Month: March 2021

China is increasing green investment under the Belt and Road Initiative (BRI) as the country has been trying to shift away from fossil fuels and further promote clean energy. Investment in renewable energy including solar, wind and hydro became for the first time the majority of Chinese overseas energy investment last year, with share increased to 57 percent from 38 percent the previous year, according to research from the International Institute of Green Finance (IIGF) at the Central University of Finance and Economics. “Investing in renewable energy has become more affordable…

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LONDON (Bloomberg) –OPEC downgraded the outlook for demand for its crude over the next two quarters, in keeping with the group’s plans to keep a tight rein on supply. The Organization of Petroleum Exporting Countries trimmed estimates for the amount of crude it will need to pump in the second quarter by 690,000 barrels a day, amid a weaker picture for demand and stronger growth in rival supply. “Ongoing lockdown measures, voluntary social distancing and other pandemic-related developments” continue to weigh on economic activity, the group’s Vienna-based research department said…

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ISLAMABAD: The Power Division Thursday informed the Cabinet Committee on Energy (CCoE) that three separate inquiry reports had clearly proved that the incident at Guddu Power Complex was a trigger point that led to breakdown of the entire power system in the country. A meeting of the Cabinet Committee on Energy (CCoE) was held under the Chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar. The Power Division presented the report of the inquiry into the power outage across the country on January 9, 2021. A detailed…

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QUETTA: Special Assistant to the Prime Minister for Climate Change Malik Amin Aslam has said that six cities of Balochistan have been included in the Prime Minister’s Clean Green Pakistan project. Talking to reporters here on Thursday, Mr Aslam said that under the project 10 billion trees were being planted across the country and more than 100,000 volunteers had been registered for the purpose. He said that after the 18th Amendment, the cleaning work and tree plantation was the responsibility of the provincial governments, but the federal government was working…

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ISLAMABAD: After months of resistance by the opposition in a parliamentary committee, the government on Thursday got cleared through majority vote a bill empowering it to impose surcharges on electricity consumers to meet another ‘prior action’ for revival of the International Monetary Fund (IMF) programme. Under the bill, which will now go to the National Assembly for approval, the government has secured powers to impose up to 10 per cent of the average electricity tariff on consumers. At current average tariff, the government can now impose about Rs1.5 per unit…

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