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Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

<ul class="summary-list"><li>Scientists predicted how climate hazards will worsen in nearly 1,000 major cities by 2100.</li><li>Heat waves, energy demand, and mosquito-borne diseases will spike as global temperatures rise.</li></ul>Monthlong heat waves. Skyrocketing energy demand. Greater risks of <a target="_blank" href="https://www.businessinsider.com/west-nile-triple-e-mosquito-virus-diseases-us-2024-9">mosquito-borne diseases</a>.These are the climate hazards that people living in nearly 1,000 of the world's largest cities will continue to face as global average temperatures rise through the end of the century, a new analysis by the World Resources Institute, an environmental-research group, found. And the impacts won't be felt equally. People living in low-income cities in sub-Saharan Africa, Latin America, and Indonesia face the greatest threats.The findings come as <a target="_blank" rel="noopener" href="https://climate.copernicus.eu/copernicus-summer-2024-hottest-record-globally-and-europe">2024 is on track to be the hottest year on record</a>, and billions of people are expected to move into urban areas in the coming decades. More than half the world's population, or 4.4 billion people, lives in cities. By 2050, city dwellers are forecast to make up two-thirds of humanity, with the vast majority of that growth in Africa and Asia. Some 2 billion people currently live in the cities that WRI studied, from Seattle and Rio de Janeiro to Johannesburg and Bengaluru, India."Most climate modeling looks at hazards, exposure, and risks at a national scale because that's where a lot of policymaking and international agreements are focused," Eric Mackres, the senior manager of data and tools at the WRI Ross Center for Sustainable Cities and a coauthor of the study, said. "But that's disconnected from where people live. We wanted to put more localized information in the hands of those decision-makers so they're informed about the risks that they are likely to experience."<h2 id="c108ac2f-66b9-4462-bb7a-b51785a2b482">Local climate hazards</h2>To make predictions at a city level, Mackres said WRI built on global climate modeling done by hundreds of other researchers. These models contain daily information — both historical data and projections through 2100 — on air temperature, humidity, and precipitation. WRI used that data to make its own projections about the length and frequency of heat waves, how often people will need to cool their homes and workplaces, and the number of days with optimal temperatures for mosquitoes in cities with at least half a million people. WRI compared how those local hazards are expected to change as global average temperatures rise from 1.5 degrees Celsius to 3 degrees Celsius above preindustrial levels — a threshold scientists say the world is likely to cross by 2100.The world has warmed by about 1.2 degrees so far compared with mid-1800s levels, and the consequences are playing out around the world.<div type="image" title="A graph shows how long heat waves will last in seven regions around the world under 1.5 degrees of global warming compared to preindustrial levels." height="1080" width="1080" msid="113493288" hostid="261" sizebytes="66672"></div>In Bengaluru, India's fifth-most-populous city, extreme heat has caused severe water shortages and surging energy demand. Under 1.5 degrees of warming, heat waves could last about 13 days on average and stretch to nearly 38 days as global temperatures rise, WRI found. Bengaluru last year <a target="_blank" href="https://wri-india.org/news/release-bengalurus-first-ever-climate-action-plan-launched">launched its first climate-action plan</a>, which includes planting trees and expanding green spaces to help cool down urban centers.An enormous outbreak of dengue fever is underway in Brazil. In Rio de Janeiro, peak days for transmission of mosquito-borne illnesses could increase from 69 to 118 a year, WRI found. The city is investing in vaccines, and community health workers are hunting down places that help mosquitoes breed, including standing water, to reduce risks.Meanwhile, places that haven't had to consider cooling strategies are now being forced to, including the US Pacific Northwest. Seattle was once the least-air-conditioned city. Now it ranks second behind San Francisco after a series of deadly heat waves prompted residents to install AC. The trend is playing out in cities that are already hot, too, like Tehran, Iran, and Marrakech, Morocco, and spiking energy demand along the way. If that demand is met with fossil fuels like oil, gas, and coal, it could exacerbate the climate crisis, WRI said.WRI noted that there are limitations to its research, in part because there are a lot of unknowns about the future. National governments and cities can slow the climate crisis and protect people from its impacts, including by shifting away from fossil fuels and investing in infrastructure that's more resilient to heat and storms."Our findings are not a foregone conclusion," Mackres said. "These are choices we have between 1.5 and 3 degrees of warming, and none are out of the realm of possibility. It's really important that national decision-makers understand the impacts on cities and the actions that cities can take to both reduce climate change and to adapt to what's coming."<a target="_blank" href="https://public.flourish.studio/visualisation/19141193/">You can explore the data for your city here.</a>

