Page 11 - Carbon Emissions

India among five major global economies in race to reach net-zero

"India is making progress in incorporating solar and wind into its electricity generation, almost doubling its share from 2017 figures (5 per cent to 9 per cent)," the report said

ONGC to invest Rs 2 trn in energy transition projects, says chairman

State-owned Oil and Natural Gas Corporation (ONGC) will invest about Rs 2 lakh crore to achieve zero carbon emissions by 2038, its chairman Arun Kumar Singh said on Tuesday. The firm will invest Rs 1 lakh crore by 2030 in setting up 10 gigawatts of renewable energy capacity, green ammonia plant, and offshore wind energy projects, he told reporters here. The remaining would flow thereafter to achieve Scope-1 and 2 net zero carbon emissions. All this while it continues to hunt and produce more oil and gas. "It is not an 'or' strategy. It is an 'and' story. ONGC will continue to invest in oil and gas exploration and production and also in energy transition projects," he said. The company will pursue both simultaneously. "ONGC has enough heft, financial muscle to do both," he said. The company currently has 189 MW of capacity to generate electricity from renewable sources. It is targeting 10 GW by 2030. The firm already has signed MoU for 5 GW in Rajasthan and is scouting for projec

Amazon now has over 6,000 electric vehicles in its India delivery fleet

Amazon is among many e-commerce firms and consumer goods manufacturers, that are scaling up EV deployment efforts to reduce costs and meet carbon emission targets

Global carbon credits market expected to touch $250 bn by 2030, says expert

The global market for carbon credits is expected to witness an upward trend and touch the level of USD 250 billion by 2030, an industry executive said. The market for carbon credits took a hit due to multiple reasons, including Russia-Ukraine war, interest rate hikes, and reduced demand leading to falling prices up to 80 per cent, Manish Dabkara, Chairman and Managing Director (CMD) of EKI Energy Services, said in an interview. "The market for voluntary carbon offsets which valued at around USD 2 billion in 2021 witnessed a downturn, and now valuing at USD 500 million. However, various ratings and research firms are bullish on the improvement in the carbon market," Dabkara said. Citing a Barclays report, the industry executive said, factors like stringent climate policies by various countries, their commitments under Paris agreement to reduce carbon emissions, and corporate sustainability goals are likely to contribute to the growth of the carbon credits market which is expected to

Delivering carbon neutrality for ASEAN could unlock $5.3 trn opportunity

This transformative Strategy lays out ASEAN's bold ambition to go beyond business-as-usual for economic integration, and strategically position the region favourably for a carbon-neutral future

ONGC to invest Rs 1 trn by 2030 to transform into low-carbon energy player

State-owned Oil and Natural Gas Corporation (ONGC) is investing Rs 1 lakh crore by the end of this decade in low-carbon energy opportunities, including renewables and green hydrogen as it looks to transform into a low-carbon energy player, the company said. In a statement, India's largest crude oil and natural gas producer said it has detailed a "roadmap to scale up its low-carbon energy portfolio significantly". "ONGC has aligned itself with India's ambitious goals and is wholeheartedly contributing to the nation's aim to curtail carbon emissions by 1 billion tonne and simultaneously reduce carbon intensity by 45 per cent by 2030," it said. It said the firm has adopted various de-carbonization levers resulting in significant emission reductions over years. "Integrating sustainable practices into core operations has enabled a reduction in Scope-1 and Scope-2 emissions by 17 per cent in the last five years. ONGC has reduced its emissions by 2.66 per cent in FY23 (April 2022 to March

Amazon loses key backer 4 years into plan to eliminate carbon emissions

The Science Based Targets initiative, a United Nations-backed entity that validates net zero plans, has removed Amazon from its list of companies taking action on climate goals

'Developed nations overconsuming carbon budget; too little left for others'

Developed countries have consumed more than 80 per cent of the global carbon budget, leaving countries like India with very little carbon space for the future, the government said on Thursday. Responding to a question by BJP MP CM Ramesh, Minister of State for Environment Ashwini Kumar Choubey told the Rajya Sabha that India is doing far more than its fair share to combat climate change. Developed countries have consumed more than 80 per cent of the global carbon budget (since 1850) for limiting average temperature rise to 1.5 degrees Celsius by 2100, leaving countries like India with "very little carbon space for the future", the minister said. Rich nations are "eating into even this reduced entitlement" for India. Despite this, India has chosen to walk its climate talk, conscious of the need to pioneer a sustainable development pathway for the entire globe, while attending to the needs and aspirations of its people, economy and society, he said. Climate science defines carbon budg

DMRC to make passengers aware about CO2 emissions reduction due to Metro

Delhi Metro passengers will now be able to know on the go about the average amount of carbon dioxide (CO2) emissions they are reducing by virtue of their metro journeys, the DMRC said on Wednesday. The Delhi Metro Rail Corporation (DMRC) has unveiled a pioneering initiative called 'CarbonLite Metro Travel' to educate passengers about their significant contribution towards reducing carbon emissions by choosing metro trains instead of road-based motor vehicles, it said in a statement. Supported with a comprehensive research conducted by The Energy and Resources Institute (TERI), Delhi, the initiative underscores that each kilometer travelled by metro train instead of road vehicles "results in a noteworthy reduction of 32.38 grams of CO2 emissions", it added. "In line with India's aim of achieving net zero emissions by 2070, the initiative intends to highlight the pivotal role each citizen plays in addressing the pressing issue of climate change through their transportation choices," t

