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<ul class="summary-list"><li>The Francis Scott Key Bridge collapse has blocked shipments in and out of the Port of Baltimore.</li><li>The port is a key shipping point for cars, construction and farm equipment, and coal.</li></ul>After a cargo ship crashed into Baltimore's <a target="_blank" href="https://www.businessinsider.com/francis-scott-key-bridge-baltimore-collapses-after-struck-large-boat-2024-3">Francis Scott Key Bridge</a> and caused it to collapse, shipments in and out of the Port of Baltimore could be blocked for weeks.The <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-cargo-ship-mayday-call-traffic-2024-3">Dali container ship</a> collided with one of the bridge's support beams early Tuesday morning, causing large portions of the 1.6-mile bridge to collapse into the Patapsco River, with the wreckage effectively blocking ships from moving in and out of the Port of Baltimore.The <a target="_blank" href="https://www.businessinsider.com/bigger-ships-making-shipping-incidents-baltimore-bridge-more-complicated-2024-3">port is currently closed to vessels</a> until further notice, with officials saying it's unclear when it will be able to reopen.Industry experts say it could take months and that an extended disruption could have <a target="_blank" href="https://www.businessinsider.com/baltimore-port-closure-could-cost-15-million-per-day-2024-3">major economic consequences</a>, as well as direct impacts on the port's biggest imports and exports."If the port is closed, it's going to impact all of them," Daraius Irani, chief economist for the Regional Economic Studies Institute at Towson University, told Business Insider.<h2>The biggest point of entry for imported cars</h2>The Port of Baltimore is the top port in the US for roll-on/roll-off cargo, which refers to wheeled cargo like vehicles, construction equipment, and agriculture equipment, according to the port.In 2023, the port handled 847,158 automobiles and light trucks — more than any other US port for the thirteenth straight year — according to <a target="_blank" href="https://msa.maryland.gov/msa/mdmanual/01glance/html/port.html#cargo">data from the Port of Baltimore</a>."Baltimore is relatively unique in having the infrastructure to accept the cars and to store them until they ultimately reach their final destination," Anirban Basu, economist, founder, and CEO of Baltimore-based Sage Policy Group, told BI.Roll-on/roll-off cargo is especially difficult to divert to other ports, in part because it generally takes up a lot of space and requires specific handling.General Motors told BI that it expects the collapse to have a "minimal impact" on their operations. "Our thoughts are with those who were affected and the Baltimore community," the statement said, adding: "We are working to re-route any vehicle shipments to other ports as the recovery work continues."A spokesperson from Ford said, "Where workarounds are necessary, our team has already secured shipping alternatives."The Port of Baltimore said it handled 1.3 million tons of imported roll-on/roll-off cargo in 2023, including heavy farm and construction equipment.Basu said Caterpillar, a maker of construction, mining, and agricultural equipment, also moves much of its product through the Port of Baltimore. Caterpillar did not immediately respond to a request for comment from BI.<div type="image" title="Aerial shot of the Port of Baltimore at sunset, looking across and intermodal container yard towards a ship being unloaded by cranes." height="2160" width="3840" msid="108804870" hostid="261" sizebytes="385616"></div><h2>Coal, gypsum, and sugar</h2>In 2022, coal was among the top export commodities by weight moved through the Port of Baltimore. In 2023, the port ranked second in the US for coal exports, according to the port."The Port of Baltimore, over time, has developed the ability to store and then load coal onto ships and have those ships go places long and far, including India," Basu said, noting Maryland's proximity to West Virginia and <a target="_blank" href="https://www.businessinsider.com/coal-magnate-building-renewable-energy-plant-size-chicago-2024-3">coal country</a>. "And so tons of coal are set not to be sent abroad in the near term as the port suffers this lack of operability."In 2023, the Port of Baltimore was also the top US port for imported gypsum, a mineral commonly used in fertilizer and construction material, and imported sugar, according to the port, which has a Domino Sugar refinery operating nearby.ASR Group, whose companies include Domino Sugar and C&amp;H Sugar, told BI in an emailed statement they do not expect any short-term impacts to their operations in Baltimore."The Baltimore Refinery has six to eight weeks of raw sugar supply on hand with a ship currently discharging at the refinery's dock and another that finished unloading on Monday, March 25," the statement said. "ASR Group also owns a network of production facilities and warehouses across the US that all currently have healthy inventories of finished products and can be utilized if necessary."<h2>Paper, chocolate, and ice cream</h2>Many other items pass through the port every day. According to the port, in 2022, that included 1,000 tons of aircraft and parts, 793,695 tons of paper, 24,900 tons of chocolate, and $59.4 million worth of ice cream.In 2023, 444,000 cruise ship passengers also departed from the terminal at the Port of Baltimore.How much the port closure will impact each of these industries remains to be seen. "It really just depends on how much stuff was there before this accident happened," economist Irani said.A research briefing from <a target="_blank" href="https://www.oxfordeconomics.com/wp-content/uploads/2024/03/The-economic-costs-of-the-Key-Bridge-collapse.pdf">Oxford Economics</a> said the bridge collapse will likely have a greater impact on the local Baltimore economy than on a national level."There will likely be some temporary disruptions to certain industries, including automakers, but nothing that warrants an immediate change to our baseline forecast," the briefing said. "Ultimately, the duration of the disruptions at the Port of Baltimore, along with how quickly trade can be rerouted, will determine the economic costs.

