Month: October 2021

Just a few weeks ahead of COP26, China, the world’s biggest public financier of coal, announced that it will end investments in overseas coal projects. It raised hope in countries that want to make low-carbon energy plans and panic among those who feel they cannot do without coal. The announcement could mean the cancellation of over 40 gigawatts (GW) of pipeline projects in 20 countries, even though China has not invested in any new coal projects since the beginning of 2021. Pakistan is one of the Belt and Road Initiative countries where…

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The success of the three-day visit of Prime Minister Imran Khan to Saudi Arabia must be gauged by the Kingdom’s decision, communicated to Pakistan authorities a day after the Pakistani delegation’s return, to extend 3 billion dollar safe deposit support for one year (till the completion of the International Monetary Fund programme scheduled for September 2022) and 1.2 billion dollars deferred oil payment facility (which adviser to PM on finance Shaukat Tarin in his press conference stated the expectation was 1.5 trillion rupees). Prime Minister’s detractors who had criticised the…

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Canada’s new activist-turned-environment minister on Wednesday sought to reassure the nation’s oil sector — the fourth largest producer in the world — that he has no “secret agenda,” following pushback over his appointment. Steven Guilbeault, a prominent former climate activist tapped by Prime Minister Justin Trudeau for the role in a major post-election cabinet shuffle, spoke after a backlash by oil executives and the premier of oil-rich Alberta. “Canadians … want governments to do more in the fight against climate change,” Guilbeault said. But, he added, most of Ottawa’s climate…

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Norwegian energy giant Equinor said Wednesday that soaring gas prices helped it more than double its revenue in the third quarter. Equinor, which is 67 percent owned by the Norwegian state, said that its net profit rose to $1.4 billion between July to September this year, compared to a loss during the same period in 2020, partly due to asset write-downs. But the profit figure was well below analyst expectations of $2 billion. However, total revenue hit $23 billion, narrowly beating expectations of $22 billion, according to analysts surveyed by…

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