Here’s how NBA’s Nets for Change initiative is reshaping India’s basketball courts

In a unique twist of fate, discarded fishing nets that once threatened marine life are finding new life as basketball nets in India, thanks to the innovative efforts of the National Basketball Association (NBA). Through their groundbreaking campaign, ‘Nets for Change,’ the NBA is not only addressing environmental concerns but also revitalising basketball courts across the country.

Murtaza Madraswala, Head of Marketing, Content & Communications at NBA India, highlighted the pressing issue, stating, “About 80% of the marine ecosystem is polluted by ghost nets. Approximately 5,000 tonne of these ghost nets are washed up on the shore in India.

These ghost nets are majorly impacting the marine ecosystem in their natural habitat. Also, whenever we visited various basketball courts across cities, we found the functional part of the game missing, which is the net. So we thought this is a great way to tackle two problems with one solution.”

The ‘Nets for Change’ initiative not only tackles the environmental menace posed by abandoned fishing nets but also addresses the need for functional basketball infrastructure in communities. By repurposing these nets into basketball nets, the NBA is promoting sustainability and fostering community engagement through the sport.

To learn more about this groundbreaking initiative and its transformative impact, watch the accompanying video.

 5 Minutes Read

CDRI issues urgent call for resilient infrastructure in face of escalating natural disasters

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

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Summary

The Coalition for Disaster Resilient Infrastructure (CDRI), a global collaboration comprising countries, UN agencies, multilateral development banks, and the private sector, has issued a pressing call for resilient infrastructure capable of withstanding, recovering from, and adapting to hazardous events and shocks. CDRI asserts that addressing infrastructure deficits, achieving Sustainable Development Goals (SDGs), and reinforcing resilience by 2050 requires a total investment of $9.2 trillion, with $2.84 trillion earmarked for low and middle income nations.

Morocco experienced an earthquake, while Hawaii, Greece, and Canada faced devastating wildfires. India grappled with landslides and floods in 2023, resulting in loss of life, infrastructure destruction, and supply chain disruptions.

Annually, the world suffers staggering losses of approximately $520 billion due to natural disasters.

The Coalition for Disaster Resilient Infrastructure (CDRI), a global collaboration comprising countries, UN agencies, multilateral development banks, and the private sector, has issued a pressing call for resilient infrastructure capable of withstanding, recovering from, and adapting to hazardous events and shocks.

Amit Prothi, Director General of CDRI, highlighted the alarming potential loss of $300-330 billion in infrastructure assets on average each year.

The CDRI report underscores the heightened vulnerability of low and middle income countries, primarily due to ongoing infrastructure construction. These nations must increase both public and private investments to mitigate their infrastructure deficits and bolster resilience.

The report also raises concerns that a significant portion of the infrastructure needed worldwide by 2050 remains unbuilt. CDRI asserts that addressing infrastructure deficits, achieving Sustainable Development Goals (SDGs), and reinforcing resilience by 2050 requires a total investment of $9.2 trillion, with $2.84 trillion earmarked for low and middle income nations.

Prothi pointed out the need for tailored assistance and technological support for certain countries, emphasising that a small nation reliant on a single airport risks isolation if that infrastructure is compromised.

However, the CDRI report cautions against blind investments. It underscores that excessive construction exacerbates challenges in numerous developing countries, including India. The recommendation is clear: disaster and climate risks must be systematically integrated into the planning, design, regulation, and management of infrastructure systems to avert escalating asset losses, damages, and service interruptions.

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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July 2023 was Earth’s hottest month on record, say European scientists

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

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Summary

July’s global average temperature of 16.95 degrees Celsius (62.51 degrees Fahrenheit) was a third of a degree Celsius (six tenths of a degree Fahrenheit) higher than the previous record set in 2019, Copernicus Climate Change Service, a division of the European Union’s space programme, announced Tuesday.

Now that July’s sizzling numbers are all in, the European climate monitoring organisation made it official: July 2023 was Earth’s hottest month on record by a wide margin.

July’s global average temperature of 16.95 degrees Celsius (62.51 degrees Fahrenheit) was a third of a degree Celsius (six tenths of a degree Fahrenheit) higher than the previous record set in 2019, Copernicus Climate Change Service, a division of the European Union’s space programme, announced Tuesday.