Industries from cars to coal to ice cream could be impacted by Baltimore bridge collapse

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s coal imports increased by 30 per cent to 162.46 million tonnes in the 2022-23 financial year against 124.99 MT in the year-ago period, according to a report. The import of coking coal rose 5.44 per cent to 54.46 MT over 51.65 MT in FY22, mjunction said in its latest report. In March alone, the non-coking coal import stood at 13.88 MT against 12.61 MT in the same month last year. Coking coal imports were 3.96 MT against 4.76 MT imported in March 2022. India is among the top five coal-producing countries in the world. However, some parts of its coal requirement are met through imports as the country is also among the major consumers of the dry fuel. For coking coal -- a key raw material used in steel making -- the country remains heavily dependent on imports. "The persistently high demand for steam coal in India coupled with the weakening of seaborne prices led to increased volumes during March. This trend is likely to continue in coming months in view of the above-normal average temperature expected this summer," mjunction <keyword id="17354076" type="General" weightage="20" keywordseo="md-ceo-vinaya-varma" source="Orion">MD &amp; CEO Vinaya Varma</keyword> said. Along with other varieties of coal like anthracite, pulverised coal injection (PCI coal), met coke and pet coke, the total imports in FY23 were at 249.06 MT, up from 200.71 MT FY22, a rise of over 24 per cent. A B2B e-commerce platform, mjunction services limited is a 50:50 joint venture promoted by <keyword id="109319" type="General" weightage="50" keywordseo="steel-authority-of-india" source="Orion">Steel Authority of India</keyword> (SAIL) and <keyword id="6357147" type="General" weightage="50" keywordseo="tata-steel" source="Orion">Tata Steel</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/prime-video-sets-may-18-premiere-for-modern-love-chennai/articleshow/100069356.cms">Prime Video sets May 18 premiere for 'Modern Love Chennai'</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/iafs-mig-21-crashes-in-rajasthan-three-civilians-killed-pilot-safe/articleshow/100069573.cms">IAF's MiG-21 crashes in Rajasthan; three civilians killed, pilot safe</a>

India coal imports surge to 162 MT in FY23; inbound coking coal shipment grows to 54 MT

