Author: Admin

Climate Aid Debate to Dominate COP29 Summit in Azerbaijan; Rich Nations Under Pressure to Increase Support

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COP29-Summit

The upcoming United Nations Climate Change Conference (COP29), set to take place in Azerbaijan next month, is expected to focus on contentious climate aid discussions, with wealthier nations under pressure to commit more funding for poorer countries to combat climate change. Dubbed the “finance COP,” the summit will see global leaders negotiate increased financial support, as current pledges of $100 billion per year fall short of the needs for effective climate action. Amid concerns over Azerbaijan’s human rights record, the summit will take place from November 11 to 22, drawing…

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No Immediate China Debt Re-profiling, Says Finance Minister; Provinces to Collect Agricultural Income Tax from Next Fiscal Year

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Aurangzeb-ipps

ISLAMABAD: Finance Minister Muhammad Aurangzeb has ruled out the signing of an energy debt restructuring agreement with China next week, dismissing reports that suggested a memorandum of understanding (MoU) would be signed during the Chinese prime minister’s upcoming visit. Speaking after a Senate Standing Committee on Finance meeting, the minister clarified that debt re-profiling was a lengthy process, requiring lender and sponsor consent, and that negotiations would take three to four years. Pakistan seeks to restructure $16 billion owed to Chinese institutions, but no immediate relief is expected. Meanwhile, provinces…

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Pakistan to Import 12,000 MW of Solar Panels as Part of Renewable Energy Push

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solar-powe

ISLAMABAD: Pakistan is set to import 12,000 megawatts of solar panels this year as part of its efforts to increase reliance on renewable energy, the Senate Standing Committee on Climate Change revealed during a meeting chaired by Senator Sherry Rehman. The committee discussed the Pakistan Trade Control of Wild Fauna and Flora (Amended) Bill 2024, with PPP Senator Shahadat Awan advocating for wildlife concerns to be addressed in relation to human life. The Ministry of Climate Change also outlined plans to have 30% of vehicles in Pakistan powered by electricity…

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Karachi’s Business Leaders Demand Immediate Action on Deteriorating Infrastructure

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Business-Leaders

KARACHI: Economists, architects, traders, and business leaders have urged the Chief Justice of the Sindh High Court (SHC) and the Sindh government to address the city’s crumbling infrastructure, overflowing sewerage, and rampant pollution, which have severely impacted business districts and markets. Speaking to The Express Tribune, they criticized the city’s governing bodies, including the Karachi Metropolitan Corporation (KMC) and other development authorities, for widespread corruption, mismanagement, and inaction. They called for a comprehensive master plan to rebuild the damaged roads, control encroachments, and repair the collapsed sewerage system. Architect Arif…

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Early Agreement Terminations Prompt Emergency IPP Board Meetings

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power-supply

KARACHI: With the government preparing to prematurely terminate key agreements this month, several independent power producers (IPPs) have called emergency board meetings to address the situation. Hub Power Company Limited (Hubco) announced in a stock filing on Wednesday that its board of directors would hold an urgent meeting on Thursday to review the early termination terms of its implementation, power purchase, and fuel supply agreements, along with the associated guarantees. These agreements were originally set to expire in March 2027. Lalpir Power Limited also notified the Pakistan Stock Exchange of…

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