Normally global temperature records are broken by hundredths or a tenth of a degree, so this margin is unusual.

“These records have dire consequences for both people and the planet exposed to ever more frequent and intense extreme events,” said Copernicus deputy director Samantha Burgess. There have been deadly heat waves in the Southwestern United States and Mexico, Europe and Asia. Scientific quick studies put the blame on human-caused climate change from the burning of coal, oil and natural gas.

Days in July have been hotter than previously recorded from July 2 onwards. It’s been so extra warm that Copernicus and the World Meteorological Organisation made the unusual early announcement that it was likely the hottest month days before it ended. Tuesday’s calculations made it official.

The month was 1.5 degrees Celsius (2.7 degrees Fahrenheit) warmer than pre-industrial times. In 2015, the nations of the world agreed to try to prevent long-term warming — not individual months or even years, but decades — that is 1.5 degrees warmer than pre-industrial times.

Last month was so hot, it was .7 degrees Celsius (1.3 degrees Fahrenheit) hotter than the average July from 1991 to 2020, Copernicus said.

The worlds oceans were half a degree Celsius (0.9 degrees Fahrenheit) warmer than the previous 30 years and the North Atlantic was 1.05 degrees Celsius (1.9 degrees Fahrenheit) hotter than average. Antarctica set record lows for sea ice, 15 percent below average for this time of year.

Copernicus’ records go back to 1940. That temperature would be hotter than any month the US National Oceanic and Atmospheric Administration has recorded and their records go back to 1850. But scientists say it’s actually the hottest in a far longer time period.

“It’s a stunning record and makes it quite clearly the warmest month on Earth in ten thousand years,” said Stefan Rahmstorf, a climate scientist at the Potsdam Institute for Climate Research in Germany. He wasn’t part of the Copernicus team.

Rahmstorf cited studies that use tree rings and other proxies that show present times are the warmest since the beginning of the Holocene Epoch, about 10,000 years ago. And before the Holocene started there was an ice age, so it would be logical to even say this is the warmest record for 120,000 years, he said.

“We should not care about July because it’s a record, but because it won’t be a record for long,” said Imperial College of London climate scientist Friederike Otto. “It’s an indicator of how much we have changed the climate. We are living in a very different world, one that our societies are not adapted to live in very well.”

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

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

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Withering Weather: Experts see erratic rains to spell higher food prices and tougher inflation ahead

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

 Listen to the Article (6 Minutes)

Summary

Weather forecast report from the India Meteorological Department has predicted the probability of a precipitation for February–April period indicates that an enhanced probability of below normal precipitation is likely over most parts of northwest, north along the plains of Himalayas, central and east India and some parts of northeast of South Asia.

India has faced unexpected heavy rains, thunderstorm and hailstorm in the past few weeks causing devastating damages to crops and many agricultural commodities nationwide.

While heavy rains over parts of India have wreaked havoc on rabi crops, especially ready-to-harvest wheat, gram and mustard crops, the rural economy – specially farmers felt the jitters due to a lack of storage facilities for harvested crops that were submerged under water due to the heavy pouring.

The sudden change in weather conditions will probably act as a catalyst to the already high food prices, and may cause supply disruptions in the coming months as farmers bear huge losses due to the destruction of crops.

Indeed, food prices, which account for nearly 40 percent of the CPI basket, skyrocketed in the first half of 2022 before cooling-off in the end of last year but since then it has been rising again and is currently hovering just under 6 percent. 

“Inflation is expected to moderate next fiscal, helped by a reduction in fuel and core inflation. Food – a big mover of overall inflation – faces risks from weather disruptions and abnormal monsoons,” says CRISIL analysts in a research note.

“The easing of commodity prices from the highs seen last year will nevertheless offer comfort to fuel and core inflation. Producers, meanwhile, continue to pass on higher costs to retail prices. While goods inflation has already risen sharply, services inflation is gradually catching up as well.”

Source: Trading Economics

Rural Economy To Face Tougher Challenges?

The rural India, which is largely dependent on agricultural income has been growing modestly on high agri prices so far but climate risk from heatwaves and an expected El Nino condition could put some pressure on the output.

Along with that, higher borrowing costs, which usually impacts everyone dependent on bank loans, could make farmers’ lives much more difficult than it already is.

