Page 2 - Fossil Fuel

Global carbon black industry likely to grow by 50% to $42 bn by 2032: APCBC

The global carbon black market is expected to grow by 50 per cent to touch USD 42 billion by 2032, industry body Asia-Pacific Carbon Black Confederation (APCBC) said on Wednesday. The carbon black industry is currently valued at around USD 28 billion, Amit Choudhary, Chairman International Advisory Committee, APCBC said in a statement. "The carbon black industry is expected to grow to USD 42 billion by 2032, offering substantial opportunities, particularly in the Asia-Pacific region, which remains a key driver of growth," he said. The global tyre industry is projected to invest USD 27.3 billion between 2023 and 2028, with India contributing USD 1 billion through new projects, Choudhary who is also the Executive Director of Himadri Speciality Chemical said. The global carbon black industry is entering a new phase, with accelerating demand in emerging markets like India and across the Asia Pacific region, he said noting India is also increasing its exports to the EU and North America

Need large-size methanol plants to cut fossils import: NITI member Saraswat

India should aim to set up large-size methanol plants to reduce the import of fossil fuels, Niti Aayog member VK Saraswat said on Wednesday. Saraswat further said India's dependence on thermal power plants will decrease in the future, so the country will have to make sure that the industry comes to manufacture methanol. "Methanol is a clean fuel...We should aim to set up large-size methanol plants in the country," he told reporters here. Saraswat said methanol can also be used as fuel in heavy commercial vehicles. Cochin Shipyard Limited (CSL) has been given an order by a foreign company to build a ship which will run on methanol, he said. Saraswat also informed that Niti Aayog will host the second international methanol seminar and expo 2024, a two-day event on October 17-18, 2024, at the Manekshaw Centre, New Delhi. According to an official statement, the Methanol Economy in India was started in September 2016 when Niti Aayog, in collaboration with Methanol Institute, USA, orga

'Age of electricity' to follow looming fossil fuel peak, says IEA

Surplus fossil fuel supplies would likely lead to lower prices and could enable countries to dedicate more resources to clean energy, moving the world into an age of electricity, they said

JCB plans to make machines 'greener' by reducing fossil fuel consumption

Has improved fuel efficiency of machines like backhoe loader by 40% in 10 years

Why India is still dependent on coal as UK shovels fossil fuel out

South Asian nation is shifting to clean energy but it is not phasing out the fossil fuel yet

Developing nations urge world's richest to do more on climate at UNGA

Leaders of small island states most at risk from rising sea levels said it was time for those countries that burn most of the fossil fuels blamed for rising temperatures to stop paying lip service

Acceptability of new energy vehicles set to soar by end of decade: Survey

Majority of new car buyers, who participated in a study, were ready to accept new energy vehicles (NEV) as the only option when considering a purchase by 2030, according to a survey. The buyers would be willing to pay a premium of up to 49 per cent for an electric vehicle above the cost of a comparable petrol/diesel vehicle, a survey from Urban Science and The Harris Poll has revealed. Around 83 per cent of the 1,000 prospective Indian buyers covered in the global survey said they will consider buying an NEV by the end of this decade. The survey conducted online by The Harris Poll on behalf of Urban Science received inputs from various markets including India, the US, Australia, China and Germany. The survey stated that the positive outlook for NEVs in India is being fuelled by the rapid expansion of public EV charging network, with a noticeable presence in major cities and emerging in tier-2 cities. There are currently over 6,000 charging stations available in India across major

Coal import rises 41% to 25.23 MT in July, demand to be buoyant: mjunction

India's coal import rose by 40.56 per cent to 25.23 million tonne (MT) in July, according to data compiled by B2B e-commerce platform mjunction services. The country's coal import was 17.95 MT in the corresponding month of previous fiscal. Coal import also rose to 100.48 MT in the April-July period of the ongoing fiscal from 89.11 MT a year ago, it said. mjunction MD & CEO Vinaya Varma said the import demand is likely to be buoyant in coming weeks, ahead of the festive season next month. "Imports of non-coking coal showed an uptrend amid softening of prices in the seaborne market. There, however, was a drop in coking coal volumes due to tepid demand from the steel mills," mjunction services said. Of the total imports in July, non-coking coal's share stood at 16.52 MT, against 10.16 MT imported in the same month a year ago. Coking coal import volume was 4.81 MT against 5.03 MT in July last fiscal. During the April-July period, non-coking coal import was higher at 65.64 MT compared

India committed to climate-friendly growth: NITI Aayog CEO Subrahmanyam

NITI Aayog CEO B V R Subrahmanyam on Wednesday said India is committed to climate-friendly growth, but fossil fuels are still driving the country's economic growth. Addressing an event here, Subrahmanyam said markets alone cannot solve the problem of climate change. "India is committed to climate-friendly growth...(but) fossil fuels are still going to drive the country's economic growth," he said. Subrahmanyam further said that NITI Aayog is working with states in developing a roadmap for green energy transition and a pathway to achieve a net zero carbon emissions target. "NITI Aayog is working with states in developing a roadmap for energy transition...we will come out with a document in November," he said. Subrahmanyam opined that markets alone cannot solve the problem of climate change. "India is one of the countries on the track to meet its climate targets under the 2015 Paris Agreement...We are committed to achieving net zero emissions target by 2070, even though less than 4