A new tool shows what the climate crisis could feel like in your city

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

<ul class="summary-list"><li><keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">Coal</keyword> prices have nearly tripled in 2021, with analysts pointing to a confluence of factors.</li><li>It's fueling an <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> crisis in <keyword id="11892748" type="UNKNOWN" weightage="60" keywordseo="china" source="Orion">China</keyword> and threatening the supply chains of companies like Apple and Tesla.</li><li>The Chinese government has begun to slash power use in certain sectors, including the stainless steel and ceramics industries.</li></ul>Coal prices have nearly tripled in 2021, fueling an energy crisis in China and threatening the supply chains of companies including <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> and <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>.Coal <a href="https://www.marketwatch.com/investing/future/mtfc00/charts?mod=mw_quote_advanced">futures</a> contracts have surged 31% in September and over 190% so far this year, driven by voracious demand and restricted supply. That has precipitated an electricity crisis in China, which gets around 70% of its power from coal sources.Analysts have pointed to a confluence of factors to explain soaring coal prices. Chief among them is that Chinese coal production growth has lagged at just 6% so far this year, compared to a 14% rise in coal-fired power output over the same period, according to <a href="https://fingfx.thomsonreuters.com/gfx/ce/akvezqybgpr/CHINA%20COAL%20PRODUCTION%20AND%20CONSUMPTION.pdf">Reuters</a>. That's come as Beijing has targeted steep carbon emission reductions.In addition, while China could simply tap its 30% of non-coal energy sources, renewables like hydroelectric power have faltered in recent weeks due to one-off weather events. Meanwhile, municipalities have been hoarding coal ahead of an often-harsh winter season. And importing coal has become political, after Beijing blocked Australian coal imports for demanding an investigation into the origins of COVID-19. Strict border controls in China make the problem worse.Longer term, expectations that green-energy sources will displace coal have limited investment in new mines, meaning little spare capacity exists to make up for shortfalls in production elsewhere. "The result has been a severe depletion of coal inventories which has contributed to low stocks at many power plants and upward pressure on coal prices," wrote Reuters analyst John Kemp on Tuesday.Amid the soaring coal prices, the Chinese government has begun to slash power use in certain sectors, including the stainless steel and ceramics industries. At least 20 regions have announced some degree of power curb, according to Chinese-language industry publication BJX Power.The crisis has begun to spill into the operations of US companies that make goods in China, including Apple and Tesla. A key Apple manufacturer said on Monday that its factories were being hit by the mandatory power curbs, according to <a href="https://www.bloomberg.com/news/articles/2021-09-27/iphone-assembler-starts-energy-saving-measures-in-china">Bloomberg</a>, while Tesla suppliers were <a href="https://asia.nikkei.com/Business/Technology/Key-Apple-Tesla-suppliers-halt-production-amid-China-power-crunch">reporting</a> similar impacts.The state has usually preferred to cut industrial electricity use before it begins barging into consumers' lives. Fixed prices for electricity leave power plants with little incentive to boost output. But some voices are now advocating raising electricity prices to combat the shortfall. "It should be clear that electricity is a type of commodity," Wang Gaofeng, a writer at a Chinese energy magazine, <a href="https://shoudian.bjx.com.cn/html/20210928/1179275.shtml">wrote</a> on WeChat in Mandarin. "Having ups and downs is a market law, and a thousand years without movement is not normal!"

