Year: 2023

A triumph for the global South

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Cop-23

THE Loss and Damage Fund (L&DF), agreed on in COP27, is considered a historic triumph for climate-vulnerable developing countries in the global South. Encouragingly, it came off as an early success and the highlight of the first day at the COP28, which is currently taking place in the UAE. It took developing countries almost three decades to convince the international community to establish the L&DF to financially support the recovery and rebuilding of developing countries stricken by climate-related disasters. While climate finance mechanisms for climate mitigation and adaptation have been…

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COP28 & Pakistan

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Pak-UAE

PAKISTAN is one of the countries most vulnerable to climate change. It has paid a massive cost over the years due to recurring climate events that not just destroy infrastructure, but also livelihoods, while having a very high human cost. The floods that ravaged the southern half of the country led to direct losses of more than $30 billion, while indirect losses that can be attributed to a disruption in the supply chain that led to spiralling inflation and loss of livelihoods would accumulate to a much higher amount. The…

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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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