the booming solar and electric vehicle (EV) sectors, said Pakistan’s Trade and Investment Counsellor to China Ghulam Qadir. Addressing the 4th Beijing International Engineering Procurement Conference & Exposition for Engineering Construction Supply Chain (EPC Expo), focused on sustainable trade between China and Pakistan, Ghulam Qadir emphasized…
Read MoreOil prices on track for weekly loss as Chinese demand wanes
HOUSTON: Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve’s interest rate cut path. Brent crude futures dropped 71 cents, or 0.98%, to $71.85 a barrel by 10:32 a.m. EDT. U.S. West Texas Intermediate crude futures were down 72 cents, or 1.05%,…
Read Moreamfori Asia Sustainability Summit 2024: Asia’s Role in Shaping Responsible Supply Chains for a Sustainable Future
HONG KONG SAR – amfori, a global leader in sustainable trade, successfully concluded its flagship event, the “amfori Asia Sustainability Summit 2024,” at Hotel ICON in Hong Kong SAR, China. The summit gathered over a hundred stakeholders from Asia and Europe, including policymakers, business leaders, and sustainability advocates, to explore Asia’s pivotal role in global trade resilience and sustainability. Under…
Read MoreMajor Development Banks Pledge $120 Billion for Climate Finance by 2030 at COP29
BAKU — The COP29 summit received a promising early boost as major development banks, including the World Bank, pledged to increase climate finance to $120 billion by 2030. This commitment represents a 60% rise from 2023 funding levels, aimed at supporting developing and middle-income countries grappling with the impacts of global warming. “This is a positive step,” noted Irish Climate…
Read More13th November, 2024
Karachi: Qurrat Ul Ain, Acting President, FPCCI, has demanded that – while the apex body appreciates the announcement of winter package – the relief in the electricity tariff announced under it should be made available to small & medium enterprises (SMEs) as well through withdrawing the condition of 100,000 units consumption in the corresponding period of last year; and, resultantly,…
Read MoreCM Sindh & , fed maritime minister vows to address , tackling sea pollution, revive Keti Bandar port project
KARACHI (Nov 13): Sindh Chief Minister Syed Murad Ali Shah and Federal Minister for Maritime Qaiser Shaikh, during their meeting, discussed addressing fishermen’s issues, tackling sea pollution and plans to develop Keti Bandar as a new port. The meeting was held at CM House and was attended by Secretary to CM Raheem Shaikh and Chairman Port Qasim Rear Admiral Nasir…
Read MoreDebt-Based Climate Financing Must End, PM Shehbaz Stresses at COP29
At the COP29 World Leaders Climate Action Summit in Baku, Azerbaijan, Prime Minister Shehbaz Sharif called for a global overhaul in climate financing, urging that debt-based funding should no longer be the norm. Addressing the Climate Finance Round Table Conference, organized by Pakistan, PM Shehbaz highlighted the need for innovative, debt-free financing solutions to support developing countries in combating climate…
Read MoreSaudi crude oil supply to China to fall in December on weak demand
SINGAPORE: Saudi Arabia’s crude oil supply to China is set to fall to about 36.5 million barrels in December, trade sources said on Monday, on weak demand from the world’s largest importer. This is a second straight month of decline and the lowest volume since July, down from about 37.5 million barrels that Chinese refiners are expected to receive in…
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