Month: January 2022

More than 1,500 pension funds, universities and other organizations around the world have announced that they will divest from fossil fuel assets, doubling from five years earlier and underscoring the surge in sustainable investing. These institutions have roughly $40 trillion in assets under management. The threat of divestment is one way to pressure corporations into addressing environmental, social and corporate governance issues. Divesting also shields holdings from the ESG risk of the asset values dropping when other investors pull out. The city of New York announced in late December that…

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German Ambassador to Pakistan Bernhard Schlagheck called on Water and Power Development Authority (WAPDA) Chairman Lt Gen (r) Muzammil Hussain yesterday. Speaking on the occasion, WAPDA chairman thanked Germany for its assistance for hydropower projects through KfW. He said that KfW and WAPDA have a history of strong relationship for development of the two sectors. Elaborating the innovative financial plan, devised for construction of its mega projects, he stated that WAPDA is undertaking a number of water and hydropower projects. The chairman also briefed the ambassador about successful launch of…

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Al Haj Automotive Pvt. Ltd (progressive assemblers and distributors of Proton Vehicles in Pakistan) and Euro Oil recently hosted an event at Royal Swiss Hotel to launch Proton Genuine Oil, powered by Petronas, for exclusive use in Proton Cars in Pakistan. Euro Oil is the exclusive distributor of Petronas in Pakistan. Petronas Lubricants have a strong presence internationally, powering high performance vehicles which include Formula1 cars, Moto GP, Dakar Rally and racing cars. The brand is available in 90 countries worldwide and is a leading name in the lubricant industry,…

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An agreement to this effect was approved between China-Pakistan Economic Corridor (CPEC) Authority and Chinese Ministry of Environment by the Federal Cabinet on Tuesday. This will help to resolve electricity issue in Gwadar. Recently, Planning Minister Asad Umar said solar panels would be provided in Gwadar with Chinese help and the project would be started in March. To support the Pakistani government, China will install 3,200 solar panel units in various houses in Gwadar. “The project is being carried out with direct help of China,” Asad Umar announced. He elaborated…

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The Public Accounts Committee (PAC) on Wednesday expressed concern over the performance of power distribution companies (DISCOs) and directed them to control transmission losses. A meeting of PAC was held under the chairmanship of Anna Tanveer Hussain, wherein they reviewed the audit objections of the Ministry of Energy. The committee members raised the issue of rising electricity bills. Presenting her electricity bill, Jamiat Ulema-e-Islam-Fazl (JUI-F) MNA Shahida Akhtar Ali said that 174 units were used but she was charged Rs8,000. “Why do people get punished for faulty feeders or stolen…

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