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<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

Every time you have a discussion with <keyword id="15681942" type="General" weightage="20" keywordseo="chatgpt" source="Orion">ChatGPT</keyword> about why your tummy hurts or when the next season of your favourite show will arrive, the application guzzles down an entire half-litre bottle of freshwater. This helps the <keyword id="107950" type="General" weightage="20" keywordseo="artificial-intelligence" source="Orion">artificial intelligence</keyword> keep itself cool and composed while it answers your “hard-hitting” questions. Despite this scary bit of information being common knowledge for a while now, the <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword> boom has only gathered more *ahem* steam in recent years. As AI technology advances, the <keyword id="20028292" type="General" weightage="20" keywordseo="energy-consumption" source="keywords">energy consumption</keyword> of the IT industry is also projected to spike significantly, potentially reaching 3.5% of global electricity by 2030. This is undoubtedly a lot of energy and a mountain of toxic carbon dioxide — levels of emissions we certainly cannot afford at the moment. However, our brains, despite still being far more complex and efficient than current computers, clearly don’t require nearly the same amount of energy to function. To emulate the supreme model organ, scientists have pulled a move straight out of science fiction: they grew brains of their own to hook up to a computer! In a massive development, a Swiss start-up named <keyword id="22019428" type="General" weightage="20" keywordseo="FinalSpark" source="keywords" meta.keywordsubtype="org" meta.entityname="FinalSpark" meta.hostid="261" meta.entityid="FinalSpark">FinalSpark</keyword> has launched a '<keyword id="20353366" type="General" weightage="20" keywordseo="biocomputer" source="keywords">biocomputer</keyword>' that connects to living, pulsing brain cells. Their online platform “taps” into spherical clusters of lab-grown human brain cells about half a millimetre in diameter, which are kept alive via an electrode and a microfluidics system that supplies the necessary water and nutrients. And yes, this system consumes far less energy than traditional, bit-based computers. This innovative approach, referred to as <keyword id="22019427" type="General" weightage="20" keywordseo="wetware-computing" source="keywords">wetware computing</keyword>, utilises researchers' ability to culture organoids in the lab. Organoids, essentially mini replicas of individual organs, have gained popularity as a research technique alongside the rise of energy-intensive artificial <keyword id="21395212" type="General" weightage="20" keywordseo="neural-networks" source="keywords">neural networks</keyword> such as ChatGPT. The electrodes can supply electric pulses to the brain organoids and measure how the cells respond. These organoids are exceptional at determining patterns, which is the kind of processing very helpful for computer engineers trying to solve their many problems. During the training process, the <keyword id="22019430" type="General" weightage="20" keywordseo="mini-brains" source="keywords">mini-brains</keyword> can also be “rewarded” with dopamine rushes and “punished” using electrical stimulation. <cmsannotation type="cmsannotation" annotationid="Far less energy than traditional digital processors" comment="subhead" text="Far less energy than traditional digital processors">Far less energy than traditional digital processors</cmsannotation> FinalSpark claims that their bioprocessors "consume a million times less power than traditional digital processors." To put this into perspective, training a single large language model like GPT-3, a precursor to the latest GPT-4, required 10 gigawatt hours of energy — roughly 10,000 times the per capita energy consumption of an average Indian citizen in 2023. In contrast, the human brain operates its 86 billion neurons with just 0.3 kilowatt hours per day, less than 30 times as much energy as a light bulb! Currently, FinalSpark's system is being used to run lengthy experiments on brain organoids. Researchers can connect to this system remotely, and the mini-brains can be sustained for up to 100 days with their electrical activity continuously monitored. The system is freely available for research purposes, and numerous research groups have already begun using it. However, it may be noteworthy that FinalSpark is not the first to attempt connecting probes to biological systems or programming neural networks to perform specific tasks. In 2023, US researchers built a bioprocessor that connected computer hardware to brain organoids, enabling the system to learn to recognize speech patterns. Another Australian organisation created the DishBrain device that learned to play Pong within five minutes. Looking ahead, FinalSpark plans to expand the capabilities of their platform to manage a broader range of experimental protocols relevant to wetware computing. This includes injecting molecules and drugs into organoids for testing. Whether aiding computing or organoid research, the potential achievements in this field are vast and exciting. The findings of this study have been published in Frontiers in Artificial Intelligence and can be accessed <a href="https://doi.org/10.3389/frai.2024.1376042">here</a>.

A living computer? This AI made from interconnected "mini-brains" requires a million times less power than ChatGPT!