Manufacturing of electric vehicles (EVs) in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> will increase its dependence on <keyword id="1334" type="General" weightage="80" keywordseo="china" source="Orion">China</keyword> for raw materials, mineral processing, and battery production, according to a report of by the economic think tank <keyword id="15910220" type="General" weightage="100" keywordseo="gtri" source="Orion">GTRI</keyword>. The Global Trade Research Initiative (GTRI) also said that there is a need for life cycle impact evaluation for the EVs sector EVs result in the release of pollutants during battery making, disposal, and charging and about 70 per cent of materials used to manufacture EVs in India are imported from China and a few other countries, it said. "EVs will increase India's dependence on China for raw materials, mineral processing, and battery production," it said. China has bought the largest lithium mines in Australia and South America. It processes more than 60 per cent of the lithium produced globally. It also processes 65 per cent of cobalt and 93 per cent of manganese. China makes three out of four batteries produced globally, it said, adding over 100 Chinese battery units make 60 per cent of the cathodes and 80 per cent of the anodes used in lithium-ion cells. The report pointed out that EVs have implications for jobs and pollution and it identified 13 issues related to the interests of consumers, industry, and the government for an evaluation. The issues include the high prices of these vehicles, the fitness of EVs for a long journey, performance under extreme weather, increase in power demand, less fit for public transport, increased dependence on China, no reduction in pollution, disruption of the auto component sector, and inadequate availability of lithium. "EVs with lithium-ion batteries are at best a work-in-progress innovation. We must understand the long-term impact of EVs on jobs, pollution levels, imports, and economic growth," GTRI co-founder <keyword id="504704" type="General" weightage="50" keywordseo="ajay-srivastava" source="Orion">Ajay Srivastava</keyword> said. On the pollution issue, it explained that a typical 500-kilogram lithium car battery uses 12 kg of lithium, 15 kg of cobalt, 30 kg of nickel, 44 kg of copper, and 50 kg of graphite. It also uses about 200 kg of steel, aluminium, and plastics. Mining extraction, transport, and processing of these materials release pollutants and CO2, leading to air and water pollution, it added. "The battery's life is 6-7 years; after which it needs to be recycled. Recycling is complex as the battery contains many toxic materials that are challenging to dispose of. Firms promoting EVs talk about zero tail-pipe emissions but are silent on mining and disposal costs," the report said. Further, it said that EVs will only increase pollution as the batteries are charged from coal-generated electricity. India generates 60 per cent of its electricity from fossil fuels like coal and petroleum, and of this, coal accounts for 50 per cent. "Electric cars only make sense when most power comes from renewable energy," it said, adding that EVs will disrupt India's auto-component industry with 700 organised and 10,000 unorganised manufacturers. It also said that EVs will end the existence of lakhs of shops/garages selling spare parts, changing oil, and servicing vehicles. Further, it said that EV is not a global phenomenon and the push for it is coming from Europe, which is introducing the Carbon Border Adjustment mechanism to protect their polluting industry and disrupt global trade. "There is no standardisation in the charging port for electric scooters. Each firm issues its charging port model. Unless the charging ports are standardised, each maker has to set up separate charging infra across the country," it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/imdb-shares-top-rated-indian-films-nominated-for-oscars/slidelist/98470341.cms">Two-decade-old Lagaan outscores RRR amongst Oscar-nominated Indian movies on IMDb</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/world-faces-biggest-cholera-surge-in-20-years/articleshow/98470190.cms">World faces biggest cholera surge in 20 years</a>

EVs will increase India's dependence on China for raw materials, battery production: GTRI report

<ul><li>34.7 crore <keyword id="20290357" type="General" weightage="20" keywordseo="ayushmann-bharat" source="keywords">Ayushmann Bharat</keyword> cards generated </li><li>Avg growth of the manufacturing sector at 5% over last decade</li><li>Reduction in dependence on non-institutional credit </li></ul> The <keyword id="6354872" type="General" weightage="100" keywordseo="economic-survey" source="Orion">Economic Survey</keyword> 2023-24 noted that the country's energy requirements are set to burgeon by 2-2.5x by 2027, underlining the need for energy efficiency and seamlessly transitioning to clean energy solutions. By means of sovereign green bonds, the government managed to raise Rs 16,000 crore between January-February 2023, alongside an additional Rs 20,000 crore between October and December 2023. As for social security, Ayushmann Bharat, of which over 34.7 crore cards have been generated, has saved over Rs 1.25 lakh crore of OPD expenses of the poor and under-privileged families. The country's labor market has also seen solid improvement, with unemployment rates declining to 3.2% in 2022-23. The net payroll additions under Employee Provident Fund Organization has also doubled over the past 5 years, signaling a healthy growth in formal employment. As per the survey, care economy and agro-processing are the two key areas where there is untapped potential for boosting quality employment, and increasing women participation in the labor force. The agriculture sector has registered an average annual growth of 4.18% over the last 5 years, with the sector growing about 1.4% during 2023-24, as per provisional estimates. To provide further fillip to the sector, the government has been focused on reducing the sector's dependence on non-institutional, informal credit. As a result, its share has come down from 90% in 1950, to just 23.4% in 2021-22. However, as the survey observed, the country's agricultural growth policies should be consistent with climate change and water security practises. <h2>Thrust on MSMEs, manufacturing and clean energy</h2>Over the last decade, the manufacturing sector managed to mark an average annual growth rate of 5.2%, majorly driven by chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> also emerged as a net exporter of finished steel over the last 10 years, and was a significant producer and consumer of the same during FY24. India's indigenous coal production also jumped up, with India actively working to reduce its import dependence. In FY 24, India producued 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. India's pharma market, valued at $50 billion, is the 3rd largest in the world, and India ranks prominently amongst clothing manufacturing nations as well. As of FY24, it is the second largest manufacturer, and one of the top 5 exporting nations of clothing, with the export of textiles and apparel, including handicrafts increasing by 1% to reach Rs 2.97 lakh crore. A similar growth was witnessed in India's electronics manufacturing segment, making up for 3.7% of global market share, with exports rising to Rs 1.9 lakh Crore in FY23. Per the survey, "the PLI schemes for key sectors have attracted significant investments, boosted production, sales and exports and generated jobs, particularly in the case of white goods. Keeping in view India’s vision of becoming ‘Aatmanirbhar’, over Rs 1.28 Lakh Crore of investment was reported until May 2024, which has led to production/sales of Rs 10.8 Lakh Crore and employment generation (direct &amp; indirect) of over Rs 8.5 Lakh under PLI scheme". Focus has also been on boosting research, development, innovation and entrepreneurship in the country. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. More than 45% of the recognised start-ups are emerging from Tier 2/3 cities. The country's services sector contributed to about 55% of the total size of the economy in FY24. The clean energy sector in the country also saw new investment of Rs 8.5 lakh crore between 2014 and 2023. India is prominently making a mark in space, with 55 active space assets, out of which 18 are communication satellites, nine navigation satellites, five scientific satellites, three Meteorological Satellites, and 20 are Earth Observation satellites.

