Tag: carbon emissions

Red Sea diversions spew carbon emissions equal to nine million cars

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ships seeking to avoid ongoing attacks by Houthi rebels in the Red Sea area are emitting millions of additional tons of carbon, making it tougher for companies using ocean freight to reduce pollution across their supply chains.

Instead of passing through Egypt’s Suez Canal, hundreds of vessels since mid-December are sailing around South Africa’s Cape of Good Hope — a detour that adds at least a week to the journey between South Asia and northern Europe.

The additional fuel burned has led to approximately an extra 13.6 million tons of CO2 emissions over the past four months — equivalent to the pollution of about nine million cars over that same period, according to a report from consultancy INVERTO, a subsidiary of Boston Consulting Group Inc.

“The extra emissions resulting from this crisis will increase companies’ carbon footprints – making it very hard to hit their net zero targets,” said Sushank Agarwal, a managing director at the company. “To meet these targets, companies will either need to reduce emissions elsewhere in their supply chains or invest in more carbon offset initiatives — both can be very costly.”

While significant, the extra emissions are a fraction of what the shipping industry — which carries 80% of world trade — spews into the atmosphere each year. The sector’s global regulator, the International Maritime Organization, is working on the world’s first global carbon levy, though it’s not set to come into force until 2027. Meanwhile, the planet continues to warm.

A separate report from Xeneta, an Oslo-based freight-analytics company, focuses specifically on container shipping and showed carbon emissions sailing from Asia to the Mediterranean rose by 63% last quarter compared with the final three months of 2023.

The Xeneta and Marine Benchmark Carbon Emissions Index, a gauge of carbon emissions per ton of cargo transported along the world’s top 13 trade lanes, reached its highest level in the first quarter in records going back to 2018.

“Ships are also being sailed at higher speeds in an attempt to make up time due to the longer distances, which again results in more carbon being burned,” said Emily Stausbøll, a market analyst at Xeneta.

According to data from Clarkson Research Services Ltd., the average speed of the world’s largest container ships jumped above 16 knots after the Red Sea attacks intensified and mass shipping diversions began in mid-December, compared with speeds under 15 knots earlier that month.

The nine million cars calculation cited by INVERTO is based on a US Environmental Protection Agency estimate for a typical passenger vehicle. Using an International Energy Agency estimate for a year of emissions, the 13.6 million tons of CO2 are equivalent to that of 13.6 million passenger vehicles over four months, the report said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Shell to moderate near-term carbon emission cuts, drops goal of 45% carbon reduction by 2035

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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British oil giant Shell on Thursday announced plans to moderate its near-term carbon emissions cuts while maintaining its pledge to become a net-zero company by the middle of the century.

In its latest energy transition strategy update, the oil and gas major said it is now aiming to reduce its net carbon intensity on the third-party use of products it sells by 15% to 20% till 2030, compared with a previous target of 20%.

Shell said it had also dropped its goal of a 45% reduction by 2035, citing “uncertainty in the pace of change in the energy transition.

Last month, in an exclusive interview with CNBC-TV18, Shell CEO Wael Sawan stressed that the company is betting on the energy transition. However, Sawan is most worried that the energy transition does not happen at the pace the company would hope for.

He stated, “What I think the industry is trying to do is to move at a pace that is commensurate with being able to ensure that we create value for our shareholders while we transition the company towards lower and lower carbon. If you get the first one wrong, you won’t have the opportunity to be able to transition. And so it’s finding that balance.”

Moreover, the company is also planning to lay off over 20% of jobs in its deals team, in an effort to reduce costs, Bloomberg News reported on Wednesday.

The deals division of Shell has hundreds of employees who oversee mergers and acquisitions for the company. According to the report, the employees in this division were informed that there would be significant job cuts, for which further details will be communicated in April.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The super rich are burning the world more than everyone else, says Oxfam

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The carbon emission of the world’s super-rich 1% is equivalent to two-thirds or five billion people of the global population, says a new Oxfam report. The report, released on Monday, November 20, states that the carbon emissions by the richest of individuals, 77 million globally, surged to 16% of total CO2 emissions globally in 2019.

The Oxfam report titled, ‘Climate Equality: A Planet for the 99%’ is based on research with the Stockholm Environment Institute (SEI). It has assessed the consumption and emission of the different income groups in 2019. The findings of the study highlight the massive gap between the carbon footprints of the richest individuals, whose lifestyles and investments in fossil fuels are more carbon-heavy than those of the rest of the world.

