Category: Highlights

Oil prices up nearly 3pc

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Oil price

NEW YORK: Oil prices gained about $2 a barrel on Monday after news of halted crude production at Norway’s Johan Sverdrup oilfield, which added to earlier gains stemming from escalation in the Russia-Ukraine war. Brent crude futures were up $2, or 2.8%, to $73.04 a barrel at 11:55 a.m. EST (1655 GMT), while US West Texas Intermediate crude futures were at $68.90 a barrel, up $1.88, or 2.8%. Equinor said it had halted output from its Johan Sverdrup oilfield, western Europe’s largest, due to an onshore power outage, without a…

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Pakistan’s power generation increases in October as cost surges

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Power genration

Power generation in Pakistan stood at 10,262 GWh (13,793 MW) in October 2024, an increase of over 7% YoY compared to the same period of the previous year. In the first four months of FY25 (July-October), power generation fell by 5% YoY to 50,808 GWh compared to 53,709 GWh in the SPLY. Analysts have voiced concerns over the decline in Pakistan’s electricity consumption amid sluggish economic activity and high energy costs. Adding to the challenge is a growing shift towards alternative energy sources, especially solar, which has become increasingly popular…

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Pakistan’s Power Generation Grows 7% YoY in October Amid Rising Costs

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Power-Plants

KARACHI: Pakistan’s power generation increased by 7% year-on-year (YoY) in October 2024, reaching 10,262 GWh compared to 9,572 GWh in October 2023, driven primarily by a surge in coal-based generation. However, electricity generation costs also rose by 10% due to higher expenses associated with coal and nuclear power. Month-on-month, power generation fell by 17.8% from 12,487 GWh in September 2024. Over the first four months of the fiscal year, total generation declined by 5% YoY to 50,808 GWh compared to 53,709 GWh in the same period last year. For the…

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UN climate chief asks G20 leaders for boost as COP29 finance talks lag

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COP29

BAKU, Nov 16 (Reuters) – The U.N.’s climate chief called on leaders of the world’s biggest economies on Saturday to send a signal of support for global climate finance efforts when they meet in Rio de Janeiro next week, to help trigger a deal at COP29 talks. The plea, made in a letter to G20 leaders from top U.N. climate official Simon Stiell, comes as negotiators at the COP29 conference in Baku struggle for a deal intended to scale up money to address the worsening impacts of global warming.

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Negotiating fair climate finance at COP29

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climate finance

Pakistan must push for an ambitious and equitable New Collective Quantified Goal (NCQG), an expanded Adaptation Fund, a fully operationalised Loss and Damage Fund, and a fair and transparent carbon market system under Article 6 of the Paris Agreement. As negotiations unfold at COP29 in Baku, Pakistan stands at a critical juncture in its climate journey – one that is marked by both immense vulnerability and resilient ambition. With a population of over 235 million people, many of whom rely on agriculture for their livelihoods, Pakistan’s future is inextricably linked…

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