Category: Shortcode

The federal government cannot ensure smooth supply of eight-hour gas during cooking hours in the coming winters to domestic consumers of both gas companies – Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC) as $37 per mmbtu subsidy is required. Captain Muhammad Mahmood (retired), Additional Secretary (Incharge) for the Ministry of Energy (Petroleum Division) apprised a parliamentary panel on Thursday that the government or gas companies had no finance to heavily subsidise the domestic gas consumers. “We can’t supply gas at $3 per mmbtu against a…

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Pakistan needs a mammoth $348 billion in eight years – 800% more than the current annual budget – to stop climate-induced disasters. Climate change, however, has the potential to shave off one-fifth of the economy if no action is taken now, says a new report released by the World Bank. The World Bank Group, on Thursday, released the Country Climate and Development Report (CCDR), which also showed that against the huge $348 billion requirements for the 2023-30 period, the total public and private financing available was a mere $48 billion.…

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Pakistan in 2022 became the canary in the mine of climate change. The flood that ravaged one-third of the country this year came from the sky, not from overflowing rivers. An area larger than many European countries became a flood-lake many feet deep. The calamity was an undeniable consequence of global warming. Pakistan has [been] flooded before but it has never flooded at this scale,” wrote one observer, “and never in so many ways at once: cloudbursts and glacial outbursts in the north, prolonged spells of rain in Sindh and…

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The World Bank has estimated that the total investment needs for a comprehensive response to Pakistan’s climate and development challenges between 2023 and 2030 amount to around $348 billion which is equal to 10.7 per cent of cumulative GDP for the same period. This consists of $152bn for adaptation and resilience and $196bn for deep de-carbonisation, reveals the Country Climate and Deve­lopment Report for Pakistan released by the World Bank at the COP27 in Sharm El-Sheikh on Wed­nesday. The report warned that the combined risks from the intensification of climate…

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The Government is likely to engage an international firm to represent the government of Pakistan (GoP) at the London Court of International Arbitration (LCIA) in dispute with Star Hydro Power Limited (SHPL) and National Transmission and Despatch Company Limited (NTDCL), well informed sources told Business Recorder. In this regard, a meeting was held at the Office of the Attorney General on October 27, 2022, to discuss the way forward in the matter. The participants recalled the final arbitral award rendered by the LCIA on May 18, 2022, under the Power…

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