As per the Oxfam study, the outsized emissions by the rich people are enough to cause 1.3 million deaths due to heat. Reportedly, these deaths are expected to occur between 2020 and 2030.

While underlining the cause, the interim Executive Director at Oxfam International, Amitabh Behar said, “The super-rich are plundering and polluting the planet to the point of destruction, leaving humanity choking on extreme heat, floods and drought”.

He added, “For years we’ve fought to end the era of fossil fuels to save millions of lives and our planet. It’s clearer than ever this will be impossible until we too end the era of extreme wealth.”

The report suggests that the cumulative contribution to global carbon emissions by the wealthy ones is more than all the car and road transport emissions. For such a huge number, it would take about 1,500 years for the bottom-lining individuals (the rest 99%) to produce a similar amount of carbon.

The study also indicated that governments can handle the twin crises of inequality and climate change by targeting the excessive emissions of the super-rich and meeting the climate goals.

Oxfam has mentioned that a 60% tax on the incomes of the richest 1% population would help in cutting emissions by more than the total emissions in the United Kingdom. Additionally, raising $6.4 trillion a year to pay for the transition away from fossil fuels to renewable sources of energy will contribute to this goal as well.

The Oxfam study has been released two weeks ahead of the 28th United Nations Climate Summit (Cop28), which is scheduled in Dubai. The world leaders will be gathering in Dubai to discuss the impacts and the measures to control the climate change challenges.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India, Japan launch $600 million fund for low carbon emission projects

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s quasi-sovereign wealth fund, the National Investment and Infrastructure Fund (NIIF), and the Japan Bank for International Cooperation (JBIC) launched on Wednesday a $600-million fund to invest in sustainability projects.

JBIC will contribute 51% of that figure, and India the rest, the Indian government said in a statement.

The India-Japan Fund will target investment in sustainable projects in areas such as renewable energy, e-mobility and waste management, the NIIF, launched in 2015 as India’s first state-backed fund, said in a statement.

It will also look to boost collaboration between Indian and Japanese firms amid an “unstable world situation and problems such as a severed supply chain,” said Hayashi Nobumitsu, the governor of the Japanese bank.

“Japanese companies are increasingly interested in entering the Indian market as a relocation destination for a production base or an investment destination,” he added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Export, import cost may increase from Jan 2027 due to decarbonisation measures on global shipping

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Decarbonisation measures for the global shipping industry to reduce carbon emissions in the coming years may increase the cost of doing exports and imports from January 2027, a report by think tank GTRI said on Monday.

The 175-member International Maritime Organization (IMO) notified its strategy on July 7 to decarbonise the global shipping sector and achieve net-zero emissions by 2050, the Global Trade Research Institute (GTRI) said It added that IMO has also set interim targets for reducing emissions by 20-30 percent by 2030 and 70-80 percent by 2040, compared to 2008.

It added that IMO has also suggested the shipping industry to switch to cleaner fuel.

“Fuel must account for a minimum 5 percent total fuel use. IMO will notify detailed measures next year. While IMO recommendations are not legally binding, countries are expected to achieve the targets set. This year, few countries pushed for a flat tax of $100 per tonne of carbon emission by ships, yet IMO ignored the recommendation and set broad targets due to opposition from China and many developing countries,” GTRI co-founder Ajay Srivastava said.

India should watch out against the IMO recommending punitive levies, he said.

“Compliance with the two directives will result in about 3-4 percent increase in price of export and import products, amounting to $600-800 billion annually at global level,” the report said.

It added that over 80 percent of the world’s merchandise trade valued at more than $20 trillion takes place through 6,400 cargo ships.

The shipping industry contributes about 3 percent of greenhouse gas emissions annually using fossil fuels like bunker oil.

Further, it said that the EU parliament has included shipping in the EU’s Emissions Trading System (ETS) on April 18. As a result, it will start charging tax from EUs outbound and inbound shipping companies from Jan 1, 2027.

The EU ETS will initially cover large ships of 5,000 gross tonnes and above but will be expanded after 2026 to cover smaller ships. On the emission side, initially, only carbon emissions will be tracked, but from 2026, all greenhouse emissions, including methane and nitrous oxide gases, will be covered.

“The EU is working out the implementing regulations. The measures are expected to be broadly similar to the Carbon Border tax notified for steel, aluminium and other products,” it said.

It also said that the share of Indian ships carrying India’s merchandise trade has declined from 40 percent in the late 1980s to less than 8 percent at present.

Since over 90 percent of India’s merchandise trade is carried by foreign ships, the new regulations will result in Indian traders paying higher charges to foreign shipping companies.