The repo rate at 6.5 percent, is already above the RBI’s top tolerance band and the central bank will probably keep tightening its policy in order to tame price pressures. That could have an adverse effect on the economic growth and impact common man’s lives.

‘Rising borrowing costs will be the key challenge next fiscal, which is likely to moderate domestic demand, going ahead. We are already seeing signs of a slowdown in demand for goods, even as demand for contact-based services continues to rise,” adds CRISIL analysts.

Source: IMD

The Weather Outlook

India’s monsoon patterns are always different. Last year it was declared as normal monsoon which was better than the long-term average. This year heat waves from East Asia, Afghanistan and Pakistan will decide the climate pattern like EI Nino or EL Nina in the overall region.

During EI Nino, heat waves tend to get trapped more in North, West and Central India whereas El Nina observed deeper in the southern region.

Raghu Murtugudde, Visiting Professor, Earth System Scientist at IIT Bombay, says that if EI Nino happens in the summer after La Nina in winter which would be create most deficit pattern in the monsoon and expecting 15% deficit compared to long term averages rainfall. 

Murtugudde further added that Western Ghats could see untimely rainfall before monsoon on the back of EI Nino effect. The current data pattern and forecasting models indicate EI- Nino effect on monsoon deficit is most likely to happen across India.

Source: IMD

According to a weather forecast report from the India Meteorological Department, the probability of a precipitation for February–April period indicates that an enhanced probability of below normal precipitation is likely over most parts of northwest, north along the plains of Himalayas, central and east India and some parts of northeast of South Asia and above normal precipitation is likely over some parts of west, south peninsula and few parts of northeast and southeast of South Asia. 

The report also says the average monthly temperature during April is likely to be normal to below normal for all south Asian countries after April.

All in all, abundance or lack of rainfall will decide price increases on food and in turn over all inflation in India in the coming months. Conditions over the Pacific and the Indian Oceans will have a strong influence on Indian monsoon. A harsh season of intense heatwaves and soaring temperatures could be awaiting in the coming months.

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Greta Thunberg released after brief detention at German mine protest, police say

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

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Summary

Greta Thunberg was held while protesting at the opencast coal mine of Garzweiler after police warned that the group would be removed by force if they did not move away from the edge of the mine.

Environmental activist Greta Thunberg swiftly resumed campaigning on Wednesday after she was briefly detained in Germany during a protest against a coal mine expansion, tweeting that protecting the climate was not a crime.

“Yesterday I was part of a group that peacefully protested the expansion of a coal mine in Germany. We were kettled by police and then detained but were let go later that evening,” tweeted Thunberg, whose whereabouts are unclear.

“Climate protection is not a crime.”

She was detained with other activists demonstrating against the demolition of the village of Luetzerath to make way for the expansion of an opencast coal mine owned by RWE.

Thunberg was held while protesting at the opencast coal mine of Garzweiler 2, some 9 km (5.6 miles) from the village of Luetzerath, after police warned that the group would be removed by force if they did not move away from the edge of the mine.

The village in the western state of North Rhine-Westphalia is being cleared to allow for the expansion of the mine. The mine’s owner, RWE, agreed with the government that it could demolish Luetzerath in exchange for its faster exit from coal and the saving of five villages originally slated for destruction.

Activists have said Germany should not be mining any more lignite, or brown coal, and should focus on expanding renewable energy instead.

Riot police backed by bulldozers removed activists from buildings in the abandoned village last week, with only a few left in trees and an underground tunnel by last weekend, but protesters including Thunberg remained at the site staging a sit-in into Tuesday.

“We are going to use force to bring you to the identity check, so please cooperate,” a policeman said to the group, according to Reuters footage.

“Greta Thunberg was part of a group of activists who rushed towards the ledge. However, she was then stopped and carried by us with this group out of the immediate danger area to establish their identity,” a spokesperson for Aachen police told Reuters, adding that one activist had jumped into the mine.

Thunberg was carried away by three police officers and held by one arm at a spot away from the edge of the mine and was then escorted back towards police vans.

The Swedish climate activist addressed the around 6,000 protesters who marched towards Luetzerath on Saturday, calling the expansion of the mine a “betrayal of present and future generations.”