EU clears $3.2 bn in green subsidies for Thyssenkrupp, ArcelorMittal

The move highlights Brussels' efforts to help local industry decarbonise production and remain competitive with global rivals

Amazon.com Inc says its carbon emissions fell for first time in 2022

Amazon in recent years has been the biggest corporate buyer of renewable electricity

Here's how China beat everyone to be world leader in electric vehicles

Beijing's success is breathtaking. EVs accounted for a quarter of all passenger cars sold in China last year, far ahead of the roughly one in seven in the US and one in eight in Europe

India's green hydrogen push and challenges, everything you need to know

Although first production is expected only in 2026, India has been negotiating bilateral agreements with the European Union, Japan and other countries to start exporting the fuel

India wants to export green hydrogen abroad in bet on demand surge

Although India currently only boasts green-hydrogen research facilities - rather than production capability - PM Modi has set a goal to produce 5 million tons a year by the end of the decade

Hi-Green Carbon files draft papers for IPO; to list on NSE Emerge

Hi-Green Carbon on Wednesday said it has filed preliminary papers for an initial public offering. The shares will be listed on NSE Emerge, a platform for small and medium enterprises. The Gujarat-based firm, which is into recycling of waste tyres, plans to offer up to 76 lakh equity shares with a face value of Rs 10 each through the book-building process. In the Initial Public Offering (IPO), there will be a fresh issue of 60 lakh shares and 16 lakh shares will be offloaded through the offer for sale route by the promoter group, it said in a statement. Proceeds from the public issue will be utilised to set up a new facility in Dhule district of Maharashtra, with a recycling capacity of 100 MT waste tyres per day. The proceeds will also be utilised for working capital requirements and other general corporate purposes. The company has appointed Beeline Capital Advisors as book running lead manager to the issue. Hi-Green Carbon is the flagship company of Rajkot-based Radhe Group of

Shipping industry's net zero target could be set to flexible deadline

The shipping industry's carbon neutral deadline could be reset to a flexible 'mid-century' deadline considering the national circumstances, a relaxation from the strict 2050 goal that was actively deliberated among the member states of the International Maritime Organisation (IMO). The crucial 80th session of the Maritime Environment Protection Committee (MEPC) of the IMO is likely to reach a consensus, mostly considering the demand from the developing nations, to reset the carbon neutral goal to mid-century, with interim goals of reduction of GHG emissions 20 per cent by 2030 and 70 per cent by 2040. "These targets seem to be achievable with a mid-century deadline, considering the national circumstances," Ajithkumar Sukumaran, Additional DG, Shipping, and an Indian delegate at the MEPC 80, told PTI. Most of the developing nations have been lobbying for the mid-century target -- could be 2051, 2052 or 2053, insisting on not strictly fixing 2050 as the year for achieving net zero. T

India in talks to supply tonnes of green hydrogen to EU, Singapore: Report

The meeting was attended by officials from EU governments and Indian renewable companies, including Avaada Group, Renew Power and ACME Group

IMO to impose levy on shipping firms failing to cut down GHG emissions

The International Maritime Organisation will impose a levy on companies that fail to cut down greenhouse gas (GHG) emissions in the shipping industry, Secretary-General Kitack Lim said on Tuesday. During a media interaction on the sidelines of the Maritime Environment Protection Committee's (MEPC) 80th session here, Lim said that the committee had already adopted a decision regarding the financial levy last week. "We will work out the modalities and finalise them this week," Lim said, speaking at the IMO headquarters. He said the MEPC would also discuss and finalise modalities of the disbursement of the fund, adding that this economic measure is crucial to support the industry that might be adversely impacted while adopting a carbon-neutral goal. "We will have to use this fund in R&D to incentivise shipping companies and also to financially support the island nations and developing countries," the secretary-general said. Lim said that the IMO would do an impact assessment in its .

India mulls bilateral deals for green hydrogen-linked carbon credits

Indian companies such as Reliance Industries, Indian Oil and Adani Enterprises have big plans for green hydrogen, a fuel generated using renewable energy

India proposes 5% zero carbon marine fuel mix by 2030, to set realistic aim

India on Monday asked the International Maritime Organisation (IMO) to focus on a realistic target to ensure that net zero carbon fuels occupy 5 per cent of the Marine fuel mix by 2030, without any additional checkpoints during this explorative and take-off period. During the plenary of the 80th session of the Maritime Environmental Protection Committee of the IMO here, Indian delegate Ajithkumar Sukumaran, Chief Surveyor-Cum-Additional DG, Ministry of Shipping, said, "any unrealistic target will place undue pressure on the governments to resort to flawed policies, industry to make haste and unsustainable investments, and the research to push through half-cooked and immature technological solutions - all of them will have long term, irreparable repercussions on this industry." That is why India, which falls under the extremely risky category in the climate change vulnerability index, had submitted an MEPC document, proposing a way forward for the reduction strategy to be phased in ..