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Climate Action 15: 2024's top global innovators powering green solutions

<ul><li><keyword id="20058929" type="General" weightage="100" keywordseo="Indian-Energy-Exchange" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Energy Exchange" meta.hostid="261" meta.entityid="Indian Energy Exchange">Indian Energy Exchange</keyword> recorded a 24% year-on-year growth in monthly volume in September 2024.</li><li>The electricity volume, including <keyword id="22675612" type="General" weightage="20" keywordseo="green-electricity" source="keywords">green electricity</keyword>, reached 10,332 MU.</li><li>India's <keyword id="20028292" type="General" weightage="20" keywordseo="energy-consumption" source="keywords">energy consumption</keyword> remained relatively stable at 141.3 billion units (BUs) in September 2024.</li></ul>Indian Energy Exchange (IEX), India's leading electricity exchange, experienced significant growth in September 2024 with a record monthly volume of 11,370 MU, representing a 24% year-on-year (YoY) growth. Electricity volume, including green electricity, reached 10,332 MU, reflecting a 21% YoY increase, while <keyword id="21681994" type="General" weightage="20" keywordseo="renewable-energy-certificates" source="keywords">renewable energy certificates</keyword> (RECs) doubled to 1,031 MU compared to the same period last year. The REC market witnessed a historic low price of ₹110 per certificate during a trading session, offering a favourable opportunity for obligated entities to meet their renewable purchase obligations and for voluntary customers to achieve sustainability goals. India's energy consumption remained relatively stable at 141.3 billion units (BUs) in September 2024, according to government data. A steady monsoon boosted hydro and wind power generation, leading to reduced prices in the Day-Ahead Market (DAM) and Real-Time Market (RTM). The Day-Ahead Market (DAM) witnessed robust growth, with volumes increasing 33% YoY to 4,610 MU in September 2024. Over the quarter, DAM registered 14,332 MU, a 27% increase compared to Q2FY24. Real-Time <keyword id="22699214" type="General" weightage="20" keywordseo="electricity-market" source="keywords">Electricity Market</keyword> (RTM) achieved its highest-ever monthly volume of 3,913 MU, a 34% YoY rise. RTM's quarterly volume reached 10,732 MU, up 31% YoY. In contrast, the Day-Ahead Contingency and Term-Ahead Market (TAM) experienced a decline, trading 1,086 MU in September 2024 and 2,684 MU during Q2FY25, down by 43% and 42% YoY, respectively. IEX's Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), recorded an extraordinary 214% YoY increase, trading 723 MU in September 2024. The quarterly total for the Green Market stood at 2,584 MU, a massive 246% YoY growth. The REC market achieved a milestone with 1,031 MU traded in September 2024, a 100% YoY increase. The clearing prices for the two trading sessions on 11th and 25th September were ₹112/REC and ₹110/REC, respectively, the lowest-ever price since the market's inception. The quarterly total volume reached 6,297 MU, a remarkable 353% YoY growth. With inputs from ANI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/september-auto-sales-automakers-report-a-decline-mahindra-and-mahindra-overtakes-tata-motors/articleshow/113925972.cms">September Auto sales – Automakers report a decline, Mahindra and Mahindra overtakes Tata Motors</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-continues-to-lose-market-share-as-bajaj-auto-and-tvs-motor-gain/articleshow/113900252.cms">Ola Electric continues to lose market share as Bajaj Auto and TVS Motor gain</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-is-using-ai-powered-technology-to-block-spam-calls-and-messages/articleshow/113691942.cms">Airtel is using AI-powered technology to block spam calls and messages</a>