Economic Survey shows India's energy needs to grow 2.5x, healthy growth in formal employment

<ul class="summary-list"><li>Germany will cease purchases of Russian <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> and <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> this year, its finance minister said. </li><li>It will stop buying Russian coal on August 1 and <keyword id="13337215" type="UNKNOWN" weightage="60" keywordseo="russian-oil" source="Orion">Russian oil</keyword> on December 31. </li></ul>Germany will end its purchases of Russian coal and oil this year, its deputy finance minister said. Speaking at the Sydney <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">Energy</keyword> Forum, Joerg Kukies said Germany will stop buying Russian coal on August 1 and Russian oil on December 31, as it cuts its energy reliance on the country. <a href="https://www.reuters.com/business/energy/germany-says-it-will-stop-buying-russian-coal-aug-1-oil-dec-31-2022-07-13/">Per Reuters</a>, Kukies said: "We will be off Russian coal in a few weeks."He added: "Anyone who knows the history of the Druzhba pipeline, which was already a tool of the Soviet empire over eastern Europe, ridding yourself of that dependence is not a trivial matter, but it is one that we will achieve in a few months."<keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> previously provided 40% of Germany's coal and 40% of its oil, Kukies said. A major challenge ahead will be trying to replace a huge gap that will be left when the European Union breaks off from the 158 billion cubic metres per year of Russian gas supplies, he continued. Concern about supply of natural gas have been the centre of attention lately after <a href="https://www.businessinsider.com/russia-gas-pipeline-nord-stream-europe-fears-permanent-cuts-2022-7">Russia cut flows to parts of Europe</a> to conduct maintenance on the Nord Stream 1 pipeline.A number of EU leaders however, believe the shutdown could be permanent. Several countries have already signaled they'd be willing to <a href="https://www.businessinsider.com/europe-energy-emergency-plans-coal-power-russia-cuts-gas-supply-2022-6?utm_medium=ingest&amp;utm_source=markets">shift to coal as an emergency plan</a> and might even consider rationing, if the Russia closes off the gas tap for good. European and US energy <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> have been thrown into chaos after sanctions and boycotts on Russian oil following its <keyword id="11904994" type="UNKNOWN" weightage="60" keywordseo="war" source="Orion">war</keyword> with <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> squeeze global supply. It's forced Western countries to draw up plans to become less dependent on Russia for energy and hit Moscow's finances at the same time.<a href="https://www.bruegel.org/2022/07/european-union-demand-reduction-needs-to-cope-with-russian-gas-cuts/">According to Belgium-based think tank Breugel</a>, the EU has reduced the share of its energy coming from Russia from around 40% prior to the war to 20%. While the EU struggles with soaring energy prices, inflation and recession risks however, Russia has managed to reel in bumper profits from its sales of fuel to countries like China and India. To that effect, Russia is on track to make $285 billion this year from oil and gas deals, despite sanctions.

Germany will stop buying Russian coal and oil this year to cut its reliance on the country, the deputy finance minister says

