Category: Highlights

Major Development Banks Pledge $120 Billion for Climate Finance by 2030 at COP29

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BAKU — The COP29 summit received a promising early boost as major development banks, including the World Bank, pledged to increase climate finance to $120 billion by 2030. This commitment represents a 60% rise from 2023 funding levels, aimed at supporting developing and middle-income countries grappling with the impacts of global warming. “This is a positive step,” noted Irish Climate Minister Eamon Ryan, who emphasized that further contributions from governments and corporations are essential. China has also mobilized $24.5 billion to assist developing nations, Vice Premier Ding Xuexiang reported, reflecting…

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13th November, 2024

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Karachi: Qurrat Ul Ain, Acting President, FPCCI, has demanded that – while the apex body appreciates the announcement of winter package – the relief in the electricity tariff announced under it should be made available to small & medium enterprises (SMEs) as well through withdrawing the condition of 100,000 units consumption in the corresponding period of last year; and, resultantly, only applying the Rs. 26 / kWh tariff to the incremental units consumed after that threshold. Qurrat Ul Ain, Acting President, FPCCI, explained that SMEs and new industries in particular…

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CM Sindh & , fed maritime minister vows to address , tackling sea pollution, revive Keti Bandar port project

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KARACHI (Nov 13): Sindh Chief Minister Syed Murad Ali Shah and Federal Minister for Maritime Qaiser Shaikh, during their meeting, discussed addressing fishermen’s issues, tackling sea pollution and plans to develop Keti Bandar as a new port. The meeting was held at CM House and was attended by Secretary to CM Raheem Shaikh and Chairman Port Qasim Rear Admiral Nasir Shah. At the outset, the discussion between the two began with the issue of fishing trawlers, which are depleting fish resources by destroying fish seedlings. The Chief Minister noted that…

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Debt-Based Climate Financing Must End, PM Shehbaz Stresses at COP29

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At the COP29 World Leaders Climate Action Summit in Baku, Azerbaijan, Prime Minister Shehbaz Sharif called for a global overhaul in climate financing, urging that debt-based funding should no longer be the norm. Addressing the Climate Finance Round Table Conference, organized by Pakistan, PM Shehbaz highlighted the need for innovative, debt-free financing solutions to support developing countries in combating climate change without increasing their financial burdens. “We stand at a crucial threshold where the global climate finance framework must be redefined to meet the urgent needs of vulnerable nations,” he…

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Saudi crude oil supply to China to fall in December on weak demand

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SINGAPORE: Saudi Arabia’s crude oil supply to China is set to fall to about 36.5 million barrels in December, trade sources said on Monday, on weak demand from the world’s largest importer. This is a second straight month of decline and the lowest volume since July, down from about 37.5 million barrels that Chinese refiners are expected to receive in November and about 46 million barrels in October, trade data collated by Reuters showed. China’s state majors Sinopec, PetroChina and Sinochem will be lifting less crude in December while Saudi…

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