Indian Energy Exchange records 24% growth in September 2024

<ul class="summary-list"><li>Raja Rajamannar, chief marketing and communications officer of Mastercard, is one of BI's <a target="_blank" class="" href="https://www.businessinsider.com/most-innovative-chief-marketing-officers-2024-6">"Most Innovative CMOs"</a> of 2024.</li><li>Tapping into people's passions can inspire emotional connections with consumers.</li></ul>Marketers have long understood that emotion, not logic, drives most consumer behavior. A staggering 92% of purchasing decisions are driven by emotion, according to a Harvard Business School study. The idea dates all the way back to the 1950s, when television came to the fore and gave brands a groundbreaking medium for compelling, emotionally driven storytelling.Considering the profound advances in media, technology and connectivity since then, marketers are still strategizing about how to stir people's emotions. With attention more fragmented than ever, making a truly emotional connection has become a tall task. In this incredibly chaotic landscape, marketing leaders looking for a future-ready strategy are focusing on people's passions as a way to capture attention and affection — and achieve long-term growth.<h2 id="9ec2275f-ced8-47a4-97f9-c923b1aa3313">Focus on what unites us</h2>Defining your audience by its passions — and tapping into the positive emotions people associate with those passions — can be an effective way to connect in today's overwhelming environment. Instead of segmenting consumers by geography or age, targeting people by their passions like music, sports, food, or travel allows marketers to transcend traditional demographics.Recently completed proprietary research from Mastercard reveals just how powerful passions can be as a way to forge stronger connections with consumers. Three-quarters of people surveyed across eight markets say engaging in their passions is a part of their identity. Not only that, but passion-focused activities offer a form of stress relief and make them feel more like themselves, per the study. Music, often referred to as the universal language, is a prime passion category that unites and inspires. Take the recent<a target="_blank" href="https://www.contagious.com/news-and-views/cannes-lions-2024-entertainment-winners"> Johnnie Walker campaign</a> that aimed to give long-overdue recognition to the 88-year-old "forgotten mother of Bossa Nova" Alaíde Costa for her role in pioneering the smooth and rhythmic Brazilian music genre. It culminated in a Carnegie Hall concert, which she was denied decades ago. Powerful. The campaign went on to win a Cannes Lions Grand Prix in June in the music category.Mastercard embraces this passion-based approach to engage a wider audience in more meaningful ways. By focusing on what truly excites people, we're able to curate unique experiences for a broader range of cardholders, fostering deeper and more lasting connections. Our <a target="_blank" href="http://priceless.com">priceless.com</a> site offers a variety of special experiences, categorized by passion and available only with Mastercard.<h2 id="f850eeb1-dd6f-44f5-b754-0dc3fa74ed87">The proof is in the passion</h2>The days of brands brashly pushing ads on people are over. Consumers expect brands to add value to their lives, and marketers must be able to deliver on that expectation in new and dynamic ways. The research suggests a significant opportunity for brands: people want brands to act as an "incentivizer" in the passion space, rewarding them and helping them feel justified pursuing their passions.In fact, our survey data identifies eight key roles that brands can play to either accelerate consumers' passions or alleviate their frustrations — one of which is fostering shared connections around their passions. A prime example of this is how Nike taps into peoples' passion for wellness, which is ranked the second highest among those we surveyed, while strengthening community bonds. Nike has cultivated a global community through its <a target="_blank" href="https://affiliate.insider.com?h=dbba50699d99b1a6fd0474ee43e851742a7cae2f110133f30d422b3b1cdb97b9&amp;postID=670060ce0c43543ec7aada6f&amp;postSlug=consumers-passions-emotional-connection-stronger-marketing-strategy-growth-behavior-audience-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.nike.com%2Fnrc-app">Nike Run Club </a>app, which brings runners together virtually and physically. The app provides coaching, tracking, and social features, connecting people over their shared passions for running. They also host live running events and challenges to further foster this sense of community.<h2 id="ae05c97c-10b6-4f61-8e5a-6528f6327668">The complexity of emotion</h2>Traditional market research involves surveying people to understand their purchasing motivations. While this is effective in some cases, uncovering the emotions consumers associate with a brand or product is often too complex a task for this type of research. For instance, someone who prefers blue candy to green may attribute the preference to taste but, in reality, may be influenced by a positive association with the color itself. When consumers respond to surveys, they often overly rationalize or deliberate their reasoning, not capturing the complete emotional story.We must continue to find new ways to understand impact. One powerful solution is neuromarketing, which taps into neuroscience to understand the subconscious drivers of emotion. Neuromarketing can derive an abundance of data-driven insights from study participants, allowing us to discern consumers' emotional associations with logos, messages, storylines, colors, and more. By revealing how brands truly resonate with people, neuromarketing offers new opportunities to enhance the effectiveness of their campaigns.Inspiring an emotional response is an incredibly challenging task for marketers at a time when consumers feel bombarded by messages. By tapping into the interests people already identify with and feel connected to, brand leaders can step forward as purveyors of passion — creating emotional impact that consumers will never forget.

