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Hitachi Energy to Invest $250 Million in India

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Hitachi Energy has announced investments to support the country’s energy transition journey.

It has announced plans to invest $250 Million in India over the next five years. The investment commemorates with the company’s 75th anniversary in the country.

The company will invest in capacity expansion, portfolio, and accelerating global demand for clean energy solutions.

This investment is part of the company’s larger $6 billion investment plans in manufacturing, engineering, digital, R&D, and partnerships across all major markets globally.

Key highlights of the investments include:

• Capacity expansion of the large power transformers factory
• Upgraded testing capabilities for specialty transformers at the small power transformers
• The relocation of the bushings factory, all crucial to further develop the country’s transmission projects to meet increasing energy demands.
• The capacity of the traction transformers factory will also be boosted to support the modernization of the Indian railway network.

It must be noted that Hitachi Energy has already pledged $4.5 billion by 2027 to accelerate the clean energy transition globally. The company has announced plans to double its investments in manufacturing, engineering, digital, R&D, and partnerships across all major markets from 2024 to 2027.

The event:

The company hosted a two-day experiential technology symposium, Energy & Digital World 75 (EDW75), to celebrate this milestone. The event encapsulated technologies and discussions toward advancing India’s net-zero journey.

The event was inaugurated by Amitabh Kant, India’s G20 Sherpa, Andreas Schierenbeck, Global CEO, Hitachi Energy, and N Venu, Managing Director and CEO, Hitachi Energy India & South Asia.

CEO speak:

The energy challenge is multifaceted, with power grids becoming more significant in the transition to renewables. India is a key market in advancing a sustainable, flexible, and secure energy system.

“We have been continuously investing in India over the past seven and a half decades. The new investments are geared toward expanding and upgrading capacity and talent, strengthening supply chain and enabling flexibility through digitalization in line with the Hitachi Energy 2030 strategic growth plan,” said Andreas Schierenbeck, Global CEO, Hitachi Energy.


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Adani Group to Power Google’s Cloud Services in India

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Google has announced partnership with the Adani Group to power its cloud services and operations in India.

The collaboration is a part of Google’s global strategy to achieve net-zero emissions across all its our operations and value chain by 2030.

Adani will supply clean energy from its new solar-wind hybrid project located in the world’s largest renewable energy plant at Khavda, Gujarat. This new project is expected to start commercial operations in the third quarter of 2025, according to a press release.

With proven capabilities in delivering large scale wind, solar, hybrid and energy storage projects, Adani is well-positioned to provide customized renewable energy solutions to commercial and industrial (C&I) customers to meet their energy requirements and reduce their carbon footprint, the company said.

Google’s net-zero initiatives:

Google’s strategy to achieve its net zero goal includes blending wind and solar power sources, increasing battery storage, and using AI to optimize electricity demand and forecasting.

Among other, its net-zero initiatives include:

• Net-zero target for renewable energy: By 2030, operate all data centers on carbon free energy, 24/7
• Reducing 50% of its combined Scope 1, 2, and 3 emissions (base line 2019)
• Investing in carbon removal: Using nature-based and technology-based solutions to neutralize remaining emissions
• Increasing clean energy procurement


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Bahrain Takes a Leap Towards a Sustainable Future

Renjini Liza Varghese


The recent POWERELEC conference in Bahrain highlighted the country’s unwavering commitment to achieving net-zero emissions.

As the event’s conference partner, WriteCanvas is particularly happy to be part of the Kingdom’s transformation journey.

The three-day event’s theme was “Bahrain’s Net Zero Ambition: Unfolding Renewables, Green Hydrogen for a Sustainable, Decarbonized Economy.”

It brought together industry leaders, policymakers, and experts to discuss innovative solutions and strategies for a sustainable, decarbonized future. With a focus on renewable energy (solar power), green hydrogen, and cybersecurity, the conference highlighted the critical role of collaboration and technological advancements in fulfilling Bahrain’s Vision 2030.