The protest has highlighted growing tensions over Berlin’s climate policy with environmentalists arguing that climate goals are being neglected with a return to dirtier fuels during an energy crisis caused by Russia’s invasion of Ukraine.

“Germany is one of the biggest polluters in the world and needs to be held accountable,” she said.

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

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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KRBL Limited bags ‘Climate Positive Award 2022’

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

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Summary

KRBL Limited has been steadily progressing toward the transition of fossil-based systems to renewable energy sources, with an emphasis on improving its ESG performance as well as its business performance.

KRBL Limited has ben awarded the ‘Climate Positive Award 2022’ for its contributions and leadership in energy transition towards communities and the environment.

In terms of energy and water conservation, most KRBL plants have advanced to become pioneers and trendsetters among their peers. The company has reduced its energy consumption through investments in technologies and efficiency improvement initiatives. The proportion of green energy used in its plants and ancillary facilities has also increased.

On receiving this award, Priyanka Mittal, Whole Time Director at KRBL Limited said, “We are grateful to Green Cross for the Climate Positive Award, and we are humbled to know that our efforts towards transitioning to cleaner energy have been noticed and rewarded.”

KRBL Limited has been steadily progressing toward the transition of fossil-based systems to renewable energy sources, with an emphasis on improving its ESG performance as well as its business performance.

KRBL has also implemented a real-time energy monitoring process, which helps the company understand how much renewable energy is used and how much power costs. To reduce carbon emissions, the company has installed highly efficient ESP chimneys in all of its manufacturing facilities. This has significantly reduced its carbon footprint.

As part of its sustainable business practices, KRBL built a water reservoir to store canal water and stopped using groundwater in its manufacturing unit, despite being in a water-intensive industry.

Furthermore, a water recycling plant has been installed in a single unit, allowing the company to recycle and reuse 100 percent of the water used in the various manufacturing processes. A solar power plant at the Haryana unit has helped to reduce the facility’s power costs by nearly 15 percent.

The Executive Director of Green Cross United Kingdom, Ruy Campos-Dugone, stated, “Following the Green Cross tradition of rewarding organisations that are action-oriented and go beyond the path to sustainability, highlighting efforts to avoid, prepare for, and/or address issues related to Global Change, as well as coordinated efforts to benefit communities and the environment, we synthesize the reason why KRBL Limited is one of the winners of our Climate Positive Awards 2022.”

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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From Coca-Cola, Calvin Klein, Max to Lifestyle, what brands are doing to go green

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

 Listen to the Article (6 Minutes)

Summary

Top companies are also looking at innovative methods of integrating green practices in their business functions

Working towards a greener climate is no longer a fringe activity for top brands. Customers are becoming increasingly interested in buying products that are sustainably manufactured with minimum impact on the environment. Hence, top companies are also looking at innovative methods of integrating green practices into their business functions.

What makes a brand sustainable?

Sustainability must be at the core of any business while sourcing, manufacturing and distributing products. Sustainable companies position their impact more on the community and environment than on their bottom line and profit. For a company to become sustainable, it needs to adopt measures like transparency and ethical sourcing of materials, environmentally conscious manufacturing processes, waste-conscious packaging, and shipping products while negating the carbon footprint and diverting landfill waste at their product’s end-of-life.

Sustainable sourcing and manufacturing: A number of multinational corporations in recent years have pledged to work only with those suppliers who follow social and environmental standards. In India, 16 clothing brands, including Future Group, Shopper’s Stop, Westside, Max, Raymond, Lifestyle, Aditya Birla Retail, House of Anita Dongre, W, Arvind Brands, Biba, 109F, Spykar, Levi’s, Bestsellers and Trends, pledged to create sustainable fashion under the Project SU.RE, or Sustainable Resolution, launched by the government in 2019. As part of the project, these brands will ensure they make conscious decisions about how, where, and what they are sourcing across the value chain and select sustainable and renewable materials and processes.

Waste-conscious packaging: The growing concern around single-use packaging waste is driving major changes in the consumer packaging industry. Fast-moving consumer goods (FMCG) companies and retailers are making commitments to improve packaging systems. In the past few decades, the global packaging industry has enjoyed strong growth on the back of market expansion.

However, this has also burdened the environment with the use of single-use packaging containers. One of the biggest challenges for the industry is recycling.

