Day: December 2, 2023

UAE launches new $30bn climate investment fund at COP28

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Pak-UAE

DUBAI: The United Arab Emirates said Friday it is launching a new $30 billion private investment fund focused on climate projects in developing countries. The oil-rich host of the crunch United Nations COP28 climate negotiations in Dubai said it hopes the fund, called Alterra, will stimulate investments totalling $250 billion by 2030. “I am pleased to announce the establishing of a $30 billion fund for global climate solutions,” UAE President Sheikh Mohamed bin Zayed Al Nahyan told the summit. COP28 president Sultan Al Jaber, who is also head of the…

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Kakar underscores Pak pledge to address climate change challenges

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Anwaarul-Haq

ISLAMABAD: Prime Minister Anwaar-ul-Haq Kakar on Friday visited the Pakistan Pavilion at COP28 in the UAE, emphasizing the critical nature of ongoing climate negotiations. During the visit, the prime minister appreciated the Pakistan delegation for its noteworthy efforts in contributing to the negotiations and facilitating the operationalization of Loss and Damage Fund. Notably, the prime minister took a moment to acknowledge the significance of Climate Chronicles Art exhibition by 19 Pakistani artists on our changing world at the Pakistan Pavilion, recognizing the power of artistic expressions in conveying messages about…

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Only photovoltaic cells exempted from sales tax: FBR

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fbr

ISLAMABAD: The Federal Board of Revenue (FBR) has clarified that the exemption of sales tax previously available on import and supply of solar panels and accessories was withdrawn and subsequently restored to the extent of photovoltaic cells only. According to a legal clarification issued by the FBR Policy Wing, the exemption of sales tax on import and supply of solar panels and accessories was available till 15th January, 2022. However, through changes introduced vide Finance (Supplementary) Act, 2022 by the legislature empowered under Article 77 of the Constitution and as…

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PSO allowed Rs3.21 per litre exchange rate adjustment

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pso

ISLAMABAD: As the maximum petroleum levy (PL) on petrol can not exceed Rs 60 per litre without parliamentary approval, the state-owned Pakistan State Oil (PSO) was allowed a downward rupee exchange rate adjustment of Rs 3.21 per litre with effect from December 1-15, 2023. The rupee was allowed to depreciate by Rs 10.96per dollar for PSO on November 16, 2023 and was raised by Rs 3.21 per litre for the first half of December. On November 16, 2023, Oil Marketing Association of Pakistan (OMAP) expressed serious concern at the calculation…

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Solar panel, allied equipment manufacturing: Govt decides to identify, plug policy gaps

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solar-panels

ISLAMABAD: An inter-ministerial meeting has decided to convene a meeting with local manufacturers of solar panels, glass, inverters, etc., to identify the policy gaps in Solar Panel and Allied Equipment Manufacturing Policy 2023 and prepare the roadmap for its implementation. The meeting presided over by Joint Secretary (LED), Ministry of Industries and Production was attended by representatives from the Special Investment Facilitation Council (SIFC), Ministry of Finance, Commerce, Energy (Power Division), Science and Technology, Board of Investment, Federal Board of Revenue and EDB. Neelofur Hafeez, Joint Secretary (LED), MoI&P briefed…

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