The conference, inaugurated by H.E. Mohamed Abduljabbar Alkooheji, the second vice chairman of the Bahrain Chamber of Commerce and Industry (BCCI), underscored the critical role of the private sector in the country’s renewable energy transition. Renowned speakers from the industry discussed various initiatives to accelerate this shift, emphasizing the importance of incentives, partnerships, and innovation.

Key highlights of the conference included:

Government Support: Eng. Ebtisam Isa Al-Shenoo, Chief, Industrial Operations Section, Ministry of Industry and Commerce, highlighted the importance of incentives to encourage industries to adopt renewable energy.

Industry Recommendations: Mr. Basim Al-Saie, Board Member, Bahrain Chamber and Chairman, GITHAA- Bahrain Food Holding Company -BFHC presented eight industry recommendations, including EV adoption and a thrust on renewable energy infrastructure.

Renewable Energy Transition: In a session titled “Renewable Energy Transition: The Toolkit for Success for Bahrainis,” H.E Jassim Al Shirawi, Secretary General Elect,  International Energy Forum (IEF) and Chairman & Managing Director, JAIS Energy Services underscored the need for energy transformation in the current era. Mr. Imed Derouiche, CEO of H2G Green Hydrogen, Tunisia elaborated on the role of hydrogen in this transition.

Cross-Border Energy Trade: In the first panel, “Transforming the Renewable Energy Landscape: Innovation, Partnerships, and Opportunities for Grid-Scale Energy,” the keynote speaker Dr. Husain Almakrami, Assistant Professor, Renewable Energy Yanbu Industrial College, Royal Commission for Jubail and Yanbu, Saudi Arabia, discussed new opportunities for cross-border energy trade and innovation in the renewable energy sector.

Energy Storage: The second panel, “Embracing Mega Trends in Intelligent Energy Storage Solutions in the Middle East,” moderated by Hinde Liepmannsohn, Executive Director, Middle East Solar Industry Association (MESIA), delved into challenges and innovations in the energy storage segment.

Financing and Execution: The conference also addressed the critical topic of “Financing and Executing the Big Ticket Projects – Challenges and Opportunities. ” The keynote speaker, Dr. Abdulla Alabbasi Director – DERASAT Energy and Environment Programme DERASAT- Bahrain Center for Strategic, International and Energy Studies, and the copanelists explored various financing options and their effective utilization.

Green Cities: On the third day, Dr. Hanan Albuflasa Professor of Renewable Energy University of Bahrain, emphasized the importance of supportive regulations for renewable energy adoption in the session “Building Green Cities: Solar Powering the Future.” The panel concluded that building green cities is a shared responsibility.

Cybersecurity: The conference concluded with a presentation on “Cybersecurity Risk Management for Renewable Energy Projects,” by Ali Beshara Cybersecurity Expert & Executive Trainer Cyber CREST, highlighting the importance of cybersecurity in the face of technological advancements.

Overall, POWERELEC Bahrain provided a valuable platform for stakeholders to discuss and collaborate on Bahrain’s net-zero ambitions, paving the way for a sustainable and decarbonized future.


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Can India Scale to Meet to its RE Targets?

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CEEW, the independent think tank has raised some eye-opening questions regarding India’s RE target achievements. As per them, scaling India’s renewables beyond 1,500 GW will face considerable land, water, population, and climate challenges.

It is assessed that India has a renewable energy (RE) potential of over 24,000 GW.

India currently has an installed RE capacity of 150 GW, and up to 1,500 GW, the constraints are relatively manageable. But reaching the ~7,000 GW required to achieve net zero emissions by 2070 will require a holistic approach.

Challenges such as land access, climate risks, land conflicts, population density, and other multiple constraints could intensify. This could narrow the runway to reach the net zero target.

These are the findings of a new study by the Council on Energy, Environment, and Water (CEEW). The study is titled, ‘Unlocking India’s RE and Green Hydrogen Potential: An Assessment of Land, Water, and Climate Nexus.’

According to the study, renewable energy including solar, wind, and green hydrogen, is crucial to realise India’s climate goals. However scaling up these technologies will require strategic land use, improved water management, and resilient power grid infrastructure.

