Year: 2023

Why Hydro Energy Storage Is Needed Despite Its Shortcomings

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Depending on who you ask, pumped hydro energy storage is either the future of the clean energy industry and the key to decarbonizing the global economy, or it’s an ecological disaster that needs to be stopped. The truth, of course, lies somewhere in between – but friends and enemies of pumped hydro tend to espouse either one narrative or the other with inadequate attention to the nuanced trade-offs and potential synergies that pumped hydro storage presents to the renewable energy industry. The issue is this: building dams is good for…

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Artificial Intelligence Will Be Critical For Renewable Energy Growth

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The digitalization of oil and gas has been well documented, with pretty much all energy majors adopting AI, machine learning, and other innovative technologies to improve their operations. But what role does artificial intelligence play in renewables? Just as in oil and gas, AI is being adopted for use in wind, solar, and other green energy projects to improve efficiency through greater automation. As energy firms look to digitalize their operations to a greater extent, AI will likely play a leading role in the energy transition of the future.  The use…

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Oil prices may rebound to $105 on solid demand growth, Goldman Sachs says

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oil

US investment bank Goldman Sachs expects Brent crude to trade at $105 a barrel by the fourth quarter of 2023, driven by a “solid” growth in global oil demand. It expects oil demand to grow by 2.7 million barrels per day this year and said the market would be back in a deficit in the second half of 2023. This should allow the Opec+ alliance to unwind its October production cut in the second half of the year, said Goldman Sachs. However, if the market turns out to be softer, then alliance “could stick…

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Govt Criticized for allowing import of luxury cars

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The value-added textile exporters on Monday slammed the coalition government of Pakistan Democratic Movement (PDM) for permitting the import of “luxury BMW cars” amid economic crisis, saying that the government’s inattention has brought the export sector to a disaster. The incumbent government lacks a clear direction and its “casual” conduct has brought a disaster to the industrial sector and sabotaged exports, value-added textile exporters told a joint press conference held at PHMA House. They said that the financial crisis for the exporters outgrows with foreign buyers showing reluctance to place…

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Prince Mohammad bin Salman has directed to study an investment plan in Pakistan

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pak-saudia

Prince Mohammad bin Salman also direct to increase the deposit in Pakistan central bank Saudi Arabia working on plan to invest $10 billion in Pakistan Prince Salman also asked to increase deposit to $5 billion Already Saudi Arabia has rollover $3 billion for Pakistan till December 2023 Fresh inflows of $2 billion expected from Saudi Development Fund Geneva announcement Yesterday Pledges made by countries and IFIs IDB $4.2 bln (in 3 years)World Bank $2 blnADB $1 blnSaudi Arabia $1 blnAIB $1 blnUSAID $100 millionJapan $77 millionGermany €84 millionEU €500 million

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