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

<ul class="summary-list"><li>US electric demand is rising, fueled by everything from data centers to electrified transportation, says BofA.</li><li>By 2035, as much as 300 gigawatts of effective capacity could be required to power the nation.</li></ul>With resources flooding into infrastructure and tech, US electric demand is charging up. As the economy becomes more power-hungry, Bank of America considers momentum energized for five key utility stocks."There is now evidence that demand growth has returned, driven by the re-shoring of industry, the development of data and crypto mining centers and the electrification of buildings, transportation, and infrastructure," analysts wrote on Monday.Though power consumption has ebbed over the past two decades, the bank anticipates that the US will require 100 gigawatts of effective capacity by 2035. That indicates a 1.5% nationwide annual growth rate, compared to 0.5% between 2015 and 2024.Under BofA's high-case scenario, however, power demand could require as much as 300 gigawatts instead.Among factors driving this trend is artificial intelligence. The bank previously cited that this alone could require as much as 28 gigawatts of effective capacity by 2026.While this will vary dramatically per region, analysts listed five utility firms that stand to benefit from the acceleration: <a target="_blank" href="https://markets.businessinsider.com/stocks/sre-stock">Sempra</a>, Northwestern Energy, <a target="_blank" href="https://markets.businessinsider.com/stocks/pnw-stock">Pinnacle West</a>, <a target="_blank" href="https://markets.businessinsider.com/stocks/etr-stock">Entergy</a>, and <a target="_blank" href="https://markets.businessinsider.com/stocks/txnm-stock">TXNM</a>.1. Entergy stands to gain 3.6% from current levels, based on BofA's price objective of $138 per share. That's based on a 2026 sum-of-the-parts analysis and expectations that the utility firm's 15.4-times price-to-earnings ratio will rise over 5%.In 2024, the electric distributor has soared over 30% year-to-date. It has already <a target="_blank" href="https://www.businessinsider.com/data-centers-electricity-consumers-discounts-utilities-2024-4">played a role</a> in the emerging buildout of AI data centers and has <a target="_blank" href="https://www.businessinsider.com/companies-expand-access-ev-charging-rural-america-2022-3">helped expand</a> the power-charging grid for electric vehicles.2. Sempra will rise 13% based on the bank's $94 share target. Goldman Sachs has similarly touted this infrastructure firm, noting the company's significant spending to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-to-buy-electricity-demand-benefit-utilities-data-centers-2024-5?utm_medium=ingest&amp;utm_source=markets">support data center growth in Texas.</a>3. Northwestern Energy could similarly jump over 13% to reach a $65 price target, Bofa says."We value NWE at an in-line multiple given improving regulatory treatment in Montana and sector-average EPS growth with no equity dilution, with upside likely occurring in 2026 onwards," analysts wrote. "Between a more constructive regulatory construct and a strong balance sheet, we see NWE as differentiated relative to other small cap utilities."4. Pinnacle West will climb 4.6% under BofA's price objective of $93 per share. The bank has previously touted PNW among high-quality, value stocks <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-market-outlook-investing-strategy-volatility-vix-bofa-2024-8#25-lockheed-martin-25">worth owning to hedge against volatility</a>.5. TXNM Energy is set to increase 10% from current levels, reaching a price target of $48 per share.

5 energy stocks that will get a boost from ballooning electric demand

<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

<ul class="summary-list"><li>Investors have turned bearish on oil amid fears of an OPEC+ price war and weak China oil demand.</li><li>But if world GDP grows 3.3% next year, energy demand will likely surge, Bank of America says.</li></ul>Investors have turned sour on oil over fears of an oversupplied market in the next year.However, the downbeat sentiment setting a "bear trap" for investors, Bank of America analysts say.That's because if GDP grows according to estimates, energy demand growth will likely follow. They note that recent short positioning in the oil market has reached near-record levels as investors become concerned about OPEC+ plans to add more supply to a market already awash in US oil. However, investors should look instead to the AI boom as a sign of future demand growth."For all the bearish concerns out there, we believe global energy consumption will likely speed up ahead as the next productivity revolution comes to the fore," the analysts wrote in a Monday note."It is important to remember that the upcoming clash between artificial intelligence and the fight against climate change has energy at its core," they added.The analysts estimate that with AI-driven demand for data centers coming as part of the next "productivity revolution," US electricity demand growth will speed up from 0.2% to 2% in the next seven years.With the analysts' estimates for 3.3% growth in world GDP in 2025, energy consumption could expand by six to nine million barrels of oil per day, so long as the global economy avoids a hard landing or a trade war. That totals as much as 3% growth in global energy demand.Further policy easing from the Federal Reserve with lower interest rates could also help boost the world economy "quite substantially over the coming quarters," the strategists said.They expect the Fed to drive rates below 3% by the end of next year, which they say could stimulate both oil and cyclical commodity demand, they said.And with tensions in the Middle East rising, supply could see unexpected changes, which could pose upside risks to the analysts' price projections.The analysts' forecast for greater for energy demand comes as investors have turned bearish on energy, with prices dwindling this year even amid mounting concerns of disruptions from conflicts in the Middle East. OPEC+ plans to add crude oil barrels into an existing surplus oil market after a series of cuts in the last two years.OPEC's supply plans and sluggish demand in China could pose risks to the oil market next year, the analysts said.Those factors, along with the chance for a global economic slowdown, pose downside risks to the analysts' oil price target."A trade war, an OPEC+ price war, or a hard economic landing could take oil below $60/bbl temporarily. Yet a move to this level could quickly push the oil market into balance and encourage substitution from the power generation sector," the analysts said.

Investors shorting oil are walking into a 'bear trap' with energy demand set to surge, Bank of America says

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.

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