Coal prices are skyrocketing as an energy crisis in China rages

<ul class="summary-list"><li>Investors are being encouraged to sell their coal-related assets as part of the <keyword id="11896316" type="UNKNOWN" weightage="60" keywordseo="divestment" source="Orion">divestment</keyword> movement.</li><li>Even coal-mining companies have participated in the movement.</li><li>China and India are increasing their production of coal as part of their growing economies.</li></ul>There's a growing <a href="https://www.businessinsider.com/what-divesting-from-fossil-fuels-means-for-investors-2021-8">divestment movement among investors</a>, including large institutions, to sell off their fossil-fuel assets from businesses and industries responsible for carbon emissions. A major focus of the social, political, and economic pressure to divest is <keyword id="11955837" type="UNKNOWN" weightage="60" keywordseo="coal-mining" source="Orion">coal mining</keyword>, especially thermal coal. The fossil fuel is used to generate <a href="https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2021-full-report.pdf">34% of the world's electricity</a> but produces large amounts of carbon-dioxide and <a href="https://www.carbonbrief.org/coal-mines-emit-more-methane-than-oil-and-gas-sector-study-finds">methane</a> emissions during its production and consumption, more than oil or natural gas <a href="https://www.iea.org/data-and-statistics/data-browser/?country=WORLD&amp;fuel=CO2%20emissions&amp;indicator=CO2BySourceBySource">in 2018</a>.The recently released Intergovernmental Panel on <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">Climate Change</keyword> report has put a spotlight the urgent need to move into cleaner energy sources and reduce coal-mining activity. But <a href="https://tradingeconomics.com/commodity/coal">rising prices</a> of more than $170 per metric ton (nearly four times the lowest price in September) indicate a resurgence in demand.Divestment targets the investment capital required to finance the production, distribution, and sale of coal <keyword id="11955836" type="UNKNOWN" weightage="60" keywordseo="mining" source="Orion">mining</keyword>. Despite its polluting reputation, coal-fired power has been attractive to investors because of the generating capacity of the largest plants (5 gigawatts), the often cheap price, and the relative stability of its supply in high-use countries like China, India, and the US.Coal, both the kind for heating (thermal) and the manufacturing of steel (metallurgical), also makes up about 50% of the world's mining market. And the industry continues to grow, with <a href="https://globalenergymonitor.org/wp-content/uploads/2021/05/CoalMines_2021_r4.pdf">432 new mine developments and expansion projects</a> announced or under development worldwide, according to a survey by the Global Energy Monitor published in May. China and Australia are the leaders in <a href="https://www.worldsteel.org/en/dam/jcr:16ad9bcd-dbf5-449f-b42c-b220952767bf/fact_raw+materials_2018.pdf">two kinds of coal</a> used in steel production, coking, and metallurgy. Both are among the <a href="https://www.un.org/en/climatechange/net-zero-coalition">more than 191 countries</a> that have signed commitments for net-zero emissions by 2050. But to achieve the goal of limiting global warming to 1.5 degrees Celsius, which was set by