Author: Admin

BANGKOK: Pakistan has sought a $6.7 billion concessional oil financing facility from Saudi Arabia for 15 years to ease external financing pressures, strengthen energy security and reduce the immediate burden of petroleum imports on foreign exchange reserves. Finance Minister Muhammad Aurangzeb raised the proposed revival of the $1.2 billion annual oil facility on deferred payments with Saudi Fund for Development (SFD) Chief Executive Officer Sultan Abdulrahman Al-Marshad on Tuesday, on the sidelines of the World Bank and International Monetary Fund (IMF) annual meetings in Thailand. The Ministry of Finance shared…

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KARACHI: Karachi experienced hot and uncomfortable weather on Tuesday as the temperature climbed to 38.7°C, with humidity reaching 43 per cent, according to the Pakistan Meteorological Department. A Met official said October is typically a warm month in the city, often described as Karachi’s “second summer”, as temperatures remain high before the transition towards cooler weather. The official attributed the recent rise in mercury to a high-pressure system in the upper atmosphere, which has weakened winds and contributed to increasing temperatures. He warned that temperatures could reach 40°C if the…

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KARACHI: Pakistan’s major commercial banks have made limited progress in incorporating climate change and biodiversity considerations into their lending policies, raising concerns about the environmental and social impacts of financed projects, according to a new assessment by Fair Finance Pakistan (FFP). The 2025 Benchmark of Bank Sustainability Policies in Pakistan, conducted in collaboration with Lahore University of Management Sciences (LUMS) and Profundo, found that positive policy coverage for borrowers and financed projects stood at just 13.8 per cent for climate change and 26.8pc for biodiversity. The assessment reviewed seven banks:…

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ABU DHABI, October 13, 2026: Accelerating electrification powered by renewable energy must become a global priority through 2035 to align the energy transition with the 1.5°C climate target, according to a new report by the International Renewable Energy Agency (IRENA). The World Energy Transitions Outlook (WETO) 2026, released on Tuesday, calls for fundamental reforms to global energy systems, emphasising that a genuine transition requires replacing fossil-fuel-based systems rather than simply adding renewable capacity to the existing energy mix. The report highlights persistent challenges despite record renewable energy additions in 2025,…

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Pakistan’s solar energy sector has recorded a notable setback, with net-metering units reportedly declining by 27.2% in August 2026 compared to July, according to data cited by Arif Habib Limited. The monthly decline raises questions about the pace of solar adoption and the challenges facing Pakistan’s renewable energy sector. However, the drop in net-metering units does not necessarily mean that overall solar installations or solar electricity generation declined by the same percentage. As Pakistan continues its transition towards renewable energy, stable policies, affordable technology and investor confidence will remain important…

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