“Heavy and low-unit value goods would be more affected than light or high-cost goods. Shipping distance will also add to the cost,” it said, adding both the directives force the global shipping sector to make heavy investments in reducing emissions.

It said that decarbonisation will require ships switching from using bunker fuel to low-carbon fuels like liquefied natural gas (LNG), methanol, and ammonia.

“The sector also needs to invest in improving ship efficiency by optimising hull design, using efficient engines. The International Energy Agency (IEA) estimates that it will cost $1.5 trillion to achieve net-zero emissions from international shipping by 2050,” the report said.

It suggested that India’s shipping sector must set aside over $100 billion to survive in a low carbon future.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

France halts domestic flights on shorter routes that can be covered by train to reduce carbon emissions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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France has banned domestic flights on shorter routes, where train alternatives exist, in order to cut carbon emissions. The law has come into force now, two years after lawmakers had voted to halt routes where it was possible to make the same journey via train in less than two-and-a-half hours.

The ban rules out all except travel between Paris and cities such as Lyon, Nantes and Bordeaux while connecting flights would be unaffected.

Critics have described the measure as a ‘symbolic ban’.

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France’s transport system Clement Beaune said this is an essential step as well as a strong symbol in the policy of reducing greenhouse gas emissions, CNN reported.

“As we relentlessly fight to decarbonise our lifestyle, how can we justify plane usage between big cities that benefit from fast, regular and efficient connections via train,” he said.

For the ban to be in place, the European Union has insisted the air route must have a high-speed rail alternative that makes travel between the two cities possible in less than two-and-a-half hours. It is also important that there are enough late as well as early-running trains that enable travellers to spend eight hours at least at the destination.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Maharashtra power company wins solar power project bid that will reduce 9 lakh tons of CO2 emissions annually

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sustainable energy company Avaada Energy on Thursday said it has secured a 560 MW (DC) solar project bid in e-Reverse auction conducted by Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The project is expected to generate approximately 951 million units of electricity annually, which will result in a significant reduction of 8,85,563 tons of CO2 equivalent emissions each year.

The project was secured via competitive bidding, followed by an e-Reverse auction, in which Avaada emerged as the winner with a quoted tariff of Rs 2.88/kWh, or approximately $0.035.

As per bid terms, Power Purchase Agreement (PPA) will be signed between two entities for 25 years, and the project will be commissioned within 18 months, Avaada Energy added.

Furthermore, Avaada Energy claims that the solar project can potentially power approximately 7 lakh households with green energy.

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Founded in 2017, Avaada Energy is a green energy developer. It works on solar energy projects, including distributed solar energy production with business interests in Solar Module Manufacturing, Electrolyser manufacturing and Green Ammonia production.

According to reports, the company bagged a 421 MW solar project from Damodar Valley Corporation (DVC) last week.

Last month, Ramkrishna Forgings announced its multi-crore investment plan to set up 85 MW renewable energy capacity in a year.

Also Read: India’s first fully-integrated local production line for solar PV modules to come up by December 2024

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NASA’s OCO-2 satellite tracks carbon emissions for over 100 countries

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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NASA’s Orbiting Carbon Observatory-2 (OCO-2) satellite has helped researchers track carbon dioxide emissions for over 100 countries around the world.

This pilot project offers a new perspective on the carbon dioxide emitted in these countries and how much is absorbed by forests and other carbon-absorbing ‘sinks’ within their borders. The study shows how space-based tools can aid insights into Earth as nations work towards achieving their climate goals.

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The international study, conducted by more than 60 researchers, used measurements made by NASA’s OCO-2 mission, as well as a network of surface-based observations, to quantify the increase and decrease in atmospheric carbon dioxide concentrations from 2015 to 2020.

Using this measurement-based approach, the researchers were able to infer the balance of how much carbon dioxide was emitted and removed. The map generated from the study shows the mean net emissions and removals; countries where more carbon dioxide was removed than emitted appear as green depressions, while countries with higher emissions are tan or red.

Although the OCO-2 mission was not designed to estimate emissions from individual nations, the findings from the 100-plus countries come at an opportune time. The first Global Stocktake, a process to assess the world’s collective progress towards limiting global warming as specified in the 2015 Paris Agreement, takes place in 2023.

“NASA is focused on delivering Earth science data that addresses real-world climate challenges – like helping governments around the world measure the impact of their carbon mitigation efforts,” said Karen St. Germain, Director of NASA’s Earth Science Division at NASA Headquarters in Washington. “This is one example of how NASA is developing and enhancing efforts to measure carbon emissions in a way that meets user needs.”

