Day: October 29, 2021

Governments currently plan to allocate an estimated US$470 billion for clean energy investment between now and 2030, up by 20 percent compared to plans in July, the International Energy Agency (IEA) said on Thursday, but noted that despite the increase, recovery is uneven and clean energy investment is not enough to prevent emissions growth. Between July and October, governments have made 40 new funding announcements and added spending figures and details to 140 previously announced spending programs, the IEA’s Sustainable Recovery Tracker showed. Government spending increased significantly in energy efficiency,…

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U.S. coal miners are enjoying the surge in demand for the fossil fuel, with almost all of their production through the end of next year—and some into 2023 even—already sold, according to a Bloomberg report. Prices are higher, too. According to the report, Arch Resources, the second-largest coal miner in the United States, has sold its 2022 output at prices 20 percent above current spot market rates. This suggests that this year’s surge in coal demand may not be just a short-lived hiccup in the energy transition. Share prices of…

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Oil prices are on course to post their first weekly loss in two months, with both coal and natural gas prices falling as well. Whether this marks the end of the recent crazed rally in energy prices remains to be seen, but there are certainly more bearish factors on the horizon. For a deeper dive into exactly what is going on in energy markets at the moment, sign up for a risk-free trial of our premium service Global Energy Alert. From geopolitical intelligence to trading tips and technical analysis, it’s…

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While lowering down Pakistan’s GDP growth projection to 3.4 percent and keeping inflation at 9 percent for the current fiscal year, the World Bank has highlighted four major risks for Islamabad’s economy, including external pressures and increasing exposure to debt-related shocks. This was highlighted in the World Bank’s ‘Pakistan Development Update: Reviving Exports’, launched here at the WB office here on Thursday. Pakistan has envisaged a GDP growth rate target of 4.8 percent for the current fiscal year. Interestingly, the WB has again projected a GDP growth rate of 3.5…

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Demand of high-speed diesel has increased by 26 percent whilst petrol consumption has risen by 14 percent during first quarter of FY(22). Similarly, electricity consumption has risen by 13 percent during this calendar year. All signs of robust economic growth that may be even higher than last year’s,” said Hamad Azhar Minister of Energy said in a tweet. This is a direct result of the concessional energy/power tariffs offered to commercial and industrial sectors. In Pakistan, petrol is being used mostly in cars and motorbikes, while diesel is used in…

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