PVH, the apparel company that owns brands like Calvin Klein, has pledged to adopt packaging methods that are 100 percent sustainable and done with ethically sourced materials by 2025. At present, 74 percent of the brand’s packaging is recyclable.

Coca-Cola has adopted approaches to design, manage and finance waste and recycling programs. According to 2019’s New Plastics Economy Global Commitment report, Coca-Cola produces 3 million metric tonnes of plastic packaging per year. The beverage giant pledged to have 50 percent recycled material in all its packaging by 2030. With this aim, the company launched new bottles in the US last year made out of 100 percent recycled materials.

Zero-carbon shipping: Last year, nine big companies, including Ikea, Amazon and Unilever, pledged to move cargo only on ships using zero-carbon fuel by 2040. With the agreement, the big brands hope to push the heavily-polluting shipping industry to decarbonise at a faster pace. According to a BBC report, cargo shipping is responsible for producing one billion tonnes of climate pollution each year, which is as much that of a country like Germany.

Carbon neutralisation: Online travel company  MakeMyTrip has partnered with climate tech startup Climes to introduce carbon neutralisation options when booking a flight through its platform. Flyers will now be able to neutralize the carbon footprint of their air travel – entirely or partially.

Commitments made by MakeMyTrip users will be distributed by Climes to carbon removal projects that focus on increasing biodiversity through agroforestry and restoring degraded agricultural lands, across the country. Flyers will additionally have the option of choosing the project they wish to support.

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

 Daily Newsletter

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

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Business 7 wants G7 countries to align international climate protection ambitions

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

 Listen to the Article (6 Minutes)

Summary

A joint statement by B7 members to the G7 was presented by the German Federation of Industry (BDI) on behalf of the group on the opening day of a three-day meeting of G7 environment, climate and energy ministers in Berlin.

The Group of Seven (G7) economic powers should align international climate protection ambitions along the lines of a “climate club” proposed by German Chancellor Olaf Scholz, the head of the Business 7 (B7) group of industry lobbies said on Wednesday.

A joint statement by B7 members to the G7, a copy of which was seen by Reuters, was presented by the German Federation of Industry (BDI) on behalf of the group on the opening day of a three-day meeting of G7 environment, climate and energy ministers in Berlin.

Scholz had suggested the idea to try to avoid trade friction in areas including green tariffs, the development of markets for decarbonised products, carbon pricing and removal methods.

Also Read: Tech Mahindra CEO says it is time to save the planet or perish

“The B7 support the idea of an open and ambitious climate club,” said BDI and B7 President Siegfried Russwurm. “The G7 must now clarify what its contribution can and should be.”

The B7 comprises the leading business and industry federations of the G7 states. It was founded on the initiative of BDI in 2007. The B7 wanted to promote an understanding of what, for example, constituted “green” raw materials such as steel or cement, he said.

The group viewed energy supply security and diversification as paramount, a stance that had been underscored by war in Ukraine and the possibility of Russia stopping pipeline shipments of natural gas to Europe, Russwurm added.

Also Read: Air pollution linked to deadly heart rhythm disorder: Study

The B7 wanted to accelerate alternative shipments of liquefied natural gas (LNG), a rapid expansion of renewable energy sources and the supply of hydrogen as a gas substitute.

It was urgent for G7 countries to agree on a coordinated promotion of low carbon hydrogen economies and the build-up of related transport and infrastructure capacities.

Europe’s largest economy holds the G7 presidency this year, making federal environment minister Steffi Lemke and federal economy minister Robert Habeck the hosts of the May 25-27 get-together.

Also Read: As Putin’s war on Ukraine sees no end in sight, the environment pays a heavy price

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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 5 Minutes Read

How energy guzzling crypto mining is bringing power plants back to life in US

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

 Listen to the Article (6 Minutes)

Summary

The idled Greenidge power plant in upstate New York was bought by private equity firm Atlas Holdings and retasked with mine cryptocurrency, while the once-struggling Montana coal plant, once slated to shut down in 2018, was acquired by Bitcoin mining company Marathon in late 2020 to get the power station’s electricity.

At a time when fossil fuel power plants are shutting down in favour of renewable energy, some plants in the US are getting a new lease of life to mine Bitcoin. Despite the known harmful impact on the environment, investors are pouring in money into reviving ageing fossil fuel plants.