the <a href="https://unfccc.int/process-and-meetings/the-paris-agreement/the-paris-agreement">Paris Climate Accords</a>, the amount of coal used to manufacture steel would need to decline by 80% in the next three decades compared with current levels, according to analysis by <a href="https://www.mckinsey.com/business-functions/sustainability/our-insights/sustainability-blog/here-is-how-the-mining-industry-can-respond-to-climate-change">the consulting firm McKinsey</a>. Companies <a href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/wave-of-institutional-divestment-from-coal-mining-generation-develops-in-2019-56263503">across several industries</a> have been moving away from coal, and insurers like Allianz have publicly released policies restricting coal or investments in coal-related assets."Ideally, companies close coal power plants and do not sell them," the insurance company <a href="https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/responsibility/documents/Allianz-Statement-coal-based-business-models.pdf">wrote in a statement</a> published in May on coal-based business models. The pressure to sell off coal assets has existed for years and has reached coal companies themselves, including the global mining giants <a href="https://www.bloomberg.com/news/articles/2019-07-11/biggest-miner-bhp-said-to-move-closer-to-thermal-coal-exit?sref=P6xXtEaF">BHP</a> and <a href="https://www.abc.net.au/news/2018-03-28/rio-tinto-sells-last-coal-mine-kestrel/9597352#:~:text=Mining%20giant%20Rio%20Tinto%20has,Adaro%20Energy%20for%20%242.9%20billion">Rio Tinto</a>. But while global <keyword id="11955835" type="UNKNOWN" weightage="60" keywordseo="coal-consumption" source="Orion">coal consumption</keyword> and production fell worldwide in 2020, and hit a <a href="https://finance.yahoo.com/news/u-coal-consumption-hit-60-160000115.html">60-year-low</a> in the US, developing countries are leaning into coal for their economic recoveries. Last year, China increased both its output and its use of coal to <a href="https://www.reuters.com/article/us-climate-change-china-coal/china-generated-over-half-worlds-coal-fired-power-in-2020-study-idUSKBN2BK0PZ">more than half</a> the world's coal-fired power. Despite the country's plans to reach <a href="https://www.nsenergybusiness.com/news/industry-news/china-carbon-neutral-2060/">carbon neutrality</a> by 2060, China added <a href="https://www.reuters.com/article/us-china-coal/chinas-new-coal-power-plant-capacity-in-2020-more-than-three-times-rest-of-worlds-study-idUSKBN2A308U">38.4 gigawatts</a> of coal-fired power capacity last year - more than three times the amount built anywhere else worldwide, Reuters reported, citing international research.The increase in coal-fired electricity generation in India for this year is expected to be <a href="https://www.iea.org/reports/global-energy-review-2021/co2-emissions">three times higher</a> than renewables. This increase in demand is expected to push carbon-dioxide emissions from coal in 2021 to <a href="https://www.iea.org/reports/global-energy-review-2021/co2-emissions">640 million metric tons</a>, the highest levels since 2011. For divestment of coal to be successful and global climate goals to be met, it will require greater regulations, economic disincentives, and a true understanding of how carbon emissions do not care about national borders.