The power of passions: Tapping into consumers' emotional bonds

<ul class="summary-list"><li>Abaxx is a new commodities exchange that aims to stabilize prices and aid the energy transition.</li><li>"Trade and network keeps the world at peace," Abaxx's CEO told BI.</li></ul>The race to clean-up the global economy is on.Investment in the <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">energy transition</a> — a broad shift from fossil-based energy production systems to renewable resources like wind and solar power — hit $1.8 billion in 2023, with countries like China and the United States leading the charge, according to BloombergNEF, an energy research company. The International Energy Agency says total investment in clean energy could reach $2 trillion by the end of the year.But the shift to a cleaner, lower-carbon world doesn't depend solely on the work of government officials, legislators, or even major businesses. It also hinges on players working behind the scenes to secure the prices of key commodities like liquefied natural gas, essential for electricity generation and heating, and <a target="_blank" class="" href="https://www.businessinsider.com/fund-carbon-removal-corporates-avoid-bad-credits-2023-2">carbon offsets</a>, which help companies counteract the impact of their carbon emissions.A new Singapore-based commodities exchange called Abaxx, which launched in June, is working to do that by providing companies, governments, and project developers with a transparent marketplace for their trades. Commodities markets help stabilize prices by helping suppliers and consumers figure out fair prices, hedge against volatile price changes, and execute efficient and transparent transactions.Exchanges like Abaxx play a role in this because they help lock in prices and mitigate drastic fluctuations in the future. Abaxx deals in futures contracts, legally binding agreements to buy or sell commodities at a specified future date. Three regionally deliverable liquified natural gas contracts and two carbon offset contracts are already trading on the exchange. It's working on launching futures contracts for gold and battery metals, like lithium, a component in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cheaper-electric-vehicle-battery-technology-lithium-shift-2023-3">batteries that power EVs like Tesla</a>.Josh Crumb, the CEO and founder of Abaxx, says unclear pricing can lead to higher and more volatile prices for consumers while also forcing commodity producers to navigate turbulent investment cycles."If we look at the battery supply chain, nickel sulfate, lithium, cobalt, these things have gone through huge swings of boom and bust over the last couple of years," Crumb told Business Insider. "The main reason why is we don't have a lot of market transparency so that people can forward plan, price, hedge, all of that."Crumb first realized that the commodity industry needed more innovation when he was working as a <a target="_blank" class="" href="https://www.businessinsider.com/rip-goldman-sachs-wall-street-investment-bank-dead-2023-11">strategist at Goldman Sachs</a> in the years following the 2008 financial crisis. That coincided with the end of the commodities boom of the 2000s, during which the prices of many commodities, from food to oil to chemicals, had drastically surged.Now, with trading in full swing, Crumb hopes Abaxx will play a role in stabilizing what he sees as the next commodity investment cycle — marked not just by a need for new commodities to facilitate the energy transition but also a surge in electrification."When people speak of the energy transition to a lower carbon economy, they are usually speaking of replacing internal combustion engines with electric vehicles, with electricity supplied by low carbon renewables, hydro, and nuclear power. This will lead to a dramatic increase in electricity consumption," a representative for Crumb wrote to Business Insider by email. Between 2022 and 2050, global electricity generation is expected to surge at a faster rate than it did over the past decade, according to a report from the International Energy Agency.Most importantly, though, exchanges like Abaxx could play a critical role in geopolitics, Crumb said. "You want more transparency; you want more markets because we think that leads to more peace," he said. "We think trade and networks keeps the world at peace."