The study provides a new perspective by tracking both fossil fuel emissions and the total carbon “stock” changes in ecosystems, including trees, shrubs, and soils. The data are particularly useful for tracking carbon dioxide fluctuations related to land cover change.

Emissions from deforestation alone make up a disproportionate amount of total carbon output in the Global South, which encompasses regions of Latin America, Asia, Africa, and Oceania.

The authors of the study note that traditional activity-based approaches to carbon measurement rely on tallying and estimating how much carbon dioxide is being emitted across all sectors of an economy, such as transportation and agriculture.

Bottom-up carbon inventories are critical for assessing progress towards emission-reduction efforts, but compiling them requires considerable resources, expertise, and knowledge of the extent of the relevant activities.

Developing a database of emissions and removals via a top-down approach could be especially helpful for nations that lack traditional resources for inventory development, the study authors assert. In fact, the scientists’ findings include data for more than 50 countries that have not reported emissions for at least the past 10 years.

“Our top-down estimates provide an independent estimate of these emissions and removals, so although they cannot replace the detailed process understanding of traditional bottom-up methods, we can check both approaches for consistency,” said Philippe Ciais, a study author and research director at the Laboratoire des Sciences du Climat et de l’Environnement in France.

NASA’s partnership to launch MAIA satellite

NASA and the Italian space agency Agenzia Spaziale Italiana (ASI) have announced a partnership to develop a satellite, called the Multi-Angle Imager for Aerosols (MAIA), to study the effects of airborne particle pollution on human health.

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The MAIA mission is set to launch before the end of 2024 and will mark the first-time epidemiologists and public health researchers have been directly involved in the development of a satellite mission.

The MAIA observatory will consist of a satellite provided by ASI and a science instrument built at NASA’s Jet Propulsion Laboratory in Southern California. The mission will collect and analyse data from the observatory, sensors on the ground, and atmospheric models, and then relate those results to human birth, death, and hospitalization records to answer pressing questions about the health impacts of solid and liquid particles that contaminate the air we breathe.

Airborne particle pollution has been linked to respiratory diseases such as asthma and lung cancer, cardiovascular diseases such as heart attack and stroke, and adverse reproductive and birth outcomes, including premature birth and low infant birth weight. The mission’s main objective is to study whether exposures to different types of particle pollution have differing health impacts.

Over the course of its three-year mission, MAIA will focus on 11 primary target areas that cover major urban centers around the globe, including Los Angeles, Atlanta, and Boston in the United States; Rome; Addis Ababa, Ethiopia; Barcelona, Spain; Beijing; Johannesburg; New Delhi; Taipei, Taiwan; and Tel Aviv, Israel. The mission will also collect some data over 30 secondary target areas throughout the world.

Francesco Longo, head of the Earth Observation and Operation Division at ASI, said, “MAIA marks an important moment in the long history of cooperation between NASA and ASI, and it symbolizes the best our two agencies can marshal in terms of expertise, knowledge, and Earth-observation technology. The science produced by this joint mission will provide benefits to humanity for years to come.”

The agreement between NASA and ASI was finalized in January 2023 and continues decades of collaboration, including on the Cassini mission to Saturn, which launched in 1997.

In 2022, ASI’s ArgoMoon tiny cube satellite was a secondary payload aboard the Artemis I mission’s Orion spacecraft. The agency’s Light Italian CubeSat for Imaging Asteroids, or LICIACube, played a crucial role in NASA’s Double Asteroid Redirection Test (DART) mission.

MAIA’s measurements of sunlight reflecting off airborne particles will help researchers determine the abundance, size, and optical properties of certain pollutants in the atmosphere. Using such data in conjunction with surface-based measurements will help researchers decipher the particles’ chemical composition.

The mission will collect data on short-term exposure to particulate pollution over the course of days, chronic exposure, which can last many years, and “sub-chronic” exposure, such as the monthslong inhaling of pollutants that might occur during pregnancy, which can lead to adverse health effects for a mother and infant.

MAIA is a joint Earth-observing mission between NASA and ASI. NASA’s Space Communications and Navigation program (SCaN) will provide uplink and downlink services for commands and data, and NASA’s Atmospheric Science Data Centre will provide computational resources to generate and archive science products. ASI will provide the PLATiNO-2 spacecraft, contribute launch services, and host the mission operations centre.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India to bolster carbon trading market with stabilisation fund

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India is planning a stabilisation fund to keep prices of credits in its planned carbon market above a certain threshold, ensuring that they remain attractive for investors and that the market succeeds in cutting emissions, two government sources said.