Coal mining is the most carbon-intensive fossil fuel produced. How hard is it to transition from coal to meet sustainability goals?

<ul class="summary-list"><li>A recent string of Treasury auctions has suffered from weak investor demand.</li><li>Strategists at TD Securities raised the question of whether it's a "canary in the coal mine."</li></ul>A string of recent Treasury bond auctions <a href="https://markets.businessinsider.com/news/bonds/treasury-bond-auction-us-debt-crisis-fed-buying-quantitative-tightening-2023-10?_gl=1*pbj4ln*_ga*MTMxNDIwNDI1Ni4xNjc1Njg3OTU4*_ga_E21CV80ZCZ*MTY5NzIxNjY0OS4zMTEuMS4xNjk3MjE3OTkwLjYwLjAuMA..">saw a major slump</a> in investor demand, and that could be a harbinger of a trend that sends yields higher, strategists said.On Thursday, the US sold $20 billion of 30-year bonds. But dealers had to pick up 18% of the sales, greater than the typical 11% share, as more buyers balked. That followed similarly weak auctions this past week for three-year and 10-year Treasurys.In a note Thursday, strategists at TD Securities raised the question of whether it's a "canary in the coal mine.""While end-user takedowns at auctions have remained high in recent years, the recent drop in end-user demand is concerning as dealer capacity to backstop auctions remains lower due to limited balance sheet availability," they wrote.They added that investor conviction is low while the Treasury Department will likely increase the size of its auctions in the coming months, with more long-dated debt coming to market.TD Securities warned this could put upward pressure on rates, which will weigh on economic growth and eventually lead rates lower by year-end and in 2024."In the near-term, however, worries about a lack of demand for Treasurys could allow rates to re-test recent highs, with 10s potentially making a run at the 5% mark," they said.But market veteran Ed Yardeni told Insider that bond yields could already be at the right levels to bring back demand. He also noted that while the recent auctions didn't go well, bond yields didn't shoot to new highs. In fact, the 30-year rate still remains below its 5% peak, and the 10-year yield is headed towards a 4.6% level."I think 4.5% to 5% is going to create enough demand to meet supply at these levels. If that's the case, then they don't have to continue to increase," he said, but added, "We may be where we're going to be for a while." Yardeni's forecast contrasts with other projections made by leading commentators, with the likes of <a href="https://markets.businessinsider.com/news/bonds/bill-ackman-larry-fink-jamie-dimon-10-year-treasury-yields-2023-9">Bill Ackman, Larry Fink</a>, and <a href="https://finance.yahoo.com/news/bond-market-being-held-captive-212642832.html" target="_blank" rel="noopener">Bill Gross</a> predicting highs above the 5% threshold.But while such outlooks are driven by their concerns over high future inflation, Yardeni said it's moderating.Meanwhile, a potential US debt crisis  — a fear that has helped drive the sharp Treasury sell-off since August — is not an inevitable scenario, Yardeni said, though it is a real concern. In his view, yields are soaring as activist traders, known as bond vigilantes, are trying to push interest rates to levels that will force the US government to tackle its runaway deficits and debt. If left unaddressed, the fiscal situation will reach a breaking point that could send the US <a href="https://markets.businessinsider.com/news/bonds/us-debt-crisis-gdp-ratio-unsustainable-default-treasury-bond-crash-2023-10">into some form of default</a>, Penn Wharton recently predicted.But for now, bond market yields should level off after weeks of turmoil, Yardeni said. "Our baseline scenario requires that the bond yield is now high enough to equilibrate the supply and demand for Treasury securities without causing a recession," he wrote in a Friday note, adding: "We will be watching the Treasury's bond auctions in coming months, along with everyone else, to see whether the bond yield is stabilizing or needs to go higher to clear the Treasury market's supply."

Treasury bond auctions have been ugly lately, and weak demand could be a 'canary in the coal mine'

