Page 3 - Carbon Emissions

India should not be seen as 3rd or 4th-largest GHG emitter: Bhupender Yadav

Union Environment Minister Bhupender Yadav on Wednesday said India should not be viewed as the world's third or fourth-largest emitter of greenhouse gases and its low per capita emission should be considered instead. Addressing a session at the Global Renewable Energy Investors Meet and Expo in Gandhinagar, Gujarat, he said India is home to 17 per cent of the world's population, but its share of global carbon emissions is less than 5 per cent. In contrast, the per capita emissions of the combined 17 per cent population in developed countries account for 60 per cent of global emissions, he added. "India should not be viewed as the world's third or fourth-largest emitter of greenhouse gases. While we might rank 'fourth or fifth' in terms of (cumulative) carbon emissions, our per capita emissions are significantly lower than those of developed countries," he said. When it comes to the use of fossil fuels, developing countries, including India, maintain that they still have significant

India becoming global research powerhouse: Principal scientific advisor

India is rapidly becoming a global research powerhouse and is poised to become a global leader in biotechnology, Ajay Sood, Principal Scientific Advisor to the Government of India, said on Thursday, citing the nation's rapid advancements in research and innovation. Speaking at the Global Bio-India 2024 Summit, Sood emphasized India's rise as a pivotal hub for technological excellence, particularly in biological manufacturing and biofuels. "India is rapidly becoming a global research powerhouse," Sood said, referencing a recent report by the Australian Strategic Policy Institute (ASPI) that ranked India among the top five countries in 45 out of 64 technologies, a significant increase from 37 technologies last year. Sood said India is poised to become a global leader in biotechnology and noted this progress is especially visible in biological manufacturing, where India now holds the second position globally. "This is really encouraging and a very pleasing aspect," he added, attributi

Standard Chartered to offer 1st commercial debt to carbon credit firm

Carrie Harris, director of sustainability at British Airways, said carbon removals formed a key part of reaching its climate goals

Govt working on policy framework for decarbonisation of steel sector

The Centre is working on developing a policy framework for formulating strategy, roadmap and action plan for decarbonisation of the steel sector, a top official said on Tuesday. Speaking at an event here steel secretary Sandeep Poundrik said, "The ministry of steel is working on developing a policy framework...while covering solutions ranging from minimisation to carbon avoidance to carbon utilisation." Towards this, the ministry has constituted 14 high-powered task forces to carry out discussions, deliberations and brainstorming on various enablers for decarbonisation, with the involvement of experts and the industry stakeholders. These task forces consisted of members from industry, academia, think tanks innovators, various ministries and government departments. The inputs of the task forces have been compiled into a comprehensive document. "I am proud to present the report 'Greening the steel sector in India-Roadmap and Action Plan' as a critical milestone in our efforts to ..

VW's Skoda sees opportunity to launch hybrid cars in India to cut emissions

Skoda already has four models in India, including SUVs and sedans, but this is the first time the carmaker is considering bringing hybrid cars to the South Asian nation

Nabard to tap global agencies to set up carbon fund: Chairman Shaji K V

According to a recent study by the Coalition for Disaster Resilient Infrastructure (CDRI), globally, assets worth nearly $800 billion are getting affected on an annual basis due to climate change

Goyal suggests talks on carbon tax issue with top steel industry leaders

Commerce and Industry Minister Piyush Goyal on Thursday suggested discussions on carbon border adjustment tax with top steel industry leaders to promote sustainable manufacturing in the sector. He also asked the industry to target 500 million tonnes steel production by 2047. At present, the industry is eyeing 300 million tonnes by 2030. The minister suggested the industry find newer and better ways on lowering carbon emission and promoting high productivity and quality steel in the country. "Let's try and utilise AI (artificial intelligence) to optimise our production, reduce waste, and improve efficiency across the value chain and work towards a circle economy in a bigger way," he said, while addressing a steel conclave virtually. On carbon tax, he suggested that 4-5 top leaders of the steel industry can sit with him on this important subject for deliberations. The minister added that the government was not able to extend the benefits of the Remission of Duties and Taxes on Expor

