(December 07, 2015)
Former President FPCCI Senator Haji Ghulam Ali and President PBIF, President All Karachi Industrial Alliance and First Vice Chairman of the Businessmen Panel of FPCCI Mian Zahid Hussain on Monday said low oil prices are contributing to global pollution while sparking off climate change.
The oil prices dipped 60 percent since June 2014 have damaged research and development in renewable sector besides bankrupting many oil and gas initiatives in the west, they said.
The dwindling oil prices have also damaged the stability in the coal and LNG market which calls for global efforts to streamline the things, said the former Provincial Minister Mian Zahid Hussain and Former President FPCCI Senator Haji Ghulam Ali.
Senator Haji Ghulam Ali and Mian Zahid Hussain said that at present 33 percent of energy is produced through oil, 24 percent through gas, 30 percent with coal, 4 percent through nuclear power and 9 percent with the help of renewables.
They said that environmental degradation and climate change has affected millions around the world in absence of proper carbon tax and other initiatives which are topic of debate since 1992.
The FPCCI Presidential candidate Senator Haji Ghulam Ali and First Vice Chairman of BMP Mian Zahid Hussain said that renewables should be promoted through tax cuts and other incentives to slow down degradation otherwise masses will suffer more.
They further said that currently 384 billion kilowatt hour electricity is generated through hydel power, 520 billion kwh electricity is made by employing wind energy, 384 billion kwh through biomass and waste, 96 billion kwh with solar power, 68 billion geothermal and 0.5 billion with the help of wave and tidal energy.