With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Aluminium Association of India (<keyword id="47439" type="General" weightage="20" keywordseo="aai" source="Orion">AAI</keyword>) has approached the Ministry of Coal, urging the immediate resumption of adequate coal rakes for the highly power-intensive Aluminium industry. In its representation to the Ministry, the AAI has lauded the combined efforts by the Ministry of Coal and Coal India Limited in reviving domestic coal production, which has helped ease the coal supply crisis for the Power Sector. The steps undertaken by the Ministry increased the overall daily rakes dispatched from 242 rakes/day in September 2021 to 289 rakes/day in December 2021. This has drastically strengthened the coal stocks of the Power Sector to around 10 days, a marked improvement from a mere 2-3 days in the months of September-October last year. However, this has come at enormous cost to the <keyword id="629340" type="General" weightage="20" keywordseo="Captive-Power-Plants" source="Orion">Captive Power Plants</keyword> (CPP)-based industry and the worst impacted is the Indian aluminium industry, which continues to see depleting coal stocks of only 3-4 days, abysmally low compared to the prescribed level of 15 days for the sector. Struggling to cope with this prolonged crisis since the second quarter of this fiscal year, the AAI has now sought the Ministry's support to ensure adequate supplies to the CPPs by earmarking at least 25-30 coal rakes per day to ensure viable industry operations. The need for the CPPs is especially urgent, given that Aluminium production is a continuous process that requires huge volumes of uninterrupted quality power supply. This quantum can only be met only through the in-house CPPs set up by all the aluminium smelters plants to meet this specific requirement. Accordingly, the industry has established Captive Power Plants of 9,400 MW capacity (comprising 34 per cent of the cumulative thermal CPPs capacity domestically) to supply continuous power for Aluminium operations. Even though the Government has reiterated that there is now an improved availability of coal in the country overall, the non-availability of rakes for the non-regulated sectors remains a major concern. Curtailing coal supplies to Captive Power Plants (CPPs) has directly resulted in a coal crunch situation for the Aluminium Sector. Any power interruption in an aluminium smelting operation for more than 2 hours can lead to the freezing of molten aluminium within the smelting pots, which takes a minimum of 6 months to fix, and then almost a year to once again begin yielding the desired metal output, causing enormous production, cost and supply disruptions. With the continued crisis, it will take over a year's time to clear the backlog of rakes, and for the CPPs to build and maintain adequate coal stocks for sustainable operations. The crisis further aggravates with the last-minute cancellation of coal auctions for NRS, giving no relief for the domestic industry to secure coal for manufacturing and CPP-based industries. With the ongoing revival of the economy and increased post-pandemic industrial activity, the CPP-based industries are highly dependent on uninterrupted coal supplies which is vital for sustainable operations and the continued cost-competitiveness of power intensive industries vis-a-vis global players. Any production curtailment by this sector will have cascading effect on consumption and downstream supply chain, thereby adversely impacting the nation's GDP growth. The AAI representation has gone on to highlight that since August 2021, the Non-Regulated Sector has been facing uncertainties in securing sufficient coal rakes for continued operations, with supplies limited to just 40-50 per cent of the required coal. This has led to a backlog of over 6000 coal rakes as most of the available coal and rakes are being diverted to the Power Sector as "Priority Coal Supplies", even despite their coal inventory situation drastically improving. SEE MORE <a href="https://www.businessinsider.in/budget/news/budget-2022-nirmala-sitharaman-was-asked-these-10-questions-on-cryptocurrency-employment-inflation-in-india/slidelist/89280855.cms" data-type="tilCustomLink" style="">India’s finance minister was asked these 10 questions and these were her answers</a> <a href="https://www.businessinsider.in/business/startups/news/meet-maju-kuruvilla-the-new-indian-origin-ceo-of-fintech-startup-bolt/slidelist/89292220.cms" data-type="tilCustomLink" style="">Meet Maju Kuruvilla, the new India-orgin CEO of fintech startup Bolt</a> <a href="https://www.businessinsider.in/tech/enterprise/news/more-employees-are-leaving-tech-mahindra-than-tcs-and-wipro/articleshow/89291721.cms" data-type="tilCustomLink" style="">More employees are leaving Tech Mahindra than TCS and Wipro</a>

Coal shortage now at alarming levels, say aluminium producers

New Delhi, Dec 19 () Mining baron Anil Agarwal on Friday said commercial coal mining for the private sector in the country will help in cutting down import dependency and his firm Vedanta Ltd will look for opportunities once it begins. 
Also, Agarwal said Vedanta is keen to participate in auction of iron ore in future. 
In a major reform in the coal sector since its nationalisation in 1973, the government last year in February had allowed private companies to mine the fossil fuel for commercial use, ending the monopoly of state-owned Coal India Ltd (CIL).
The Centre had termed the move of opening up of commercial coal mining for the private sector as the most ambitious coal sector reform since the nationalisation of this sector. 
"Import of coal is a sin. We (India) already have huge reserves of coal. In exchange of import, huge money goes out of the country," Agarwal told on the sidelines of an Assocham event here. 
He further said: "Today we can double the production of Coal India and in coming days more mines open so we don't import coal. If commercial mines will be opened we will for sure look for them". 
Vedanta, he said, will also participate in the auction of iron ore mines in future. ABI MKJ

