Category: Highlights

The European Union said Wednesday it would seek an international agreement to ban the exploitation of gas, coal and oil in the Arctic, weeks before a major UN climate conference. The Arctic is thought to be hugely rich in resources, with major players including Russia, Canada and the United States vying for control. But climate warming driven by humanity’s exploitation of fossil fuels is already severely affecting the region, with higher temperatures melting vast areas of ice in recent decades. Dozens of world leaders are due to meet next month…

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A Business Recorder exclusive news report has revealed that the government has agreed to pass on the withheld base tariff increase agreed with the International Monetary Fund (IMF) in the second to the fifth review talks in February 2021 – the major stumbling block in the unsuccessful sixth review talks held in June delaying the release of 750 million SDRs. The written agreement was to pass 1.39 rupees per unit of electricity on to consumers from 1 June 2021 while 1.95 rupees per unit had already been notified during the tenure of…

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The Asian Development Bank (ADB) on Wednesday announced that it was elevating its ambition to deliver climate financing to its developing member countries (DMCs) to $100 billion from 2019–2030. “The battle against climate change will be won or lost in Asia and the Pacific,” said ADB President Masatsugu Asakawa. “The climate crisis is worsening daily, prompting many to call for increased climate finance. We are taking action to meet this call by elevating our ambition to $100 billion in cumulative climate finance from our own resources by 2030.” In 2018,…

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The European Union’s green bond debut was a great hit, drawing record demand, according to Bloomberg. The EU received orders worth 135 billion euros on Tuesday, ultimately selling $13.9 billion in securities that will mature in 2037. It outshone the U.K.’s green bond debut from September. The green bond was just the first batch of 250-billion-euros in green bond sales set to take place in the next couple of years. But the next batch may not go on sale until sometime next year. Green bonds are poised to play an…

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Crude oil imports into China fell by 6.8 percent over the first nine months of the year, to 387 million tons, according to customs data cited by Reuters. Natural gas imports, on the other hand, jumped by more than 22 percent over the period, to 89.85 million tons, the data also showed. In September alone, crude oil imports fell by more than 15 percent from a year ago. Gas imports went up to the highest since the start of the year at 10.62 million tons, Reuters also reported, citing the…

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