Year: 2021

Transition To A Lower Carbon Economy Offers Huge Economic Opportunity: ADNOC CEO

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The transition to a lower-carbon economy offers huge economic potential and the middle East and North Africa (MENA) region has the experience and resources to unlock this potential, according to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). Speaking at the Ministerial Dialogue on Clean Energy Transitions and Economic Resilience in the MENA region organised by the International Energy Agency (IEA), Dr. Al Jaber explained that this is one of the reasons…

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Khusro reviews generation capacity of KE’s Bin Qasim Power Station 3

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The Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) stated that case studies highlight the need for more cautious assumptions on feasibility and growth payouts of structural reforms in Pakistan. KARACHI: Minister for Industries and Production Makhdoom Khusro Bakhtiar on Thursday met with the KE’s senior management at the company’s Bin Qasim Power Complex in Karachi to review the progress on its mega project Bin Qasim Power Station 3 (BQPS-III), which will add 900 MW to the K-Electric’s generation capacity and bolster the future of Karachi’s growth. According…

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IMF for more cautious approach to structural reforms

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The IEO has released its report “Growth and adjustment in IMF-supported programmes”, which assesses how well IMF-supported programmes have helped to sustain economic growth, while delivering adjustment needed for external viability. It focuses on the IMF financing arrangements over the period 2008-19, under both the General Resources Account (GRA) and the Poverty Reduction and Growth Trust (PRGT). While the evaluation does not assess the experience during the Covid-19 pandemic, its lessons have become even more relevant as many countries now face strong headwinds to growth as they seek IMF support…

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Vast majority of fossil fuels ‘must stay in ground’ to stem climate crisis

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Many publications report on a new scientific study showing that most fossil fuel reserves owned today by countries and companies must not be extracted if the world is to achieve its climate targets. According to the Guardian, 90% of coal and 60% of oil and gas reserves should remain in the ground if there is to be “even a 50% chance of keeping global heating below 1.5C”, the stretch goal of the Paris Agreement. The newspaper notes that this is a poor outlook for the fossil fuel industry, as it…

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Problems with energy policy

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The Indicative Generation Capacity Expansion Plan 2021-30, approved by the Council of Common Interests (CCI), has already run into troubles with Sindh considering raising it at the next joint session of parliament and, if needed, going to court about it. But that much was expected when the government pressed for giving hydel projects the lead in the country’s energy mix over the next 10 years. That rubs not just the Sindh government the wrong way, which was counting on wind and solar energy projects based in its province to get…

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