Some challenges:

A considerable portion of India’s RE potential is in high-climate-risk and high-land-price areas—only 18 percent of onshore wind potential and 22 percent of solar potential are located in areas with low climate risks and low land prices, when looked at in isolation.

However, the challenges to realizing this potential increase when other constraints such as population density, land conflicts and seasonality of solar power are factored in.

  • Population density: Only 29 percent of onshore wind potential and 27 percent of solar potential in areas with a population density lower than 250 people/km2.
  • Land conflicts: About 35 percent of onshore wind potential and 41 percent of solar potential located in areas free from historical land conflicts.

However, earthquakes are less of a concern, as 83 percent of onshore wind and 77 percent of solar potential are located in low to moderate seismic zones.

States with high unconstrained RE potential:

As per the CEEW study:

  1. Rajasthan (6,464 GW), Madhya Pradesh (2,978 GW), Maharashtra (2,409 GW) and Ladakh (625 GW) have significant low-cost solar potential
  2. Karnataka (293 GW), Gujarat (212 GW), and Maharashtra (184 GW) offer considerable wind potential.
  3. Odisha and Madhya Pradesh, with high RE potential backed by land banks and infrastructure to evacuate renewable power and manage seasonality, could emerge as key players in meeting India’s renewable energy ambitions in the coming decades.
Green hydrogen push:

CEEW opines that green hydrogen could play a significant role in India’s clean energy transition.

The study estimates that the country could produce around 40 MTPA at a cost lower than $3.5/kg. Water availability and management impact the cost of green hydrogen projects.

This cost is expected to decrease further with advancements in electrolyzer technology and more efficient RE systems.

Low-cost green hydrogen could be produced in western and southern India, with Gujarat leading the production with an estimated potential of 8.8 MTPA at less than $3.5/kg, followed by Karnataka and Maharashtra with 5 MTPA each.

CEEW states:

Dr Arunabha Ghosh, CEO, CEEW, said, “India stands at a pivotal juncture in its energy transition. It has set out to do the near impossible: provide energy access to millions of people, clean up one of the world’s largest energy systems, and become a green industrial powerhouse. While our RE potential is vast, the road to net zero is fraught with challenges. From land conflicts and population density to the unpredictable but undeniable impact of climate change, every step forward will demand resilience and innovation.”

According to her, the scale of the task ahead is monumental. “Yet it is precisely this challenge that will define India’s legacy as a trailblazer for the Global South—a country that charts a low carbon pathway to prosperity against all odds.”

Hemant Mallya, Fellow, CEEW, said, “Land and water are critical resources for scaling up RE and green hydrogen in India. Prevention of desertification and innovative solutions to address land availability, such as agro-voltaics in horticulture and rooftop solar in dense Indian cities, will be essential. Moreover, as RE projects move into areas with higher climate risks, insurance companies could increasingly hesitate to provide coverage. Involving all stakeholders in the early stage of renewable project development and addressing climate risks will help ensure projects are commercially viable in the long run.”

Key takeaways:

The CEEW study recommends a comprehensive approach that includes all stakeholders to ensure that India’s ambitious RE and green hydrogen targets are met sustainably and equitably. The steps include:

  • Validating potential using higher-quality data and on-ground assessments is crucial, as current data may not fully reflect real conditions.
  • States should establish graded land banks that consider RE quality, water availability, and proximity to infrastructure to ensure rapid project development.
  • Evaluating and enhancing grid infrastructure resilience, particularly in regions with high RE seasonality, to support large-scale deployment.
  • Revising water management policies to prioritize energy production and assessing the need for surface water storage will be vital to sustaining green hydrogen production and mitigating resource challenges.

Link to the  report

 

 


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GAIL Starts MW-Scale Operations for Green Hydrogen

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GAIL has successfully inaugurated its first green hydrogen production plant in Madhya Pradesh.

The facility will produce 4.3 tons per day of green fuel via 10 megawatt-based electrolyzers. This makes the state-owned gas utility the first company to start megawatt-scale operations for the production of green hydrogen.