Founder of new commodities exchange explains how it can fuel the green energy transition

<keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Ltd (AGEL), the worlds largest solar power developer and the renewable energy arm of the diversified <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> Group, has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 4,667 MW of green power. This is the worlds largest ever <keyword id="12733047" type="General" weightage="20" keywordseo="green-power-purchase-agreement-" source="Orion">green power purchase agreement.</keyword> "We are pleased to have signed the world's largest PPA with SECI," said Gautam Adani, Chairman of the Adani Group. "This is yet another step in our journey to enable India's dual objective to accelerate India's renewable energy footprint as well as promote domestic manufacturing under the Atmanirbhar Bharat programme. Following the proceedings at COP26, it is increasingly evident that the world has to equitably transition to a low carbon economy faster than previously anticipated. This is why the Adani Group has committed $50-$70 billion of investment in the renewables space. This agreement keeps us well on track to our commitment to become the world's largest renewables player by 2030," he added. The AGEL-SECI agreement to supply 4,667 MW is part of a manufacturing-linked solar tender of 8,000 MW awarded to AGEL by SECI in June 2020, which set a record for being the world's largest solar development tender ever awarded. So far, AGEL has signed PPAs with SECI for a total generation capacity of close to 6000 MW of the 8,000 MW awarded in 2020. AGEL expects to close the balance 2000 MW PPA in the next two to three months. SEE ALSO <a href="https://www.businessinsider.in/retail/news/aditya-birla-fashion-will-now-sell-reebok-products-in-india-and-10-other-asian-countries/articleshow/88272443.cms" data-type="tilCustomLink">Aditya Birla Fashion will now sell Reebok products in India and 10 other Asian countries</a> <a href="https://www.businessinsider.in/business/startups/news/after-acquiring-scoopwhoop-good-glamm-group-buys-missmalini/articleshow/88268772.cms" data-type="tilCustomLink">After acquiring ScoopWhoop, Good Glamm Group buys MissMalini</a> <a href="https://www.businessinsider.in/stock-market/news/medplus-health-services-is-a-good-play-on-growing-e-commerce-pharmacy-space-say-analysts/articleshow/88265079.cms" data-type="tilCustomLink">MedPlus Health Services is a good play on growing e-commerce pharmacy space, say analysts; GMP at ₹300</a>

Adani signs world's largest green power purchase agreement with Solar Energy Corporation of India

