Author: Admin

COP29 Summit Extends as $250 Billion Climate Finance Proposal Faces Pushback

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COP29

BAKU: The COP29 climate summit in Baku stretched beyond its scheduled timeline on Friday as negotiations stalled over a contentious draft deal proposing $250 billion in annual climate finance by 2035. The proposal has sparked criticism from both developed and developing nations, deepening divisions. Late on Friday, the COP29 presidency unveiled what it hopes will be the final framework for carbon market regulations, marking some progress. However, discussions over the ambitious funding plan continued into the night, reflecting sharp disagreements. Developing nations have dismissed the $250 billion figure as insufficient,…

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Korean Hydropower Projects in KPK Stalled Amid Regulatory Challenges

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korean hydropower projesct

ISLAMABAD: The Power Division has reportedly declined to support Korean firms developing hydropower projects in Khyber Pakhtunkhwa (KPK), leaving multimillion-dollar investments in limbo due to their exclusion from the Indicative Generation Capacity Expansion Plan (IGCEP). Korean companies, including LSG Hydro Power Limited (LSG HPL) and Korea-South East Power Company (KOEN), have faced repeated hurdles despite making substantial progress. LSG HPL’s 470MW hydropower project, developed in partnership with the KPK government under the 2015 Power Policy, has completed key milestones, including a bankable feasibility study and obtaining regulatory approvals. However, the…

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Rapid Solar Growth Shifts Rs200 Billion Burden to Non-Solar Consumers

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soalr energy

ISLAMABAD: A report by Arzachel, titled “The Distributed Divide – How Solar Expansion Affects Non-Adopting Consumers and Utility Economics,” reveals that non-solar consumers in Pakistan bore an additional Rs200 billion burden in FY 2023-24 due to the rapid adoption of solar energy. This surge has led to a Rs2 per kilowatt-hour (kWh) increase in tariffs for grid-dependent users. The report warns that without regulatory intervention, the financial impact on non-solar consumers will worsen, with costs projected to rise by Rs131 billion for every 5% reduction in grid demand due to…

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IMF Gas Reforms Trigger Conflict Between Ministries

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IMF Gas Reforms

ISLAMABAD: A looming deadline to disconnect gas supplies to industrial power plants by January 31, 2025, has sparked a dispute between the Finance Ministry and the Petroleum Division, exposing cracks in the $7 billion International Monetary Fund (IMF) deal. The Petroleum Division accuses the Finance Ministry of accepting the IMF’s condition without adequately assessing its impact, warning of a potential Rs427 billion loss to the government and industries. The Finance Ministry, however, asserts that the Petroleum Division was fully involved during the negotiations. This clash highlights inadequate planning of gas…

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NEPRA to Hold Public Hearing on Winter Relief Package

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Power project

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has scheduled a public hearing on November 26 to consider the federal government’s proposed winter incentive package aimed at boosting electricity demand during the low-consumption months. The subsidy-neutral package, approved by the Economic Coordination Committee (ECC) on November 19, is set to be implemented from December 1, 2024, to February 28, 2025. It offers discounted electricity rates for residential, commercial, and industrial consumers on incremental usage, with discounts ranging from 18% to 50% based on consumption slabs. The initiative seeks to counteract…

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