Commercial coal mining for pvt sector to cut import dependency: Anil Agarwal

<ul><li>The Indian government has been giving a big boost to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">Electric vehicles</keyword> (EVs) to meet its climate change commitments.</li><li>Experts from Gateway House believe that EVs may not be the right way to reduce carbon emission or lower India’s dependency on oil.</li><li>Instead, exploring <keyword id="1281106" type="PERSON" weightage="20" keywordseo="hydrogen-fuel">hydrogen fuel</keyword> and getting oil-rich countries to invest in downstream assets may be a better option in the long haul.</li></ul>The Indian government has been giving a big boost to electric vehicles (EVs) as a part of its ambitions to meet its climate change commitments on fossil fuels. EVs may be trending, however, experts believe that EVs may not be the right answer for India’s requirements. “In the form of fossil fuels, we have an energy source that’s reliable and it works. EVs have captured the imagination of people due to high-end cars being produced for the super-rich in the west,” said Amit Bhandari, energy and environment fellow with Gateway House. The central theme of switching over to EVs are two-fold. One is to reduce India’s dependency on oil and the second is to reduce <keyword id="6375918" type="UNKNOWN" weightage="20" keywordseo="carbon-emissions">carbon emissions</keyword>. On both accounts, EVs fail to meet the requirements. The dependency conundrum There was a time when the concern of acquiring enough oil to meet India’s energy demand. But over the last decade, the tables have turned and oil suppliers should be equally worried about demand security. “With its already large market and expected growth, India is going to be a key provider of this demand security,” said Bhandari. Not only should India invest in oil-rich countries but it should also get them to invest in downstream assets so that both their fortunes are tied together, he explains. On the one hand, India will get protection against price fluctuations, and on the other, it will also be ensuring that its energy demands are future proof. In pursuing EVs, India may reduce its dependency on oil but it will also create an entirely new dependency as well. “Pursuing EVs at this point of time, very aggressively, is akin to falling into a black hole called the Chinese economy,” said Chaitanya Giri, space and emerging technologies fellow with Gateway House. China can afford to be an EV-centric nation because it has an enormous amount of lithium reserves in its own backyard. For India, it will have to look to countries like China, Australia, the lithium triangle — Bolivia, Chile and Argentina — or the Democratic Republic of Congo for its requirements. “The internal geopolitical stability of Congo is a big question mark. So we really don’t want to create a new set of dependencies by over-focusing on EVs,” said Giri. South America, on the other hand, is a very long logistic distance for India to consider. The problem of carbon emissions Until and unless India switches over to renewable sources of energy at the source, it will only be transferring it problem of carbon emissions from the tailpipe to the back-end, explains Bhandari. “EVs are trying to address the question of clean air. Moving towards natural gases is probably a better solution and can be done with the existing infrastructure,” he said. This is because, at the end of the day, electricity is generated using coal, oil or other fossil fuels — which still produce their fair share of carbon dioxide. EVs, on the other hand, will be duplicating hundred and million dollars worth of oil infrastructure, which we have created over the past century. And, India will be doing it at a time when companies are struggling to stay afloat and to pay wages to their existing employees — to create something from scratch, explains Bhandari. It will also put the jobs of nearly 8 million Indians who work in the Gulf at risk. Is there a third option? Experts suggest that rather than pushing on EVs right now, India can set its own new emission standards. For now, EVs are expensive cars and bikes that only the super-rich can afford. The economics of it don’t really add up. In addition to that, the technology behind EVs is yet to pan out. If India chooses to invest in lithium batteries, it will have to set up plants. Some people may move to supercapacitors. The technology is changing all the time and continues to be dynamic. “Hydrogen is the most abundant element in the universe. And, if we start to use it as a fuel, then it’s also the cleanest of all,” suggests Giri. Hydrogen is made from natural gas, something that India’s existing infrastructure can already support. The Indian Oil Corporation has already demonstrated technology where it can blend hydrogen with compressed natural gas (CNG) — which is already being used for a large chunk of public transportation. “Having said that, hydrogen fuel, even today is very expensive,” Giri explained but it’s something that makes more sense to invest in for the long haul given India’s position right now. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/china-responds-to-prime-minister-narendra-modi-and-us-president-donald-trump-conversation/articleshow/76188158.cms">China responds to Modi-Trump conversation — ‘there is no need for any third party to intervene’</a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/india-and-australia-pump-12-7-million-into-ai-quantum-computing-and-robotics/articleshow/76194354.cms">India and Australia pump $12.7 million into AI, quantum computing and robotics — renewing their cyber and critical technology partnership</a> <a href="https://www.businessinsider.in/science/space/news/fridays-lunar-eclipse-might-be-difficult-to-spot-heres-how-you-catch-the-difference/articleshow/76189989.cms">Friday’s lunar eclipse might be difficult to spot — here’s how you catch the difference</a>

Oil dependency and carbon emissions — EVs may not be India’s answer to reducing either, say experts

<ul class="summary-list"><li>Several countries have cut <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> ties with <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, while others are snapping up cheap supplies. </li><li>The US, UK, and some EU countries have all taken action. </li></ul>A divided approach toward the <keyword id="13610598" type="UNKNOWN" weightage="60" keywordseo="russian-energy" source="Orion">Russian energy</keyword> trade has become more apparent in recent weeks.While some nations have deliberated or announced bans on Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> imports, others are doubling down.When Russia launched an unprecedented attack on <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> earlier this year, Western nations joined forces to impose sanctions on the country in an effort to punish Russia for its actions.Punitive measures range from blocking certain Russian banks from accessing the <a href="https://www.businessinsider.com/russia-swift-ban-not-most-effective-sanction-experts-2022-3?r=US&amp;IR=T">SWIFT global banking system</a> to the EU and other European countries <a href="https://www.businessinsider.com/map-shows-countries-that-closed-airspace-russia-over-ukraine-war-2022-3">barring Russian flights from their airspace</a>. As the war continues, countries are now slapping sanctions on Russia's energy sector, which has the <a href="https://www.businessinsider.com/europe-buying-russian-gas-ukraine-invasion-putin-sanctions-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">world's largest natural gas reserves</a> and is the <a href="https://markets.businessinsider.com/news/commodities/too-big-to-sanction-10-facts-russia-oil-commodity-exports-2022-3" target="_blank" rel="noopener noreferrer">third-biggest oil producer</a>, accounting for about 12% of global oil production. Here's how some countries are grappling with Russian energy issues.<h1>Italy</h1>Italy is tempering its reliance on Russian gas by turning to countries like Egypt and Algeria for their energy supplies. Eni, the Italian oil and gas giant, recently signed a framework agreement with state-owned Egyptian Natural Gas Holding Company (EGAS), which it said would help maximize gas production and exports of liquefied natural gas.Per <a href="https://www.reuters.com/business/energy/italy-needs-least-3-years-fully-replace-russian-gas-imports-minister-2022-03-16/">Reuters</a>, Italy sources around 40% of its gas imports from Russia. It has also agreed to <a href="https://www.bloomberg.com/news/articles/2022-04-11/italy-to-buy-more-algerian-gas-in-attempt-to-cut-russia-reliance?sref=lAVQtUwz">ramp up its gas imports from Algeria</a> by around 40% amid the war. <h1>Baltic states </h1>This month, the Baltic states comprising Lithuania, Latvia, and Estonia cut Russian gas imports. "Since April 1st, Russian natural gas is no longer flowing to Latvia, Estonia and Lithuania," Uldis Bariss, CEO of Conexus Baltic Grid, Latvia's natural gas storage operator, <a href="https://www.aljazeera.com/news/2022/4/3/baltic-states-stop-russian-gas-imports-over-ukraine-invasion">per Al Jazeera</a>. Lithuania became the first European country to abandon Russian energy supplies in the wake of the Ukraine war. "If we can do it, the rest of Europe can do it too!" the country's president, Gitanas Nauseda <a href="https://twitter.com/GitanasNauseda/status/1510277034357968898">said on Twitter</a>.<h1>US</h1>Outside of Europe, the <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">US banned Russian oil and gas imports too</a>. President Joe Biden announced the "powerful blow" against Russian President Vladimir Putin last month."This is a step that we're taking to inflict further pain on Putin, but there will be costs as well here in the United States," Biden said. "I'm going to do everything I can to minimize Putin's price hike here at home."American consumers are feeling the effects of surging gas prices as a result of pandemic-era inflation, coupled with the new sanctions imposed on Russian energy supplies. In March, <a href="https://www.businessinsider.com/gas-prices-highest-since-great-recession-ukraine-crisis-commodity-market-2022-3">the average US gas price-per-gallon jumped above $4 for the first time since 2008</a>.<h1>UK</h1>The UK government recently announced measures against Russian energy supplies, pledging to end all imports of Russian <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> and oil by the end of 2022. "By the end of 2022, the UK will end all dependency on Russian coal and oil, and end imports of gas as soon as possible thereafter," <a href="https://www.gov.uk/government/news/uk-imposes-sweeping-new-sanctions-to-starve-putins-war-machine">the government said</a>. It added that the UK would also ban the export of key oil refining equipment and catalysts, "degrading Russia's ability to produce and export oil." Further sanctions include measures against Aleksander Dyukov, the CEO of Russia's third-largest and majority state-owned oil producer Gazprom Neft. <h1>Germany </h1>The country faces escalating pressures to pull away from Russian energy, though it has been heavily reliant on it, particularly the natural gas that's through the Nord Stream pipeline network.However, cutting Russian ties may prove a lengthy process.Cutting Russian gas from the German economy would significantly impact its manufacturing industry and could lead to rationing schemes, <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">Insider's Ben Winck reported</a>. <a href="https://www.bloomberg.com/news/articles/2022-03-23/scholz-says-german-reliance-on-russian-energy-will-end-quickly">Per Bloomberg</a>, German chancellor Olaf Scholz said: "We are actively working to get independent from the necessity of importing gas from Russia. This is, as you may imagine, not that easy because it needs infrastructure that has to be built first."<h1>India and China </h1>Amid a wave of countries cutting Russian energy supplies, India and China stand have taken a different approach.As sweeping sanctions hit Russia's oil exports, prices shot down so much that some buyers from India and China were attracted to snapping up cheap Russian energy, <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-west-sanctions-china-india-2022-3">Insider's Huileng Tan reported</a>. <a href="https://www.reuters.com/world/indian-pm-modi-suggests-direct-talks-between-putin-zelenskiy-2022-04-11/">Reuters</a> reported that since Russia's invasion of Ukraine, India had bought at least 13 million barrels of Russian oil. It's not stopping at cheap oil, however. Russian coal remains on India's radar.Ramchandra Prasad Singh, an Indian politician and member of parliament, said at a conference in New Delhi that India is "moving in the direction of importing coking coal from Russia," <a href="https://www.reuters.com/world/india/india-leans-toward-continued-import-russian-coking-coal-minister-2022-03-27/">per Reuters</a>. He added that India had imported 4.5 million tonnes of Russian coal but he did not indicate over what time period. As for China, the country is snapping up Russian oil and coal with its <a href="https://markets.businessinsider.com/news/commodities/dollar-vs-yuan-china-buys-russian-oil-coal-ukraine-sanctions-2022-4">own currency.</a> Smaller independent refiners in China are also still buying Russian oil discreetly, <a href="https://www.reuters.com/business/energy/exclusive-china-state-refiners-shun-new-russian-oil-trades-teapots-fly-under-2022-04-06/">Reuters</a> recently reported.

