COP29 climate agreement a boost for India’s carbon market ambitions

India’s plans to set up a carbon market received a boost at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, after the United Nations Framework Convention on Climate Change (UNFCCC) ratified key rules for a global carbon trading mechanism at this UN-sponsored climate event, officials said. On Monday states assembled for the first

Global CO2 emissions to hit record high in 2024: Report

Global carbon dioxide emissions, including those from burning fossil fuels, are set to hit a record high this year, pulling the world further off course from averting more destructive climate extremes, scientists said. The Global Carbon Budget report, published during the U.N.’s COP29 climate summit in Azerbaijan, said global CO2 emissions are set to total

India to rely on fossil fuels until 2040: Puri

India, the world’s No.3 oil importer and consumer, is expected to rely on fossil fuels until at least 2040 and is positioning itself as a refining hub, Oil Minister Hardeep Singh Puri said. While global refining centers are downsizing as energy transition progresses at an unpredictable pace, India’s rising daily crude utilization means it will rely on fossil fuels

Small victory at COP-29 as nations approve new carbon market rules

Establishment of carbon markets is the last remaining part of the 2015 Paris Agreement that is yet to become operational, mainly because the rules, modalities and procedures of this very complicated and technical structure are still to be finalised. A small step forward towards operationalisation of carbon markets was hailed as an early victory at

Carbon Clean signs agreement with Julius Montz

Carbon Clean, a leader in revolutionising carbon capture solutions, today announced a strategic supplier framework agreement with Julius Montz (Montz), a German company fully owned by global engineering company Koch Engineered Solutions (KES). Carbon Clean’s end-to-end supply chain for manufacturing its modular CycloneCC technology, including the recently launched columnless C1 series, is now in place,

Hindalco ranks as world’s most sustainable aluminium company

Hindalco Industries Limited, the Aditya Birla Group metals flagship, has emerged as the World’s Most Sustainable Aluminium Company for the fifth consecutive year in the 2024 edition of the S&P Global Corporate Sustainability Assessment (CSA) rankings.Hindalco, the only Aluminium company to secure the top position in the S&P Global CSA, achieved a total score of

Nations not doing enough to cut global emissions by 2.6%: UNFCCC

National pledges to cut greenhouse gas emissions fall significantly short of those needed to limit catastrophic global warming, says the United Nations before climate change negotiations next month. The “nationally determined contributions” (NDCs) are enough to cut global emissions by 2.6 percent from 2019 to 2030, up from 2 percent last year, the UN Framework Convention

JSW-POSCO to set up greenfield steel plant in Odisha’s Keonjhar

The JSW Group and South Korea’s POSCO have signed an MoU to develop an integrated steel plant in India, having an initial capacity of 5 million tonnes per annum, along with plans to explore battery materials and renewable energy spaces in India, JSW Energy and JSW Steel informed stock exchanges on October 29. JSW Energy – part of the

ADB lauds India’s fossil fuel subsidy reforms

India has since 2010 made noteworthy progress on fossil fuel subsidy reform through a calibrated ‘remove’, ‘target’, and ‘shift’ approach, the Asian Development Bank (ADB) said in a new report. “By carefully balancing the combined effect of three key policy levers – retail prices, tax rates, and subsidies on selected petroleum products – the country

Climate change will cause India’s GDP to decline by 24.7% by 2070: ADB

According to a recent analysis, climate change is predicted to cause a 16.9% GDP reduction in the Asia-Pacific area by 2070 under a high-emission scenario, with India estimated to suffer a 24.7% GDP decline. According to the report, increasing sea levels and declining labor productivity would have the biggest impact on losses, with lower-income and