Toyo-India to do FEED for industrial carbon capture project for EET Fuels

EET Fuels, which owns and operates UK's Stanlow oil refinery, on Tuesday said it has appointed Toyo Engineering India Pvt Ltd to carry out the front-end engineering design (FEED) study for its industrial carbon capture project. EET Fuels is investing USD 1.2 billion over the next five years to decarbonise its Stanlow oil refinery in the UK. It is targeting a 95 per cent in emissions by 2030 through energy efficiency, carbon capture and fuel switching. "The company has appointed Toyo Engineering India Pvt Ltd (Toyo-India) (100 per cent subsidiary of Toyo Engineering Corporation, Japan) a leading engineering, procurement and construction company, to carry out the FEED phase - an integral part of the project management process," it said in a statement. Toyo-India will oversee design completion, project de-risking, detailed costing analysis and other vital work. Completion of FEED will enable the company to take final investment decision (FID) on the ICC project. Upon completion (expe

Court orders S Korea to specify plans to cut carbon emissions through 2049

South Korea's Constitutional Court on Thursday ordered the government to back its climate goals with more concrete plans for action through 2049, handing a partial victory to climate campaigners who say the country's failure to cut emissions faster amounts to a violation of their rights. The court, which weighs the constitutionality of laws, issued the assessment while ruling on four climate cases raised by 254 plaintiffs, including many young people who were children or teenagers when they began filing the complaints against the government and lawmakers in 2020. They argued that South Korea's current goal of cutting carbon emissions by 35 per cent from 2018 levels by 2030 is inadequate to manage the impact of climate change and that such objectives weren't backed by sufficient implementation plans. They also pointed out that the country has yet to establish plans to reduce carbon emissions after 2031, despite its outstanding goals of achieving carbon neutrality by 2050. The ...

Indian Railways pacing towards net zero emissions, says Railway Board

Indian Railways is rapidly progressing towards its goal of achieving net zero carbon emissions by 2030, the Railway Board said on Tuesday. According to the Board, it is making efforts to grant net zero status to Railway premises across the country with a focus on meeting Railways' energy needs entirely through renewable energy sources. "The Northeast Frontier Railway zone of Indian Railways has achieved a significant milestone by converting its buildings to net zero carbon emission structures. "The Bureau of Energy Efficiency (BEE), under the Ministry of Power, has honoured six different buildings of the zone with the 'Shunya Label' recognition as Net Zero Energy Buildings," the Board said in a statement. It added, "Over the past decade, from 2014 to 2024, there has been a significant increase in renewable energy production capacity." As of June 30, 2024, Indian Railways' solar energy production capacity has exceeded 238 MW, and wind energy production capacity has surpassed 103 MW

BPCL plans to invest Rs 1.7 trn to expand core business, new energy foray

State-owned Bharat Petroleum Corporation plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of petrochemicals and green energy, its chairman G Krishnakumar has said. Bharat Petroleum Corporation Ltd (BPCL), currently, owns about 14 per cent of India's oil refining capacity and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of 'Project Aspire' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing petroleum products and upstream, we are equally focused on our big bets

Unilateral environment measures like carbon tax hamper global trade: Govt

India on Saturday said that unilateral environmental measures such as the European Union's (EU) carbon tax do not reflect the principles of equity and hamper equitable world trade. Commerce Secretary Sunil Barthwal said that the Global South countries are facing challenges both in terms of developing climate and sustainable development strategies and responding to unilateral measures such as CBAM (carbon border adjustment mechanism). "Unilateral environment measures do not reflect the principles of equity and common but differentiated responsibilities; and hamper equitable world trade," he said in a virtual address at the third Voice of Global South Summit. India has on different platforms raised its concerns over the EU's decision to impose carbon tax on certain sectors as it would hurt the country's exports. The country is in discussions with the EU on the subject. The EU has decided to impose a CBAM, or carbon tax, which will come into effect from January 1, 2026. Initially, it