<ul class="summary-list"><li>The UAW union late last week went on strike to pressure the "Big Three" to raise worker wages.</li><li>The strength of President Biden's economic message could hinge on the outcome of the strike.</li></ul>Shortly after Joe Biden launched his 2020 presidential campaign, his first major rally was held at a Teamsters union hall in Pittsburgh, where he extolled the virtues of middle-class Americans.Referring to himself as a "union man," Biden <a href="https://www.c-span.org/video/?460193-1/joe-biden-campaign-rally-pittsburgh">mapped out</a> of his vision of an economy that would empower ordinary citizens by lifting wages and targeting financial loopholes that favored big businesses."The country wasn't built by Wall Street bankers, CEOs, and hedge-fund managers. It was built by you," he told the receptive audience in April 2019.That was over four years ago.Biden is now sitting in the Oval Office, and <a href="https://www.businessinsider.com/ford-gm-stellantis-uaw-workers-indefinite-strike-2023-9">the United Auto Workers strike</a> is giving him the most challenging labor crisis of his presidency, as the economic pitch for his reelection bid could sink or swim depending on the outcome.The UAW, which represents almost 150,000 autoworkers, began a strike on Friday against the "Big Three" automakers — Ford, General Motors, and Stellantis. It is the first time that there have been simultaneous strikes at the three Detroit automakers. (At the moment, only three plants — a Ford factory in Wayne, Michigan; a GM assembly plant in Wentzville, Missouri; and a Stellantis Jeep plant in Toledo, Ohio — are striking. But <a href="https://www.wsj.com/business/autos/uaws-strike-strategy-start-small-and-keep-em-guessing-5facd690">more factories could be added</a> to the list depending on how negotiations move along.)The union is calling for more robust benefits and the <a href="https://www.nbcnews.com/business/business-news/uaw-strike-tiered-pay-big-three-automakers-wages-rcna104851">elimination of "tiered" compensation</a>, the latter of which occurs when workers are paid different rates for performing the same work.But perhaps the biggest sticking point for the UAW is the push to raise wages.The UAW is now calling for a 36% increase in general employee pay for across a four-year period, mirroring the 40% chief executive pay bump that union leadership says has occurred over the past four years.And Biden is clearly listening. Late last week, he sent acting Labor secretary Julie Su and White House economic advisor Gene Sperling to Michigan "to offer their full support for the parties" in the contract talks.<div type="image" title="Biden" height="2830" width="4245" msid="103740028" hostid="261"></div>And the president last week spoke on the wide disparities in CEO pay compared to workers on the floor."I've been in touch with both parties over — since this began over the last few weeks. And over the last — the past decade, auto companies have seen record profits, including the last few years, because of the extraordinary skill and sacrifices of the UAW workers," he said at the White House. "But those record profits have not been shared fairly, in my view, with those workers.""Unions raise workers' wages, they said — incomes — increase homeownership; increase retirement savings; increase access to critical benefits, like sick leave and childcare; and reduce inequality — all of which strengthen our economy for all workers," he added.This is the sort of pitch that Biden has sought to use in next year's election, but especially in <a href="https://www.businessinsider.com/biden-leads-trump-desantis-michigan-2024-presidential-poll-auto-strike-2023-9">Michigan</a>, which is a critical part of the blue-state coalition that he hopes to assemble.But ahead of any agreement coming to fruition in the next few days, the Biden team might want to send some emissaries to factories across the Midwest, where discontent with the president among some auto workers is simmering, <a href="https://www.politico.com/news/2023/09/15/uaw-auto-strike-biden-00116207">according to a report from Politico's Adam Wren</a>.Denny Butler, a union committeeman in Kokomo, Ind., told the outlet that he wasn't backing Biden or former President Donald Trump at the moment. And he also criticized both political parties."They're all full of shit," Butler said."Historically, man, if you didn't vote Democrat years ago, and you were in the union, sometimes you got your ass kicked," he continued. "Democrats were for the working people. That shit has changed. I'm telling you what, the Democratic Party was not what it was 20, 30 years ago."As Biden looks to lay out his economic plans to working-class voters across the country, most of whom have endured inflation exacerbated by the COVID-19 pandemic and supply-chain issues, the fallout from the UAW strike could inform the opinions of voters across the political spectrum next year.Voters will ask: Does the economy work for me?The president will have to continue listening to workers to effectively make his case.

The United Auto Workers strike could be the canary in the coal mine for Biden's reelection pitch to working-class voters