The idled Greenidge power plant in upstate New York was bought by private equity firm Atlas Holdings and retasked to mine cryptocurrency, while the once-struggling Montana coal plant, slated to shut down in 2018, was acquired by Bitcoin mining company Marathon in late 2020 to get the power station’s electricity.

Energy guzzlers

One of the biggest environmental impacts of cryptocurrency is the electricity required for the mining process to create new digital coins. To ensure that the crypto operation is secure, these networks rely on solving hard computational problems. The puzzles become more difficult when the price of the Bitcoin is higher, thereby consuming more electricity. The harder the puzzles and higher the competition, the greater is the electricity usage.

According to the Cambridge Bitcoin Electricity Consumption Index, the current annual energy consumption of Bitcoins is 147.67 terawatt hour (or one trillion watts for one hour), which is more than the energy consumption of Norway and Ukraine, EcoWatch reported.

Thirst for electricity

The 115-megawatt coal-fired Hardin generating station in Montana had been struggling for years and was on the brink of closing down operations. In 2020, Marathon Digital Holdings, a Nasdaq-listed bitcoin mining company, partnered with Hardin’s owner to buy the power plant’s electricity. Marathon set up a data centre on 20 acres of land beside the Hardin facility with over 30,000 Antminer S19 units, a computer that specialises in mining Bitcoins, The Guardian reported.

Another controversial project that illustrates the impact of cryptocurrency on climate is the Greenidge power plant in upstate New York. The once-abandoned power plant was acquired by private equity firm Atlas Holdings in 2014 and converted into a natural gas unit. In 2020, a data centre for mining Bitcoin was set up using power from the Greenidge plant. In 2021, the company had 19 MW of mining capacity and planned to raise it to 85 MW by the end of 2022, The Wall Street Journal reported.

Environment impact

When the Hardin plant roared back to life, it spewed 187,000 tonnes of carbon dioxide into the atmosphere in the second quarter of 2021, over 5000 percent more than was the emissions expelled in the same period in the previous year.

In the third quarter, another 206,000 tonnes of carbon dioxide was emitted, as per the data from the Environmental Protection Agency.

“This isn’t helping old ladies from freezing to death, it’s to enrich a few people while destroying our climate for all of us,” The Guardian quoted Anne Hedges, co-director of the Montana Environmental Information Center, as saying.

As for the Greenidge power plant, the air pollution and water runoff are likely to damage the small community in the area which depends on fresh air and clean water for tourism, agriculture and fishing in the Finger Lakes, Yvonne Taylor, vice-president of the environmental non-profit Seneca Lake Guardian, was quoted as saying by WSJ.

While climate activists criticise the rejuvenation of these old plants, Bitcoin miners claim that even the use of washing machines consume more power than Bitcoin.

“I understand the desire for some people to point bitcoin mining as the big bad boy, but on a comparison with every other industry out there, it’s insignificant,” Fred Thiel, chief executive of Marathon, said in an interview.

 

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

 Daily Newsletter

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

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?

North India continues to reel under biting cold; no immediate respite

People across India, including residents of Delhi-NCR woke up to dense fog, with the maximum and minimum temperatures dipping, the region is set to continue experiencing chillier days and nights. (Image: Shutterstock)
The IMD said that dense fog in some isolated pockets in the night and morning hours was also very likely over Punjab, Haryana, Chandigarh, Uttar Pradesh in the next two to three days. (Text: IANS/ Image: Shutterstock)
The minimum temperature throughout Jammu & Kashmir and Ladakh remained notches below the freezing point on Thursday as the India Meteorological Department (IMD) forecast a rise in day temperatures and a further drop in night temperatures in the two UTs. (Text: IANS/ Image: Shutterstock)

 

A Sadhu walks on the banks of the Saryu River surrounded by fog in Ayodhya. (Image & text: AP)
Indian paramilitary soldiers stand guard at a checkpoint on a cold day in Srinagar. (Image & text: AP)
Parked vehicles covered with snow are seen at a field in Kullan, northeast of Srinagar. (Image & text: AP)
People warm themselves around a bonfire on a cold morning in Hyderabad. (Image: AP)
A health worker stands by a drive-through COVID 19 testing post amidst morning fog, in New Delhi. (Image & text: AP)