ISLAMABAD: Pakistan has called for supportive global policies to enable cash-strapped developing countries to navigate energy transition at an event Islamabad co-sponsored to commemorate the ‘International Day of Clean Energy’ at the United Nations (UN) headquarters in New York, Pakistani state media reported on Sunday.
The International Day of Clean Energy, observed on January 26 each year, is a UN-designated day to raise awareness and encourage action toward a transition to clean energy sources for the benefit of people and the planet.
The event at the UN headquarters was organized by the “Group of Friends of Energy,” an informal coalition of member states that actively collaborate and advocate for policies and initiatives focused on promoting sustainable energy access and development on a global scale.
“Developing countries with limited fiscal space are unable to invest in costly energy projects without enhanced access to finance,” Ambassador Usman Jadoon, Pakistan’s deputy permanent representative to the UN, told delegates this week.
“On this International Day of Clean Energy, we must commit to taking the necessary actions, at both national and international level, to achieve our global energy transition goals.”
Analysts say increasing climate threats have accelerated the clean energy policies and big tickets investments that are needed to transition to renewable energy, especially wind and solar energy, around the world.
Fossil fuels are the largest contributor to climate change, accounting for 75 percent of the world’s greenhouse gas emissions, according to the United Nations. The world must slash greenhouse emissions 45 percent by 2030 to cap global warming at 1.5 degrees Celsius above late-19th-century levels. Warming beyond that threshold, scientists warn, could push Earth toward an unlivable hothouse state.
Pakistan is among the countries most affected by climate change, while its contribution to global greenhouse gas emissions is less than 1 percent, according to Pakistani officials. The South Asian country suffered from deadly deluges in 2022, which were blamed on unprecedented monsoon rains and glacier melts due to climate change. The floods killed more than 1,700 Pakistan, affected 33 million and caused more than $30 million losses.
Ambassador Jadoon said developing countries were dedicated to making their contribution to the just energy transition, with Pakistan having committed to increasing the share of renewable energy in its energy mix to 60 percent by 2030.
“We plan on adding an additional 13,000MW [megawatts] of hydro-power capacity by 2030,” he said.
However, Pakistan’s energy transition goals were estimated to cost over $100 billion, the Pakistani envoy said, pointing out that capping global warming at 1.5 degrees Celsius would require $150 trillion investments globally in transition technologies and infrastructure by 2050.
“Undoubtedly, partnerships are essential to aid developing countries in overcoming these obstacles,” he added.
At UN, Pakistan calls for concessional financing for transition to clean energy
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At UN, Pakistan calls for concessional financing for transition to clean energy
- Fossil fuels are the largest contributor to climate change, accounting for 75 percent of the world’s greenhouse gas emissions
- Pakistan is among the countries most affected by climate change, with less than 1 percent contribution to global gas emissions
Pakistan raises fuel prices by Rs55 per liter as Middle East conflict drives oil surge
- Government says adequate fuel stocks in place despite global energy shock
- Oil prices jump from about $78 to over $106 per barrel amid regional conflict
ISLAMABAD: Pakistan on Friday increased petrol and diesel prices by Rs55 ($0.20) per liter each as escalating conflict in the Middle East sent global oil prices sharply higher and disrupted energy supply routes, officials said.
Global oil markets have been rattled since coordinated strikes by the United States and Israel against Iran began last week, triggering retaliatory attacks across the region, raising fears of disruption to key energy shipping routes and pushing petroleum prices sharply upward.
The price adjustment in Pakistan was announced after a joint press conference by Finance Minister Muhammad Aurangzeb, Deputy Prime Minister and Foreign Minister Ishaq Dar and Petroleum Minister Ali Pervaiz Malik, who said the government was monitoring international energy markets and domestic supply conditions amid the crisis.
“So, the decision we have made by changing the levy a little bit is that we are going ahead with increasing the price of both fuels, petrol and diesel, by Rs55 ($0.20),” Malik told reporters.
“And as soon as this matter settles, we will revise the prices downward with the same speed and take steps on how to increase people’s income and purchasing power.”
He said Pakistan entered the crisis with “comfortable energy reserves” due to earlier planning but rising global prices had forced the government to adjust domestic fuel rates to maintain supply continuity.
He said international petrol prices had climbed from roughly $78 per barrel on March 1 to around $106.8 per barrel, while diesel prices had risen to about $150 per barrel.
Malik added that the government had taken steps to minimize the burden on consumers, noting diesel plays a critical role in agriculture, transportation and public mobility.
Malik also warned that authorities would take strict action against anyone attempting to hoard fuel or manipulate supply for profiteering.
The minister said Pakistan was working with international partners to secure additional energy supplies, including arrangements with Saudi Aramco and the use of Pakistan National Shipping Corporation vessels to transport crude oil imports.
Finance Minister Aurangzeb said a high-level government committee formed by Prime Minister Shehbaz Sharif had been meeting daily to review developments in global petroleum markets and their potential impact on Pakistan’s economy.
“Pakistan currently maintains adequate energy stocks and macroeconomic stability,” Aurangzeb said, adding that the government’s response was based on preparedness rather than panic.
He said the committee, which includes senior ministers, the governor of the State Bank of Pakistan and other officials, was assessing short-, medium- and long-term implications of the crisis for inflation, foreign exchange reserves and broader economic indicators.
Deputy PM Dar said the regional conflict had significantly disrupted global energy markets, with international petroleum prices rising by as much as 50–70 percent in recent days.
The deputy prime minister added that Pakistan was also engaged in diplomatic efforts aimed at de-escalating tensions and restoring stability in the region.
Petroleum prices will now be reviewed more frequently, potentially on a weekly basis, and any reduction in global oil prices would be passed on to consumers.
Pakistan, which relies heavily on imported fuel to meet its energy needs, is particularly vulnerable to global oil price shocks that can quickly feed into inflation and pressure the country’s external accounts.
