Day: November 10, 2022

Pakistan’s Energy Transition

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Pakistan in 2022 became the canary in the mine of climate change. The flood that ravaged one-third of the country this year came from the sky, not from overflowing rivers. An area larger than many European countries became a flood-lake many feet deep. The calamity was an undeniable consequence of global warming. Pakistan has [been] flooded before but it has never flooded at this scale,” wrote one observer, “and never in so many ways at once: cloudbursts and glacial outbursts in the north, prolonged spells of rain in Sindh and…

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Pakistan needs $348bn for climate and development challenges

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The World Bank has estimated that the total investment needs for a comprehensive response to Pakistan’s climate and development challenges between 2023 and 2030 amount to around $348 billion which is equal to 10.7 per cent of cumulative GDP for the same period. This consists of $152bn for adaptation and resilience and $196bn for deep de-carbonisation, reveals the Country Climate and Deve­lopment Report for Pakistan released by the World Bank at the COP27 in Sharm El-Sheikh on Wed­nesday. The report warned that the combined risks from the intensification of climate…

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SHPL-NTDCL dispute: Govt may engage international firm

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The Government is likely to engage an international firm to represent the government of Pakistan (GoP) at the London Court of International Arbitration (LCIA) in dispute with Star Hydro Power Limited (SHPL) and National Transmission and Despatch Company Limited (NTDCL), well informed sources told Business Recorder. In this regard, a meeting was held at the Office of the Attorney General on October 27, 2022, to discuss the way forward in the matter. The participants recalled the final arbitral award rendered by the LCIA on May 18, 2022, under the Power…

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UK’s Market-Defying North Sea Oil IPO Falls Flat

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After braving high-level market volatility in Britain’s biggest IPO of the year, North Sea oil and gas producer Ithaca Energy warned that any further boost to a UK windfall tax would render the aging basin uneconomical as an energy crisis engulfs Europe.  “The government has structured the EPL in a very thoughtful manner to continue to promote investment in the on Wednesday, the day the company went public.  However, Myerson continued, if the windfall tax is strengthened, and if “they take away the investment allowance, then obviously it will become…

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Tea Plantation to Help Pakistan Reduce Import Bill

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Pakistan can reduce its import bill by exploiting its great potential for growing tea on a large scale, Wealth PK reported. Tea is one of the most important high-value cash crops. Despite its low cost, tea is the most popular beverage in Pakistan. The country has great potential for tea plantation on a large scale. Abdul Waheed, Director of National Tea and High-Value Crops Research Institute Shinkiari, told WealthPK that the current rate of population growth showed that demand for tea would continue to increase over time, putting a strain…

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