Aim for carbon neutrality in scope 1, 2 emissions by FY32: ICICI Bank

In its ESG report 2023-24, ICICI Bank says it has allocated Rs 5.19 billion for corporate social responsibility (CSR) activities in financial year 2024, up from Rs 4.63 billion the previous year

WB issues world's 1st carbon removal bond to fund Amazon reforestation

The World Bank sold a nine-year, $225 million note this week which will help raise funds for reforestation in the Amazon

Delhi Airport becomes 1st to achieve net zero carbon emission status

Delhi Airport's achievement of Level 5 certification underscores its leadership in sustainability and carbon management

IGIA becomes 1st Indian airport to get net zero carbon emission status

Delhi airport has become the country's first airport to get the net zero carbon emission status under the Airport Council International's accreditation programme, DIAL said on Wednesday. GMR Group-led DIAL is the operator of the Indira Gandhi International Airport (IGIA) in the national capital. Initially, the airport targeted to achieve net zero carbon emission by 2030, and the target has been achieved well ahead of schedule through various initiatives, including the adoption of renewable energy, development of green airport infrastructures and promotion of electric vehicles, it said in a release. DIAL said IGIA has become the first airport in India to successfully achieve Net Zero Carbon Emission Airport status under the Airport Council International's (ACI) Airport Carbon Accreditation (ACA) programme. "With the attainment of Level 5 net zero emission accreditation in 2024, we have once again demonstrated our commitment to continual improvement and sustainability. "As we face t

China's central bank to extend low-carbon lending tool to end of 2027

In sweeping statement of policy goals that was short on specific implementation plans, China promised to develop tax & investment policies that would support what Beijing calls a green transformation

Reliance to commission 1st solar giga-factory to achieve net zero emission

Reliance Industries Ltd, India's most valuable company, plans to commission its first solar giga-factory in the current fiscal as it pivots a green pathway to achieve net zero carbon emissions from operations by 2035. In its largest annual report, the firm said it is targeting to commission the first train of 20GW solar PV (photovoltaic) manufacturing by the end of 2024-25 fiscal (April 2024 to March 2025) and scale up to 20GW in a phased manner over 2026. The solar giga factory will include manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity. It is also targeting industrialising sodium-ion cell production at the MW level in 2025 and first 50 MWh a year lithium battery cells pilot in 2026. Reliance had in 2021 announced plans to invest USD 10 billion over three years to develop a new fuels business based on 100 GW of renewable power capacity by 2030. The plan involves setting up four giga

Carbon market regulations expected in months as govt studies global models

Government officials are expected to set up regulations for the domestic carbon market in the coming months, having examined models in Europe and green-conscious countries, Dirk Forrister, President and CEO of International Emission Trading Association (IETA), said here on Wednesday. "We are waiting for details as to what the targets would look like, and what flexibility will be affordable," he told PTI in comments on the progress of India's carbon market development. Asked to estimate the Indian carbon market size, he said, "We can't estimate just yet because the details are still being produced by the Indian government. "On the demand side, the strength of the market is to be set by regulations. We don't know how tough they are but they will be coming out in the coming months and not years away." India has enormous power needs and interests in bringing existing infrastructure but it is also working to attract more investments in renewables and energy efficiency programmes, he not

EU's suggestion on carbon tax not to help Indian firms much: GTRI

The EU's suggestion that India could avoid its carbon tax by imposing a similar levy locally will not help the domestic players much, as they would still be liable for the duty for their exports to the European Union, think tank GTRI said on Wednesday. The main issue is that carbon prices are usually based on a country's economic situation, so simply adding a local tax would not reduce the overall tax burden significantly, the Global Trade Research Initiative (GTRI) said. While the EU (European Union) can afford high carbon prices, it may not be sustainable for a developing country like India, it said. Further explaining, it said at present, the global average carbon price is around USD 6 per tonne of CO2 and if India were to establish an Emissions Trading System (ETS) or set a carbon price, it is expected to be less than USD 10 per tonne of CO2. Even with such a system, Indian firms would still need to pay the EU the difference amounting to USD 51.3 per tonne of CO2 under the Carb