<ul class="summary-list"><li>TSMC has high power usage, and Taiwan's tight electricity supply will test its chip production.</li><li>Taiwan's sluggish electricity growth challenges the semiconductor industry's expansion.</li></ul>Taiwan's "sluggish growth" in its electricity supply will test the growth of <a target="_blank" href="https://businessinsider.com/tsmc-power-players-14-execs-leading-worlds-biggest-chipmaker-2024-9">TSMC, </a>the world's largest chipmaker, and also the <a target="_blank" href="https://www.businessinsider.com/chip-production-water-usage-tsmc-intel-2024-7">power-intensive</a> semiconductor industry's growth, according to a <a target="_blank" href="https://secure.signin.spglobal.com/oauth2/spglobal/v1/authorize?client_id=RTG_SPCOM_OIDC_SPA&amp;code_challenge=Bk9S7_SJyYqEOCxkOUBuTe2iWcW4uHfctng17EuplSU&amp;code_challenge_method=S256&amp;display=en&amp;nonce=dIYSe8rQGnsDHPvuatV7nJrZ2jty8y6ntny24ZnH4nCb2GKYIcvfr24OY6xPNxHc&amp;redirect_uri=https%3A%2F%2Fdisclosure.spglobal.com%2Fcallback&amp;response_type=code&amp;state=RznxF7r7DKgOtqv7T24s5fz1HXCswZMYPiH6GZ9RUlLjAknXngvBgS6KN7iYHE9P&amp;scope=openid%20email%20profile%20offline_access%20rtg_spcom%20ratings">new S&amp;P Global report</a> released last week.For the past four years, TSMC's total energy usage has grown 10%-20% annually due to its production scale and technology usage, and it's expected to surge this year, the analysts said. Compared to other chipmakers, TSMC's electricity consumption far outpaces its peers, such as Micron and <a target="_blank" class="" href="https://www.businessinsider.com/intel-struggles-qualcomm-deal-chip-industry-turmoil-2024-9">Intel</a>, consuming more than <a target="_blank" class="" href="https://esg.tsmc.com/en-US/file/public/e-all_2023.pdf">24 billion kilowatt-hours in 2023</a>—almost equivalent to the entire city of <a target="_blank" class="" href="https://finance.yahoo.com/news/25-cities-highest-electricity-consumption-104528985.html">Phoenix</a>.The surge in energy consumption last year is likely due to the increase in 3nm semiconductor production, the analysts said.To develop cutting-edge chips at 7 nanometers or below, TSMC uses processes such as <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-08-25/energy-efficient-computer-chips-need-lots-of-power-to-make">EUV</a> or extreme ultraviolet lithography systems, which consume much more energy since making the chips smaller will require more energy-intensive manufacturing methods.TSMC consumes more than 8% of Taiwan's total electricity, and the report said that demand could triple by 2030. Taiwan's unique challenges could also create further ripples due to its limited available land for solar panels and its dependence on imported fossil fuels. This makes both citizens and chipmakers vulnerable to <a target="_blank" class="" href="https://www.ctee.com.tw/news/20240417700097-430104">power outages</a> from natural disasters that strain the electricity grid.In 2021, TSMC announced a commitment to reach net zero emissions <a target="_blank" href="https://pr.tsmc.com/english/news/2865">by 2050</a> through a <a target="_blank" href="https://esg.tsmc.com/file/public/2023-TCNFDReport-e.pdf">combination</a> of renewable energy certificates and power purchase agreements. Last year, the company pushed forward its deadline for 100% renewable energy consumption <a target="_blank" href="https://pr.tsmc.com/english/news/3067">to 2040</a> and upgraded to more efficient power transformers used for transferring electricity.Adding renewable energy supplies would help alleviate this problem, although the island's geography makes it difficult to increase solar and wind power sources. Local power providers have faced <a target="_blank" href="https://www.digitimes.com/news/a20240724PD214/taiwan-offshore-wind-supply-chain-market-government.html">procurement </a>regulation changes, <a target="_blank" class="" href="https://www.bloomberg.com/opinion/articles/2024-04-16/taiwan-s-wind-power-ambitions-are-in-peril">slowing down</a> the growth of offshore wind power.TSMC's risks will be controllable over the next three to four years since the company actively manages its power supply's stability, the analysts said. Still, the <a target="_blank" class="" href="https://www.businessinsider.com/ai-value-estimate-20-trillion-tech-wave">AI boom</a> will not slow down electricity demand anytime soon.

The world's largest chipmaker TSMC is about to be tested as it uses more and more power