Many nations are refusing to buy gas and oil from Russia but others continue to snap it up. Here's what we know so far.

New Delhi, Nov 26 () India is in talks with Russia to source coking coal as part of large efforts to reduce dependence few exporting countries like Australia, the US and Canada, according to sources.
In this regard a meeting was also held here on Tuesday in which Union Minister of Steel Dharmendra Pradhan along with members of the domestic steel and mining industry met a delegation of Russian officials and industry players, official sources said.
The meeting comes a month after Pradhan's visit to Moscow in August where he along with representatives of top Indian steel companies had met with a large number of Russian coking coal suppliers and steel companies.
 Coking coal is a key raw material in steel production.
During the meeting, which was attended by representatives of companies like Adani Group, Hindalco, JSW Steel, JSPL, Tata Power, RINL, SAIL, Coal India among others, the minister apprised the Russian delegation about the opportunities in the growing Indian steel sector.
 India imports more than 50 million tonne of coking coal.
The minister informed the Russian delegation that if India gets quality coking coal at competitive rates, including logistic cost, it would like to diversify its sources of raw material.
 The minister also asked the delegation to invest in developing inland and port logistics for the Far East Russia, which will significantly reduce the current cost of transport and logistics.
 He also offered India's support in developing these facilities for the mutual benefit of both our nations.
Steel majors SAIL and JSW Steel informed the delegation that at present they bring in coking coal from Australia, the US, Canada and Mozambique and expressed their intention to place an offtake order of 2.5 MT to 2.7 MT in the next fiscal if the coal is offered at competitive prices. 
 Meanwhile, the steel ministry in a release said that Pradhan met Russian representatives from Far East Russia, including Far East Russia Investment and Export Agency CEO Leonid Petukov here on Tuesday. 
 Discussions centred around further developing economic linkages with Far East Russia, particularly through sourcing of metallurgical or coking coal, development of infrastructure of Far East Russia ports and connectivity of these ports with Russian mining locations, and improvements in evacuation infrastructure, it said. 
 In view of huge opportunity offered by the Far East Russia to attract Indian investments, the Government of India earlier extended a USD 1 billion line of credit to Russia. 
 This line of credit can be used for furthering economic linkages with Far East Russia, including development of evacuation infrastructure and logistics in the Far East Russia, the ministry stated. ABI MR
MR

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