Category: Highlights

New research suggests that power companies are dragging their feet when it comes to embracing green energy sources such as wind and solar. Only one in 10 energy suppliers globally has prioritised renewables over fossil fuels, the study finds. Even those that are spending on greener energy are continuing to invest in carbon heavy coal and natural gas. The lead researcher says the slow uptake undermines global efforts to tackle climate change. In countries like the UK and across Europe, renewable energy has taken a significant share of the market,…

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ISLAMABAD -Two multinational companies are all set to start physical work on setting up their Liquefied Natural Gas (LNG) terminals during next few months after the government opened up the energy sector under its ease-of-doing-business strategy. “The government had allowed five private sector companies to establish their own LNG terminals, out of which two firms Exxon Consortium and Mitsubishi will start physical work on their projects before end of the current year,” a senior official privy to petroleum sector developments told APP. All agreements, permissions and arrangements in that regard…

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BEIJING/SHANGHAI – Four of China’s five largest state-owned banks said they have increased their provisions against bad debt to brace for future losses due to the impact of the global coronavirus pandemic. All five reported their biggest profit falls in at least a decade and an increase in soured loans when announcing their half-year results on Sunday and last week. The results highlight the impact of the pandemic and the economic slowdown on Chinese banks as borrowers struggle to repay debt after months of lockdown and some sectors, such as those in the…

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The federal government on Monday announced keeping oil prices unchanged for a fortnight effective September 1, 2020 (today) after Prime Minister Imran Khan turned down recommendations of the Oil and Gas Regulatory Authority (Ogra), petroleum and finance divisions to increase the prices of petroleum products, citing high food inflation faced by the people. The government switched from monthly to a fortnightly basis, following demand of the oil industry to rescue them from inventory losses. The government has decided to maintain the petroleum prices of August for the month of September…

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Over the past decade, the European Union has widely been viewed as being ahead of the renewables curve, and it recently-launched new hydrogen strategy has only served to cement its credentials. The EU has a highly ambitious plan to install 40 gigawatts of electrolyzers within its borders and support the development of another 40 gigawatts of green hydrogen in nearby countries by 2030 that can export to the EU. That is a good 320x the current global installed capacity of 250 MW. But one desert country could soon make the EU’s hydrogen plans…

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