<ul class="summary-list"><li>A rare bee species reportedly threw a wrench in Meta's plans for an AI data center.</li><li>Meta planned to build a facility to run on nuclear power, but the bees complicated matters, FT said.</li></ul>In <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-happy-spending-big-ai-2024-10">the race to build out AI infrastructure</a>, Meta met an unlikely roadblock in one case: bees.A rare species of the insect threw a wrench in the company's plans for an AI data center, <a target="_blank" class="" href="https://www.ft.com/content/ed602e09-6c40-4979-aff9-7453ee28406a">the Financial Times</a> reported Monday.Meta had been in talks with a nuclear power plant operator for a US data center to support <a target="_blank" class="" href="https://www.businessinsider.com/mark-zuckerberg-meta-nvidia-h100-chip-cluster-llama-4-2024-10">the company's AI work</a>, per the FT. However, Meta CEO Mark Zuckerberg said in an all-hands gathering that the discovery of the bee species at a location next to the planned plant was partly responsible for upending the plans, the FT reported, citing two people familiar with the meeting.Regulatory challenges were also a factor, according to the FT. The newspaper didn't name the power plant operator or say where the site was set to be. <a target="_blank" class="" href="https://www.businessinsider.com/meta-stock-earnings-report-call-live-updates-2024-10">Meta said in its latest earnings report</a> that it expects "a significant acceleration in infrastructure expense growth next year" and "significant capital expenditures growth in 2025," owing in no small part to its work on AI.Meta isn't the only tech giant spending big on infrastructure for its AI ambitions. Rivals, including Google, Amazon, and Microsoft, also invest billions in data centers to power their AI. <a target="_blank" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10">Last</a><a target="_blank" class="" href="https://www.businessinsider.com/google-nuclear-power-ai-data-centers-2024-10"> month, Google announced a partnership to buy nuclear energy</a> from small modular reactors to be built by Kairos Power, making it the first tech giant to broker a deal for new nuclear power plants.Amazon plans to spend about $150 billion on data centers by 2040, Bloomberg <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-03-28/amazon-bets-150-billion-on-data-centers-required-for-ai-boom?embedded-checkout=true">reported</a> in March. <a target="_blank" class="" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">The company could roll out as many as 240 new data centers by 2040</a>, Marc Wulfraat, the president of the consulting firm MWPVL, previously told BI, citing the massive square footage at the company's disposal by way of its leasing space in buildings shared with other firms.In September, Microsoft signed a 20-year power purchase agreement with energy company Constellation in a deal that would <a target="_blank" class="" href="https://www.businessinsider.com/three-mile-island-nuclear-plant-reopens-power-microsoft-ai-push-2024-9">bring back online part of Three Mile Island</a>, the site of the US's worst nuclear energy accident.The boom in data centers to power AI also comes with <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-generative-ai-environment-climate-change-global-emissions-2023-9">high costs environmentally</a>, not just financially. In the US, data centers are expected to reach 35 gigawatts of power consumption annually by 2040, up from 17 gigawatts in 2022, according to a <a target="_blank" rel="noopener nofollow" href="https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/investing-in-the-rising-data-center-economy">McKinsey analysis</a>.Meta did not immediately respond to Business Insider's request for comment.

A rare bee species reportedly put an end to Meta's plans for a nuclear-powered AI data center

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products. However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years. <h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>. Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles. And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka. <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant. <h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power. <h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts. <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

<ul><li>The Nasdaq-listed Indian company’s total income went up 47% in Q4 compared to the same period last year. </li><li>By the end of the financial year, the company’s power capacity increased 28% on a YoY basis. </li><li><keyword id="944686" type="General" weightage="20" keywordseo="renew-power" source="Orion">Renew Power</keyword> says it expects to build 1,750-2,250MW of power capacity by the end of FY24. </li></ul>ReNew, one of India’s top green energy companies, posted a net profit of ₹7.4 crore ($1 million) for the fourth quarter of FY23. In the same quarter last year, it posted a net loss of ₹355 crore ($43 million). The Nasdaq-listed company saw its total income go up by 47% to ₹2,591 crore or $315 million on a YoY basis. Its adjusted EBITDA for the quarter stood at ₹1,201 crore ($146 million) as against ₹1,279 crore ($156 million) in Q4 FY22. EBITDA is earnings before interest, tax,depreciation and amortisation. By the end of FY23, the company’s portfolio consisted of 13.7 GW — which increased 28% on a YoY basis. Of this, around 8 GW is commissioned and 5.7 GW is committed. The renewable energy company with interests in wind and solar energy said that it has signed power purchase agreements (PPAs) with various buyers to the tune of 101 megawatts during the quarter. “Only around 1% of our total portfolio have Letters of Award that await a PPA,” the company said in a press release. Its ability to collect payments also improved for the quarter over the last year, with Days Sales Outstanding at 138 days — which showed a 74-day improvement. Days sales outstanding is the average number of days that it takes to collect payment after a sale has been made. This is key for power generators who sell to utilities. For FY23, its total revenue increased by 29% to ₹8,930 crore ($1,087 million). However it posted a net loss of ₹503 crore ($61 million) for the financial year. For FY24, the company’s guidance involves generating a cash flow to equity of ₹600-800 crore. It also intends to post an adjusted EBITDA of ₹6,000-6,600 crore. This guidance however is subject to weather being similar to FY23, the company says. It also intends to build 1,750-2,250MW of power capacity by the end of the financial year.

ReNew Power posts net profit of $1 mn for Q4 but ends FY23 in the red

<keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two <keyword id="732527" type="ORGANIZATION" weightage="20" keywordseo="Special-Purpose-Vehicles">special purpose vehicles</keyword> (SPV) holding 74.94 MW operating solar projects of Sterling &amp; Wilson, a Shapoorji Pallonji group company. The projects, commissioned in 2017, are located in <keyword id="464266" type="LOCATION" weightage="20" keywordseo="Medak-district">Medak District</keyword> of Telangana and have long-term <keyword id="788744" type="COMPANY" weightage="20" keywordseo="power-purchase-agreements">Power Purchase Agreements</keyword> (PPA) with the Southern Power Distribution Company of Telangana Limited. The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, <keyword id="4343578" type="PERSON" weightage="20" keywordseo="Adani-Green">Adani Green</keyword> said in a statement. The closing of the transaction is subject to customary approvals and condition, it added. Vneet S. Jaain, MD &amp; CEO, <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Ltd said: "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/peter-thiel-backed-vc-firm-valar-ventures-invests-in-indian-fintech-startup-velocity/articleshow/81663073.cms">Peter Thiel-backed VC firm Valar Ventures invests in Indian fintech startup Velocity</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% below the issue price</a> <a href="https://www.businessinsider.in/business/startups/news/inshorts-backed-social-networking-app-public-raises-300-crore-in-latest-funding/articleshow/81663873.cms">Inshorts-backed social networking app Public raises ₹300 crore in latest funding</a>

Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling & Wilson

<keyword id="4543956" type="PERSON" weightage="20" keywordseo="adani-green-energy-limited">Adani Green Energy Limited</keyword> (AGEL) on Saturday announced that it has signed a share purchase agreement for acquisition of 100 per cent stake in an SPV holding 50 MW operating solar project of the Toronto-headquartered SkyPower Global. The project is located in Telangana and was commissioned in October 2017 and has a long-term <keyword id="511035" type="COMPANY" weightage="20" keywordseo="power-purchase-agreement">Power Purchase Agreement</keyword> (PPA) with the Southern Power Distribution Company in the state. With this acquisition, AGEL shall increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. The closing of the transaction is subject to customary approvals and conditions. Vneet S. Jaain, MD &amp; CEO, <keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword>, said: "Strengthening our portfolio through organic and inorganic growth opportunities is in integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Limited (AGEL) is part of <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="adani-group">Adani Group</keyword>, and has one of the largest global renewable portfolios with 14.9 GW of operating, under-construction and awarded projects catering to investment-grade counterparties. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/easemytrip-ipo-listing-price-at-13-5-premium/articleshow/81581828.cms">EaseMyTrip lists at 13.5% premium – but gives up some of the listing gains soon after</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-9-pro-specs-oneplus-9e-specs-and-price-leak-and-oneplus-9-series-launch-date/articleshow/81168227.cms">OnePlus 9 series specifications and features leaked – here's everything we know about the upcoming OnePlus smartphones</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-review-of-moto-g10-power-mobile-phone-review-and-features-information/articleshow/81583548.cms">Moto G10 Power mobile review – big battery on a shoestring budget</a> <a href="https://www.businessinsider.in/stock-market/news/future-retail-shares-take-a-massive-hit-as-it-loses-the-case-against-amazon-in-delhi-high-court/articleshow/81583165.cms">Future Retail shares take a massive hit as it loses the case against Amazon in Delhi High Court</a>

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