The project implemented by Tecnimont in collaboration with Nextchem marks a significant step towards low carbon energy solutions in India.

The GAIL Vijaipur plant aligns with India’s Mission Green Hydrogen.  of achieving at least 5 million tons of annual green hydrogen production capacity by 2030. India aims to become energy independent by 2047 and to achieve net zero by 2070.


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Double-Digit CAPEX Anticipated for Renewable Energy: CRISIL

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A CRISIL report predicts significant government investment and a robust project pipeline driving clean energy growth in India.

The report predicts double-digit capital expenditure allocation for the renewable energy sector. Analysts expect renewable power capacity to reach 180 gigawatts (GW) by FY26.

Solar energy is expected to remain the dominant player in this growth, says CRISIL.

India’s renewable energy journey has seen steady progress, with a 35% jump to 97 GW in FY22 and 130 GW by the end of FY24. A healthy executable pipeline of 75 GW is expected to contribute 75% of the 50 GW capacity addition, while commercial and industrial (C&I) and rooftop solar installations may contribute the remaining 25%.

The report also highlights a surge in auctioned capacity, rising from 12 GW in FY23 to a significant 35 GW in FY24, reflecting a 2.5-fold increase. The findings from CRISIL’s study are likely to add fuel to the fire of anticipation surrounding the upcoming Union Budget 2024.

With ambitious renewable energy targets and a burgeoning pipeline of projects, the government is expected to unveil policies that will further propel India’s clean energy transition.


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Emissions reduction: Ambition Vz reality

Sonal Desai


India’s carbon emissions are predicted to rise due to increased fossil fuel use in industry, power generation, transportation, and energy consumption.

By 2050, energy demand is expected to surpass any other region, driven by additional factors like urbanization and built space expansion.

Despite this, India’s investments in clean energy have increased rapidly in response to aggressive targets, according to IEA’s World Energy Investment report.

India’s carbon emissions and growth:

• India’s carbon emissions are expected to rise due to increased fossil fuel use in industry, power generation, and transportation.
• India’s annual GHG emissions have nearly tripled since the turn of the century, reaching a record high of 2.7 GtCO₂ in 2022, according to Statista.
• Global energy think tank, Ember Report placed India as the world’s third-largest solar power producer in 2023, surpassing Japan.
• India ranks 7th in the Climate Change Performance Index (CCPI), up one spot from the previous year.

The growth story:

Indian clean energy investment surged to $68 billion in 2023, a 40% increase from 2016 to 2020. Solar PV and low-emission power generation accounted for half. Fossil fuel investments reached $33 billion.

The country ranks high in GHG emissions and energy use but medium in climate policy and renewable energy. India is on track to meet 2°C benchmarks despite low per capita emissions.

The NDC impact:

The country is attempting to meet its national determined contribution (NDC) through long-term policies promoting renewable energy and domestic manufacturing.

However, its heavy reliance on coal, oil, and gas contributes to greenhouse gas emissions and air pollution. India’s high petrol and diesel taxes are disputed, with some describing them as effective but others pointing to government dependence. The country’s energy system, largely reliant on imported fossil fuels, may strain, leading to increased carbon emissions.

Furthermore, India and China’s recent change to the cover decision at COP28, stating ‘phase down’ instead of ‘phase out’, has slowed global efforts to end the fossil fuel era.

Large-scale renewable energy projects negatively impact local communities through land grabs and unequal distribution. Policymakers should focus on transformative adaptation, disaster risk management, ecosystem-based solutions, and equity.

Expert take:

Experts argue that India’s ambitious goal of achieving net-zero emissions by 2070 lacks ambition and political will.

They recommend a bottom-up approach, including tribal and rural communities, faster coal phase-out, reduced gas reliance, and expanded renewable energy.

They also suggest a move to reach net-zero by 2050 and create affordable, accessible, and sustainable infrastructure. India has auctioned over 20 gigawatts of renewable energy capacity in 2023.