Money in the fund would be used by a market regulator to buy carbon credits if prices fell too low, one of the officials said.

Consistent investor interest in credits and a floor under the price would be needed because sharp falls in the market could discourage industries from reducing carbon dioxide emissions, that official added.

Planning envisages the market becoming fully operational in 2026, covering 37 percent of the country’s emissions, according to slides, seen by Reuters, that the Power Ministry has shown to stakeholders. The sources said the government intended to publish the market’s rules soon.

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Details would be announced next year, said a third person, Samrat Sengupta, vice president for new businesses and market strategy at carbon offsetter EKI Energy Ltd, which has been briefed by the government.

In creating a carbon market, a country sets a limit on emissions and then allocates a corresponding quantity of tradable permits, or credits, to emitters. The quantity reduces over time. If a company wants to emit more, it can buy more credits at the market price, but it will also consider whether constraining or even cutting its emissions might be more profitable.

The source said the federal government would set up the stabilisation fund. Exactly how it would work and where the money would come from was still under discussion.

The second source said the World Bank had shown interest in financing the carbon market if a stabilisation mechanism were created.

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The World Bank has already said it will provide $8 million to help India prepare carbon-pricing instruments.

India’s Power Ministry and the World Bank did not immediately respond to a request from Reuters for comment.

The plans for creating a stabilisation fund and funding details have not been reported previously. The officials spoke on condition of anonymity.

Beginning in 2008, prices of carbon credits in other countries slumped heavily, because of that year’s economic crisis and because governments had issued too many of them.

In the European Union, a credit worth a tonne of carbon dioxide traded at just five euros in 2012, down from around 30 euros in 2008, so cutting emissions was not very rewarding. But the creation of a stabilisation fund in 2019, among other measures, has seen the price rise to between 75 and 95 euros per tonne.

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MARKET LANDSCAPE

The Indian market would cover emissions of carbon dioxide and also five other greenhouse gases valued in terms of their carbon dioxide equivalence, the sources said.

Power Minister R K Singh said last week the Central Electricity Regulatory Commission would probably be the market regulator.

In a part of the planned market to be called the compliance market, participation would be obligatory for entities in a dozen sectors, such as oil refining, steel, aluminium and cement, the sources said. Another part, the voluntary market, would be open to other entities.

India already has a market for trading certificates in above-target energy savings. Entities in 13 sectors must participate.

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Green energy companies formed a group in October to mediate between the government and industry. They included Adani Green, owned by billionaire Gautam Adani, Hero Future Energies, Ayana Renewable Power and global private equity major KKR’s Virescent Infra.

The targets for reducing each sector’s emissions will be set by committees of the environment, power and renewable energy ministries, the two officials said.

India’s carbon market is being set up in two phases, according to the government’s presentation slides. In the first phase, between 2023 and 2025, the existing energy-savings certificates will be converted to carbon credits.

The government was still considering whether the new market would subsume one in which certificates for renewable energy generation are traded, the two officials said.

India has committed to cutting its ratio of greenhouse emissions to gross domestic product by 2030 to 45 percent of its 2005 level and to net zero by 2070.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Centre ramping up measures to increase green hydrogen generation: Union minister

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Centre is ramping up measures to increase volumes of green hydrogen generation, Union minister Bhagwant Khuba said on Wednesday, reiterating government’s commitment for making India carbon-emission free in future.

Khuba, the Union Minister of State for Chemicals and Fertilisers & New and Renewable Energy, said this during the inauguration of the 15th edition of ‘Renewable Energy India Expo’ in Greater Noida.

“The government of India has already set its target of making India carbon emission-free in the coming years and industries taking the responsibility so efficiently is definitely going to help us accomplish the aim sooner,” Khuba said.

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He highlighted that India is “growing vigorously” in the sector of renewable energy and alternative sources such as solar, wind, and electrical energy.

“The government is also ramping up measures to increase volumes of green hydrogen generation and the support of industrialists is a boon to flourish in the segment,” the minister said, according to a statement.

The three-day event on renewable energy kicked off at the India Expo Mart with over 500 top exhibitors showcasing more than 750 brands in the sector.

Yogesh Mudras, managing director of Informa Markets in India, said India has emerged as the fourth largest country in the world in terms of installed renewable energy capacity and registered the highest growth rate in RE capacity addition.

“Besides, the 2070 target of net zero carbon emission as committed by Prime Minister Narendra Modi could boost India’s economy by 4.7 percent above projected baseline and create 20 million additional jobs by 2032,” Mudras claimed.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow