Business

India succeeds in reducing emissions rate by 33pc over 14 years: sources

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2 months ago

August 9, 2023

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India succeeds in reducing emissions rate by 33pc over 14 years: sources

India’s greenhouse emissions rate dropped by a faster-than-expected 33 per cent in 14 years as renewable energy generation rose and forest cover increased, according to two officials privy to latest assessment made for submission to the United Nations.

The report’s findings showed India well on the way to meeting a commitment to the United Nations Convention on Climate Change (UNFCCC), to reduce emissions intensity by 45pc from the 2005 level by 2030.

India’s rate of emissions intensity – the total amount of greenhouse gas emissions emitted for every unit increase of gross domestic product (GDP) – fell by 33pc from 2005 to 2019, officials privy to the preparations of the Third National Communication (TNC) report said.

Many countries are preparing their TNC reports to update the UNFCCC on their efforts to mitigate emissions.
India’s average rate of reduction in emissions increased to 3pc annually in the period 2016-2019, from just about 1.5pc in the period 2014-2016.

It was the fastest reduction so far, and was largely attributable to the government’s push towards renewables, even as fossil fuel continues to dominate the energy mix.

“There is continuous reduction in the emission intensity of the Indian economy, which shows the country has been able to completely decouple its economic growth from greenhouse gas emissions,” one official, who declined to be named, told Reuters.

The progress made on reducing emissions intensity should help India avert pressure by developed nations to stop using coal, the second official said.

This official said a substantial increase in forest cover and schemes promoting non-fossil generation and targeting emissions in industrial, automotive and energy sectors has led to the sharp reduction in India’s emissions intensity.

As of 2019, forests and trees covered 24.56pc, or 80.73 million hectares, of India.

Recently, India has also been trying to promote green hydrogen, manufactured by splitting water molecules using renewable energy.

A third official said the report is yet to be ratified by the federal cabinet.

India’s environment ministry did not respond to queries sent on Monday by Reuters.

Central Electricity Authority data shows that non-fossil fuel-based power – including hydro, nuclear and renewable energy – accounted for 25.3pc of India’s total power generation in the fiscal year that ended in March, up from 24.6pc three years earlier.

Thermal power stations still provide 73pc of the electricity consumed, down from about 75pc in 2019.

The Group of 20 (G20) major economies failed twice last month to agree on phasing out the use of fossil fuels and on setting concrete targets to cut emissions.

Developing countries including India are resisting higher emission reduction targets, arguing that industrialised nations unfettered use of fossil fuels have depleted resources.

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Business

Nepra approves Rs3.28 per unit increase in power tariff

Published

2 days ago

September 23, 2023

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Nepra approves Rs3.28 per unit increase in power tariff

The National Electric Power Regulatory Authority (Nepra) has approved Rs3.28 per unit increase in power tariff on the account of fuel cost adjustment for fourth quarter of fiscal year 2022-23.

The regulatory body has sent his decision to the federal government for final approval. The increase in electricity prices will come into effect immediately after it is approved by the government.

The distribution companies (Discos) would recover Rs159 billion from consumers during the period of six months (October 2023 to March 2024).

The revised rate will be applicable on all customers.

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Business

Inflation goes up as people feel effects of fuel price hikes

Published

2 days ago

September 23, 2023

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Inflation goes up as people feel effects of fuel price hikes

Food and fuel prices continue fuelling inflation in Pakistan as the Sensitive Price Indicator (SPI) for the week ended September 21 witnessed a 0.93 per increase amid the complete government failure to check the rates.

Read more: Food prices owing to weaker rupee, supply shortages will push Pakistan inflation: ADB

The latest data released by the Pakistan Bureau of Statistics (PBS) shows that chicken price had jumped by 8.49pc followed by petrol 8.51pc, diesel 5.54pc garlic 5.19pc and onion 3.02pc.

At the same time, the year-on-year increase in SPI stood at 38.66pc when compared with the corresponding week of last year.

Read more: More food inflation as fuel price hikes increase production, transportation costs

The rising inflation in Pakistan urgently needs government intervention and a study of how different governments are dealing with the challenge. Tax on cut on food items is one of methods.

Read more: Fighting the food inflation: From net-zero VAT to supermarkets seeking price cuts

Earlier this week, the Asian Development Bank (ADB) had warned that average inflation in Pakistan will soar to 29.2 per cent caused by supply shortages, continued currency depreciation, import restrictions, and fiscal stimulus for post-pandemic recovery.

Meanwhile, the rising food prices shouldn’t be a surprise given that the regular fuel price hikes are increasing the production and transportation costs.

The main reason behind the persistent inflation in Pakistan is devaluation as the rupee had dropped to the record against the US dollar – a trend that is being reversed somewhat amid a crackdown on blacking marketers on hoarders.

However, the exchange rate is still too high, requiring further correction, as the people have also been hit hard for power and gas tariffs as the conditions set by the International Monetary Fund (IMF).

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Business

Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Published

6 days ago

September 19, 2023

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Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Devaluation – a process that started under former finance minister Miftah Ismail in late 2017 and late 2018 but gained momentum under the PTI government – is the root cause of inflation shouldn’t be a contested statement as it has made imports even more expensive for Pakistan.

And that’s countries like Pakistan are the worst affected due the rising commodities prices in global market as weaker currencies mean the overall impact is much deeper for them than the rest.

Read more: Rupee collapse is the reason behind all ills Pakistan is facing

This argument was endorsed by none other a high-ranking government official – Power Division Secretary Rashid Langrial who said on Monday that the capacity [charges] payment had doubled after the dollar exchange rate increased from Rs100 to Rs300, thus resulting in skyrocketing electricity tariffs for consumers.

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