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India’s Port Sector must Decarbonize Operations Value Chain

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The Maharashtra Maritime Board has called for public and private stakeholders in the port sector to collaborate in decarbonizing the entire chain of port operations.

The emphasis on decarbonization aligns with environmental goals and positions India’s port sector as a frontrunner in global efforts towards cleaner and greener energy solutions.

Praveen S Khara, Chief Port Officer, Maharashtra Maritime Board, highlighted the state’s 77 million metric tonnes cargo handling capacity, emphasizing collaboration among stakeholders to drive the decarbonization agenda forward.

He said that the “Harit Sagar” guidelines in 2023 promote greener port development, operation, and maintenance, focusing on minimizing environmental impact.

They advocate for clean energy adoption and green fuel storage. These guidelines guide major ports in formulating action plans for carbon emissions reduction and aligning with sustainable development goals. Collaboration and adherence to green guidelines are crucial for sustainability, Khara said.

The guidelines, introduced in 2023, advocate for the adoption of clean and green energy in port operations and the development of capabilities for the storage, handling, and bunkering of greener fuels.

They serve as a framework for major ports to formulate action plans for achieving quantified reductions in carbon emissions over defined timelines.


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Green Gains: Clean Energy ETFs Outperform Oil & Gas

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Exchange-traded funds, or ETFs focused on clean energy are experiencing a resurgence, outperforming those centered on oil and gas exploration and production. This comes after a challenging two-year period for clean energy ETFs, which saw significant losses due to rising interest rates, supply chain issues, and a slowdown in clean energy installations.

Over the same period, cuts to crude oil output by major producer groups have helped lift earnings for oil and gas producers, which in turn boosted the returns of ETFs tied to that space by more than 50%.

However, over the past month an array of ETFs dedicated to key aspects of the energy transition – from renewable energy generation to smart grid management and uranium extraction – have all posted positive returns just as a major ETF tied to oil and gas output lost roughly 5%.

Several factors could derail this relative recovery in clean energy momentum, including a worsening Middle East conflict and higher-for-longer interest rates in the United States.

But if a peace deal is reached between Israel and the Palestinian militant group Hamas in Gaza and interest rates trend lower in key consumer markets, further pressure on oil and gas prices could materialize just as the affordability of renewable generation equipment improves.

That could potentially accelerate the recent divergence in ETF returns and support clean energy investing trends while undermining the appeal of fossil fuels.

ETFs PERFORMANCE HISTORY:

Over the past five years or so, investment vehicles tied to clean energy have endured a roller coaster ride.

Appetite for exposure to renewables soared from early 2020 through to the start of 2021 as several major economies adopted supportive policies designed to accelerate the energy transition away from fossil fuels and stimulate the development of industries and expertise in the clean energy arena.

Key clean energy vs fossil fuel ETF performance since Jan 1, 2020

5-year chart of clean energy ETFs vs key oil & gas production & exploration ETF

The iShares Global Clean Energy ETF (ICLN.O), opens a new tab characterized the broad flow of investor interest in clean power during that period, with prices rising by around 180% from January 2020 to January 2021.

Over that same period, investor interest in traditional energy developers dwindled amid a broad push-back against fossil fuels, exacerbated by the global downturn in fuel use during COVID-19 lockdowns.

The S&P oil & gas exploration and production ETF (XOP.P), opens new tab, one of the largest ETFs tracking fossil fuel output, slumped by over 60% through the opening four months of 2020, and finished out the year still nursing more than 40% losses despite recovering mobility and business activity in several economies.

COVID CRUNCH:

Following the upsurge in enthusiasm for clean energy in 2020, project developers during 2021 and 2022 experienced acute difficulties in securing sufficient quantities of related equipment – from solar panels and power inverters to racking systems and turbine blades – as supply chains remained impaired by COVID-19 movement restrictions in China and elsewhere.

These restrictions led to major project delays and component cost rises just as widespread interest rate increases curbed consumer purchasing and borrowing power, and resulted in a slowdown in renewable infrastructure build-out across several regions.

Russia’s invasion of Ukraine in early 2022 then caused disruption to natural gas and oil flows, which helped lift the prices of those commodities and boosted earnings for several key fossil fuel producers.

TREND REVERSAL:

The combination of cost climbs for renewable energy projects and higher fossil fuel prices resulted in a downturn in investor interest in renewable energy ETFs and a steady increase in the returns posted by fossil fuel ETFs since 2022.

Investment vehicles tied to uranium extraction snapped the downtrend in clean power investing since the second half of 2023, as growing policy support for nuclear generation sparked investor positioning in case of a shortage of nuclear fuels.

ETFs tied to electric grid upgrades and smart power management systems also made gains in 2023, as awareness about the challenges of incorporating renewable energy into existing grid systems sparked major utility-scale investments.

So far in 2024, the URA uranium ETF is up by around 14% while the returns posted by the S&P oil & gas exploration and production ETF and the Nasdaq Clean Edge Smart Grid (GRID.O), opens new tab are around 12%.

Other major clean energy ETFs, including the iShares Clean Energy ETF (ICLN.O), opens new tab, so far remain in the red on a year-to-date basis.

But if the momentum seen over the past month is sustained, all major clean power ETFs, including the First Trust Global Wind Energy ETF , may soon register positive returns for the year so far, which will serve to boost sentiment across the clean energy space.

And if that sentiment is further boosted by supportive macro-level changes regarding geopolitical tensions and interest rate regimes, additional investor momentum into the broader clean energy ETF space can be expected.

Disclaimer: Gavin Maguire wrote this opinion piece for Reuters. WriteCanvas modified the first paragraph and the headline.


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COP28: A Mixed Bag

Gayatri Ramanathan


When the dust settles on COP28, it will go down as one of the more momentous ones.

For the first time, the final text includes language on fossil fuels with countries agreeing that fossil fuels need to be replaced with clean energy to reach global net zero by 2050. The agreement calls for a tripling of renewable energy by 2030 and a doubling of energy efficiency.

Although the text contains references to ‘transition’ fuels, the emphasis remains on switching to renewable energy. It also calls for accelerating efforts for phase-down of unabated coal power. The UAE agreement says that new national climate pledges should be delivered in late 2024.

For a meeting that was supposed to focus on climate finance, COP28 was a mixed bag. The Loss and Damage Fund was established on Day 1. The 2nd replenishment of the Green Climate Fund stands at $12.8 billion. The next COP in Azerbaijan in 2024 now becomes the year for finance when major political and technical processes must land to address these gaps.

The Dubai meeting sent some key signals on the need for international financial reform assisting poor nations with the energy transition, and adapting to climate impacts. The lack of accompanying finance makes the energy transition a harder lift.

The adaptation text is weaker than previous versions with few concrete metrics or definitions, but a plan to get there over 2 years. There is a significant reference to rich countries paying poorer countries to use their forests as carbon offsets, which has raised questions about sovereignty and equity.

Trade has been raised as an issue with countries looking to work together on fair aligned policies that support global climate-friendly supply chains. There is a “Roadmap to Mission 1.5 degree C” on international cooperation ahead of COP30 in Brazil, a Brazilian initiative.

Adaptation was supposed to be the 3rd key issue addressed in COP28. Here the final agreement is quite weak and watered down with the text having been cut to exclude targets and timelines, no indication of scaling up adaptation finance, and loopholes to delay/deny financial obligations. On the Global Goal on Adaptation, the language has been watered down from a ‘commitment’ to ‘seek to’. With 84 mentions of the word ‘adaptation’, there is no sense that there are hard limits to humankind’s ability to adapt to climate change, as outlined by IPCC.

But more than all of this, the sheer number of oil and gas executives and big agriculture and meat business representatives present at the meeting shows that these key emitters now see the writing on the wall. We should soon see action from these key industries on decarbonizing. Equity and finance will continue to be key issues well into COP 29 in view of the looming global recession and the wars in Ukraine and Gaza.

The article is written by Gayatri Ramanathan, an Energy and Climate Action Expert. The views expressed are personal.

 

 

 

 


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Sajjan Jindal suggests four measures to mitigate climate risks

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Sajjan Jindal, Chair, B20 India Task Force on Energy, Climate Change and Resource Efficiency, outlined four key measures the world must take to mitigate climate risk and also meet Net Zero targets. Outlining the four measures revolve around clean energy, climate finance, equitable distribution and circular economy, Mr Jindal called for global collaboration to meet Net Zero targets.

The four measures:

  1. Global cooperation for net zero transition: The mission to embrace clean energy is universal. This is our call for a global alliance urging nations and industries to collaborate to innovate and make the next generation of clean energy a tangible reality. And it’s not just about the clean energy, it’s about a clean future for the supply chain too.
  2. Climate finance: Capital is the lifeline of transformation. There is a need to channelize finance towards green initiatives.
  3. Equitable transition toward clean energy: Move to a green future and energy security
  4. Circular economy: Using resources efficiently and in a sustainable manner.

“We are in a race against time navigating geopolitical challenges and energy crisis and striving to uphold our commitments under the Paris Agreement,” Mr Jindal said.


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New software to accelerate SMEs’ climate change journey

Sonal Desai


Energy and automation solutions provider Schneider Electric has launched a new software suite to enable small and medium enterprises (SMEs) to accelerate climate change.

Zeigo Activate, the new software suite is aimed at enabling SMEs to track and reduce their climate impact. The tools can help SMEs to measure their emissions baseline, set reduction goals, and develop a customized decarbonization roadmap. Users can also access resources for climate action, and a regionally tailored solutions provider marketplace.

The tools also connect the SMEs to educational resources and cleantech projects through Schneider Electric’s NEO Network (rebranded as Zeigo Network), and to purchase clean energy, through Zeigo Power—a renewable energy platform acquired by the company last year.

According to Schneider Electric, the new solution comes as SMEs increasingly face pressure to decarbonize, driven by new global regulatory and compliance obligations, and from customers looking to address their own Scope 3 supply chain emissions.


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Global leaders emphasise the need for sustainable finance at WSDS

Sonal Desai


Global leaders at the recently concluded World Sustainable Development Summit (WSDS) emphasised the need for sustainable finance to fuel green growth.

The speakers emphasised the lack of new instruments to facilitate long-term lending to fuel green growth, particularly in emerging economies and least-developed countries.

Among the speakers, here’s a round-up of what six key global leaders said at the summit.

“Though renewable energy has received adequate funding, areas such as climate adaptation, sustainable consumption and production, biodiversity, ecosystem integrity, and pollution abatement have not received the necessary funding”: Dr Vibha Dhawan, Director General, The Energy and Resources Institute (TERI)

“Finance is central to combating climate change. The central question here is whether we can transform the global financial system to meet today’s challenges in ways that promote low-carbon, resilient growth”: Manish Bapna, President Natural Resources Defence Council, India

“ADB is currently developing innovative financing models to facilitate the transition to clean energy by financing the retirement of coal-fired power plants and repurposing them to provide renewable energy and grid services, as well as lending to countries to develop climate change policies”: Dr Pradeep Tharakan, Regional Advisor, South Asia, Asian Development Bank (ADB)

“Facilitating climate finance and diversifying the fiscal base to support green growth should lead the priorities list. Capacity building should be prioritised to achieve the necessary transformational change. Both national and sub-national finance ministries must boost their capacity with tools like green budgeting and carbon tax and pricing”: Helen Clarkson, CEO, The Climate Group

“We need three things: a vision of what we want to do, an inter-institutional framework to do what we want to do and leadership”: Laszlo Broberly, state counsellor to the prime minster of Romania

“Our recommendations on climate finance would be to expand the scope of climate finance and make climate smart transition of the financial sector overall,” according to the Green Development Pact. Also, rather than improving the resilience of existing infrastructure, let us build infrastructure that improves our resilience”: Jagjeet Singh Sareen, Principal, Dalberg Advisors

Source: ANI Press Release


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