Globally, the rate at which people are installing solar panels and buying electric vehicles is "perfectly in line" with what experts have said is necessary to reach net zero emissions by 2050. That's according to <keyword id="293700" type="General" weightage="60" keywordseo="fatih-birol" source="Orion">Fatih Birol</keyword>, the economist who leads the world's energy watchdog, the International Energy Agency (<keyword id="66776" type="General" weightage="80" keywordseo="iea" source="Orion">IEA</keyword>). Thanks to a "staggering" rise in clean energy generation and investment over the last two years alone, the prospect of halting global heating at 1.5°C remains intact, he added. After a summer of unparalleled climate disasters in Libya, Greece and Canada, should dread turn to optimism? In a recent update on humanity's progress with cutting greenhouse gas emissions, the IEA concluded that by 2030: <keyword id="560717" type="General" weightage="50" keywordseo="fossil-fuel" source="Orion">fossil fuel</keyword> demand must fall 25% -the energy efficiency of homes, vehicles and other appliances must double -methane emissions from the oil and gas sector must fall 75% The report assumes that renewable energy capacity will need to triple and replace coal, oil and gas at a rapid pace by the end of this decade to guard against catastrophic levels of warming. But despite sources like solar consistently defying even the most bullish predictions, fossil fuels have hardly budged: they supplied 82% of the world's energy last year and 87% in 2000. Why? Fossil fuels linger, wind power stalls "Rapidly increasing renewable energy hasn't cut coal and gas consumption at the same rate because humankind is using a lot more electricity than we used to, especially in Asia," says Malte Jansen, a lecturer in energy and sustainability at the University of Sussex. "[In Europe and North America] renewable energy has slowly eaten into the proportion of energy generated by fossil fuels, while all other energy sources (nuclear, hydro, biomass) have remained about the same. In Asia, electricity demand has tripled since the 2000s, with the bulk of this energy coming from fossil fuels." And while the report was glowing in its assessment of solar power's performance, it noted that planned projects for generating wind energy this decade trail what the IEA says will be necessary by 2030. Jansen says wind is a particularly valuable energy source during winter, when energy demand peaks. Unfortunately, the wind industry has been buffeted by inflation. "For those involved in the construction of an offshore wind farm, this means the cost of both the physical parts (such as the turbines) and the debt (bank loans) has gone up," says Phil McNally, a research fellow in electricity markets at UCL. McNally does not believe this setback heralds the end of cheap offshore wind, as some have claimed. Instead, he argues, it means governments must produce strategic plans to grow the sector which include how much energy they wish to procure in auctions with developers. Net zero must come sooner According to the IEA, "almost all countries" will also need to move their net zero target dates forward by several years. Most developed countries, including the US and Australia, aim to fully decarbonise by 2050. Under the UN principle of common but differentiated responsibilities, developing countries have a bit longer: India plans for 2070, for example. A team of energy experts at Australian National University (with support from nearly 900 engineers) recently argued that Australia could hit net zero as early as 2035. But in the UK at least, government policies on net zero are moving in the opposite direction. Prime Minister Rishi Sunak recently scrapped requirements on landlords to raise the energy efficiency of their properties and delayed the phase-out of petrol and diesel car sales from 2030 to 2035. "As my own analysis has shown," says Tim Jackson, a professor of sustainable development at the University of Surrey, "the UK's fair share of the global carbon budget, taking into account the development needs of the poorest parts of the world, will be exhausted before 2030. Forget 2050. The science is clear. Delay is tantamount to capitulation." We've been here before What can earlier energy transitions teach us about what is happening today? According to energy historian Vaclav Smil, past energy transitions took on average 50-75 years to ripple through society. We no longer have that kind of time says Liz Conor, an ARC Future Fellow at La Trobe University. "To farm fields and build cities, we've gone from relying on human or animal muscle to wind and water to power sailboats and mill grain. Then we began switching to the energy dense hydrocarbons, coal, gas and oil. But this can't last." "We were first warned in 1859 that when burned, these fuels add to the Earth's warming blanket of greenhouse gases and threaten our liveable climate," she says. Environmental limits have spurred the shift to new energy sources before. Take England's transition from burning wood to coal. "England was once carpeted in forest. Endemic deforestation drove the change to coal in the 16th and 17th centuries. Most English coal pits opened between 1540 and 1640," Conor says. Later, dwindling whale populations saw the US abandon whaling as a source of fuel and lubricant for crude oil extraction. But the dominance of coal, oil and gas today was not inevitable. Conor points to 1850s New England, where steam generated from burning coal was three times more expensive than water for powering textile mills. Smil's research documents how waterwheels and turbines "competed successfully with steam engines for decades". "The energy of flowing water was free. Digging up coal was labour-intensive. Why did steam win?" asks Conor. The answer, she says, referring to work by human ecologist Andreas Malm at Lund University, is capital. "Locating steam engines in urban centres made it easier to concentrate and control workers, as well as overcoming worker walk-outs and machine breaking," Conor says. Today's energy transition requires another active intervention, she adds. "Once solar panels and wind turbines are built, sunlight and wind are free. It is the resistance of the old guard - fossil fuel corporations - that is holding us back." (The Conversation) NSA NSA

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