THE ENERGY SECTOR has the long shadow of the COP26 Climate Summit hanging over it as it strides into 2022. In an unanticipated move on 1 November 2021, Prime Minister Narendra Modi set new pledges at the summit in Glasgow. He announced that India would reach net-zero emissions by 2070, increase its installed renewable energy capacity to 500 GW (up from the previous target of 450 GW) by 2030 and cut the country’s carbon-dioxide emissions by a billion tonnes by then.
However, on the last day of the summit, India demanded that a particularly contentious clause be changed. Instead of “accelerating efforts towards the phase-out of unabated coal power and of inefficient subsidies for fossil fuels”, India’s lead negotiator requested a call to escalate “efforts to phase down unabated coal power, and phase out inefficient fossil-fuel subsidies.”
This last-minute change reflected the importance of coal in meeting India’s energy requirements and a sense of historical injustice. Phasing out coal altogether would have compromised India’s energy requirements and put a spoke in the wheel of the planned levels of growth India hopes to achieve. Union Minister for Environment Bhupender Yadav was quoted saying, “Fossil fuels and their use have enabled parts of the world to attain high levels of growth. Developing countries have a right to their fair share of the global carbon budget and are entitled to the responsible use of fossil fuels.”
Bu hikaye Businessworld dergisinin January 12, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Businessworld dergisinin January 12, 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Gauging Trumponomics For India
Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0
Reflections on Consciousness and Creation
Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind
MORE TAKE TO DRIVING IN STYLE
High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.
An ENRiching Outlook
KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence
Paving the Path to a Sustainable Future
Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees
LEADERSHIP TRANSITION AT XIAOMI INDIA
Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus
WEAVING SUSTAINABILITY
Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain
FORCE FOR GOOD
FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives
REIMAGINING TOMORROW
For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders