Category: Shortcode

Industrialists Urge Government Action on Energy Amid IMF Concerns

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IMF-board

Karachi’s Industrial Sector Calls for Energy Cost Reductions and Policy Reforms Amid concerns over the International Monetary Fund’s (IMF) Staff-Level Agreement (SLA) and its impact on energy policies, Karachi’s industrialists are urging the newly-elected government to take decisive action to reduce energy costs and implement comprehensive economic reforms. The industrial sector faces potential shutdowns if critical infrastructure deficiencies are not addressed promptly. Expressing apprehension about the IMF-SLA objectives, especially regarding energy policies, industrialists warn that implementing these measures without addressing infrastructure gaps could lead to widespread closures of companies nationwide.…

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Pakistan Urges Climate Financing at UN Meeting

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Climate-Talks

Pakistan Advocates for Concessional Climate Financing at UN Session During a United Nations meeting focused on sustainable energy goals, Pakistan emphasized the urgent need for concessional climate financing to aid developing countries in transitioning away from fossil fuels. Ambassador Munir Akram highlighted that without such financing, achieving set targets would be challenging for developing nations. In his remarks at the ‘Group of Friends for Sustainable Energy’ meeting, Ambassador Akram emphasized that energy plays a central role in both the 2030 Agenda for Sustainable Development and global climate objectives. He stressed…

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RLNG Prices Increase After Two Monthly Reductions

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New-RLNG

Ogra Raises RLNG Prices Due to Higher International Rates The Oil and Gas Regulatory Authority (Ogra) has announced an increase in the sale price of Regasified Liquified Natural Gas (RLNG) for Sui gas companies SSGCL and SNGPL, citing higher international prices. This hike comes after two consecutive monthly price cuts of 9% in February and 8% in January. For March, the RLNG sale price for Lahore-based Sui Northern Gas Pipelines Ltd (SNGPL) has been raised by 2.75% to $11.86 per mmBtu, compared to $11.55 in February. Similarly, the RLNG sale…

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IMF and Pakistan Reach Staff-Level Agreement on Final Bailout Review

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IMF-board

The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan regarding the final review of a $3 billion bailout. This agreement paves the way for Pakistan to receive $1.1 billion upon approval from the Fund’s Executive Board. The agreement, recognizing Pakistan’s strong program implementation and ongoing reform efforts, aims to transition the country towards a sustainable economic recovery. Nathan Porter, the IMF mission chief in Pakistan, highlighted the positive developments in Pakistan’s economic and financial position since the first review. He mentioned that growth and confidence are recovering…

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COP28 Goal of Tripling Renewables Feasible Only with Urgent Global Course Correction

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COP28-Goal

Despite a record renewable growth in 2023, the energy transition remains off track due to persistent structural barriers and a notable shortfall in investment. Abu Dhabi, United Arab Emirates/Berlin, Germany, – Achieving the global target set at COP28 to triple renewable power capacity by 2030 relies heavily on establishing conducive conditions for such growth. Tripling renewable power capacity by 2030 is technically feasible and economically viable, but its delivery requires determination, policy support and investment at-scale.Tracking COP28 outcomes: Tripling renewable power capacity by 2030 highlights that 2023 has set a…

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