Govt plans to use LNG for third of truck fleet, in blow to diesel

India, one of the biggest emitters of greenhouse gases, has set a 2070 net zero goal and wants to raise the share of natural gas in its energy mix to 15 per cent by 2030

Massive deposit of petroleum, natural gas found in Pakistani waters

A substantial deposit of petroleum and natural gas has been discovered in Pakistan's territorial waters, a cache so large its exploitation could change the country's destiny, according to a media report. A three-year survey was undertaken in collaboration with a friendly country to verify the presence of the oil and gas reserves, DawnNewsTV quoted a senior security official as saying on Friday. The geographic survey has allowed Pakistan to identify the location of the deposits, and the relevant departments have informed the government of the resources found in Pakistani waters. Terming it an effort to benefit from what he called the blue water economy', the official said that proposals for bidding and exploration were being studied, meaning that the exploration work can be started in the near future. However, he said the work of digging wells and actually getting oil out could take several years. But the blue water economy' can yield more than just oil and gas; there are several o

China to continue with low-carbon electricity reforms: Energy regulator

The world's second-biggest economy has emerged as a global leader in the transition to renewable energy

Earth just ended a thirteen month streak of record heat, what's next?

Global warming has consistently toppled records for warm global average temperatures in recent decades, but breaking them by as much as a quarter of a degree for several months is not common

Experts warn against relief even as July ends streak of global heat record

Earth's string of 13 straight months with a new average heat record came to an end this past July as the natural El Nino climate pattern ebbed, the European climate agency Copernicus announced Wednesday. But July 2024's average heat just missed surpassing the July of a year ago, and scientists said the end of the record-breaking streak changes nothing about the threat posed by climate change. "The overall context hasn't changed," Copernicus deputy director Samantha Burgess said in a statement. "Our climate continues to warm." Human-caused climate change drives extreme weather events that are wreaking havoc around the globe, with several examples just in recent weeks. In Cape Town, South Africa, thousands were displaced by torrential rain, gale-force winds, flooding and more. A fatal landslide hit Indonesia's Sulawesi island. Beryl left a massive path of destruction as it set the record for the earliest Category 4 hurricane. And Japanese authorities said more than 120 people died in

COP29 host Azerbaijan launches climate fund, introduces fossil fuel levy

Azerbaijan, the host of this year's UN climate talks, has shelved a planned levy on fossil fuel production and instead launched a fund to "invest" in climate action in developing countries. Reports suggest that Azerbaijan, which relies heavily on oil and gas revenues, faced resistance from some oil- and gas-producing Gulf countries regarding the planned levy announced in May. The new fund, the "Climate Finance Action Fund" (CFAF), will receive annual contributions from fossil fuel-producing countries and companies. Initial fundraising aims for USD 1 billion, with members committing to annual contributions as fixed sums or based on production volume, according to a statement. Based in the capital city of Baku, the fund will target climate projects in developing countries, meeting the next generation of national climate plans to limit global warming to 1.5 degrees Celsius, and addressing the consequences of climate change-fuelled disasters. Financial support to help middle-income and

Coal import rises 5% to 52 MT in Apr-May; demand likely to fall in monsoon

India's coal import rose 5.3 per cent to 52.29 million tonnes (MT) in the first two months of the ongoing fiscal as against the year-ago period. The country's coal import was 49.62 MT in April and May in FY24, according to data compiled by mjunction services ltd -- a B2B e-commerce platform from a joint venture between Tata Steel and SAIL. However, coal import in May dropped marginally to 26.19 MT, from 26.57 MT a year earlier. "Coal imports... were down 1.43 per cent as against 26.57 MT imported in May 2023," it said. According to mjunction MD and CEO Vinaya Varma, the demand for imports is likely to remain subdued in the coming weeks due to the onset of monsoon while the production growth should stay healthy in the domestic market. Also, coking coal prices are expected to move up in the seaborne market due to supply tightness and this may impact buyers' interest in the country. Of the total imports in May, non-coking coal imports stood at 17.53 MT, against 18.10 MT imported in

Canada's policies to protect mining sector to shield takeover targets

The move appears to insulate domestic companies from takeovers when the world's biggest mining firms are hunting for metals that underpin the global transition away from fossil fuels

India's solar output grows at slowest pace in 6 yrs in first half of 2024

The share of the fossil fuel in power output rose to 77.1% in the first half of 2024

The complexity of green transition

Inaction on generating new revenue as fossil fuel taxes dry up will harm India's economic prospects

Global fossil fuel use, emissions hit records in 2023, says report

Overall global primary energy consumption hit an all-time high of 620 Exajoules (EJ), the report said