UAE launches new $30bn climate investment fund at COP28


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…

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Kakar underscores Pak pledge to address climate change challenges


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…

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PSO allowed Rs3.21 per litre exchange rate adjustment


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…

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


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…

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Climate change poses risk of 20% GDP erosion in Pakistan


World Bank says women, educated populace more concerned about climate change impacts ISLAMABAD: Pakistan’s GDP is anticipated to experience a decline of 18 to 20 per cent by the year 2050 due to the escalating impact of severe weather-related events, environmental degradation, and rampant air pollution, the World Bank has warned. In its report, titled ‘Climate Silence in Pakistan,’ the…

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