IOC to recycle 20 mn PET bottles annually

IOC, which meets as much as half of the nation’s fuel needs, has already committed to a net zero emission target by 2046 and is now venturing into recycling PET bottles. Indian Oil Corporation (IOC), the nation’s largest oil firm, will recycle 20 million discarded mineral water, cold drink and other PET bottles annually to

India asks for higher global climate finance target

Developing countries require substantive enhancement in climate finance from the floor of $100 billion per year to meet their ambitious goals and rich countries need to lead the mobilisation of resources, India has stressed at the ongoing UN climate summit COP27. At COP15 in Copenhagen in 2009, developed countries had committed to jointly mobilise $100

UN expert group launches report on corporate greenwashing

A UN-convened group has launched a major new report at COP27 to crackdown on corporate greenwashing around net-zero claims, outlining key recommendations to ensure non-state actors are actively working towards decarbonisation. The High Level Expert Group on Net Zero Emissions Commitments of Non-State Entities was set up by UN Secretary-General António Guterres in March 2022

France to increase expenditure on zero-carbon ships development

France’s secretary of state in charge of maritime affairs, Hervé Berville, has set aside €300m ($302m) under the government’s France-Mer 2030 plan to get the country closer to building zero-emissions vessels. While only 12% of the ships used in France are built in the country, compared to 80% in 1980, Berville stressed at a conference

Amid strong demand for diesel exports Chinese refiners increases its production  

China’s refined oil product exports in November are set to hit the highest since April 2020 as refiners ramp up output to multi-month highs to boost diesel supply and profit, offsetting the impact of slower domestic demand from COVID-19 restrictions. The world’s top two refiners – the United States and China – are processing more

COP27 to discuss compensating poor nations for climate disasters

The issue of loss and damage, as it is referred to in the climate negotiations, was included in the formal main agenda of the climate conference for the first time ever, after being discussed in a separate track for years. IN A big positive on the opening day of the climate change conference here, negotiators

Oxfam report says world’s richest billionaires responsible for GHGs

The investments of 125 of the world’s richest billionaires yield an annual average of three million tonnes of carbon dioxide emissions a year, more than a million times the average for someone in the bottom 90 per cent of humanity, according to a new report by non-profit group Oxfam. These super rich people have a

New electric vehicle launched by PMV Electric

PMV Electric is set to launch its first electric vehicle in the country. The company will unveil EaS-E on November 16. PMV Electric aims the upcoming EV car to be an everyday car for the city dwellers. It is said to be an affordable electric vehicle that may be offered in three different models. PMV

Nearly all companies will miss netzero goals

While more than one-third (34%) of the world’s largest companies are now committed to Net Zero, nearly all (93%) will fail to achieve their goals if they don’t at least double the pace of emissions reduction by 2030, according to a new report from Accenture. Based on an analysis of commitments to emissions reduction and

Stopping new offshore drilling can deliver 40% global emissions

Stopping new offshore drilling, along with other ocean-based solutions, can deliver nearly 40% of the global emission reductions needed by 2050, an analysis by Washington-based ocean advocacy group Oceana shows. The analysis released ahead of the 27th UN Climate Change Conference (COP27) in Egypt, has estimated that halting the expansion of offshore drilling, combined with