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COP29 achieves full operationalisation of Article 6 of Paris Agreement – Unlocks International Carbon Markets

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cop29

November 23, Baku: Today, the COP29 Presidency announced the end of the decade-long wait for the conclusion of negotiations on high integrity carbon markets under Article 6 of the Paris Agreement. This was one of the Presidency’s top priorities for the year and it drove Parties towards this milestone achievement through intensive dual-track technical and political negotiations. This strategy broke through…

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Business fraternity appeals to Army Chief to assume Karachi’s ownership for six months

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Army-Chief-1

Karachi: The concerned Karachi-based businessmen and industrialists have earnestly appealed to the Chief of Army Staff to assume ownership of the provincial capital just for six months to resolve its basic civic issues, as the business fraternity in turn will help Pakistan retire its massive foreign debts.Noted businessman and former chairman of the Association of Builders and Developers, Hanif Gohar,…

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EU Carbon Taxes Threaten Pakistan’s Exports, Experts Advocate for Equitable Energy Transition

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EU-Carbon

KARACHI: Experts have warned that Pakistan’s reliance on fossil fuel-based electricity generation, particularly coal, could jeopardize its exports to European Union (EU) countries as new carbon taxation measures take effect. The warning came during an event co-hosted by the Policy Research Institute for Equitable Development (PRIED) and the Institute for Climate and Sustainable Cities (ICSC), which explored the socio-economic and…

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Refinery Upgrades at Risk as IMF Rejects POL Sales Tax Proposal

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Refinery-Upgrades

ISLAMABAD: The International Monetary Fund (IMF) has rejected the government’s proposal to impose a 1-2% sales tax on petroleum products, including petrol, high-speed diesel (HSD), kerosene oil, and light diesel oil (LDO), instead calling for an 18% sales tax. An 18% sales tax would increase petrol prices by Rs45 per litre, a politically sensitive move the government is hesitant to…

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Thar Block-1 Energy Project Empowers Local Schools with Vital Support

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Thar-coal

THAR: Recognizing the transformative power of education, the Thar Block-1 Integrated Energy Project has launched a school donation campaign to uplift educational standards in one of Pakistan’s most underprivileged regions. The initiative provided crucial support to 17 schools across communities such as Bhave, Wervai, Tilwayo, Shahmir Vikyo, and Kharyo Ghulam Shah, benefiting 1,221 students. Donations included comprehensive educational kits with…

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Moazzam Ilyas Appointed as PQA Chairman

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Moazzam-Ilyas

ISLAMABAD: The federal government has appointed Rear Admiral (Retd) Syed Moazzam Ilyas as the Chairman of the Port Qasim Authority (PQA). Ilyas has been appointed on a three-year contract under the MP-1 Scale, adhering to relevant rules and regulations. In other administrative developments, Khurram Agha, Secretary Interior, has been granted a three-month extension as Secretary Narcotics Control Division, effective from…

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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…

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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…

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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…

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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…

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