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India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

Photo-sharing platform Snapchat on Wednesday launched its paid subscription service in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> for Rs 49 per month, as it aims to increase revenue amid slowed growth and layoffs globally. The subscribers in India will receive a Snapchat+ badge for their profile with a Star designation. The Snapchat+ arrives in India at a time when WhatsApp is also geared up to launch seven new features with its upcoming update. "India is an important market for <keyword id="24754" type="General" weightage="80" keywordseo="snap" source="Orion">Snap</keyword> and investments in localizing the app experience has been key to our growth in the region. We're very excited about offering exclusive, experimental, and pre-release features to our Indian Snapchatter community who is eager to try our new products and features," said Lakshya Malu, Interim-Market Development Lead, Snap. Snapchat in June announced Snapchat+, a collection of exclusive, experimental, and pre-release features available on the platform, for $3.99 per month. It was then available in the US, Canada, the UK, France, Germany, Australia, New Zealand, Saudi Arabia, and the UAE. "We have always enjoyed creating new features for our community, and historically we have tested new features in different ways, rolling them out to various <keyword id="6698107" type="General" weightage="50" keywordseo="snapchatters" source="Orion">Snapchatters</keyword> and geographies," the company had said in a statement. "This subscription will allow us to deliver new Snapchat features to some of the most passionate members prioritised unity and allow us to provide prioritised support," it added. The company claims that over 332 million people worldwide use Snapchat every day. In India, it has over 100 million monthly active users. Not just Snapchat but several other popular apps have started paid subscription services after <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword>'s introduced a privacy feature with iOS 14.5, allowing users to turn off ad tracking for apps. Instant messaging platform <keyword id="1275203" type="General" weightage="50" keywordseo="telegram" source="Orion">Telegram</keyword>'s founder and CEO <keyword id="1684385" type="General" weightage="50" keywordseo="pavel-durov" source="Orion">Pavel Durov</keyword> recently confirmed that a subscription-based offering called '<keyword id="13788992" type="General" weightage="50" keywordseo="telegram-premium" source="Orion">Telegram Premium</keyword>' will be coming later this month. Meanwhile, reported surfaced that Snap was set to sack employees and was in early stages of planning layoffs. The Verge reported earlier this week that the job cuts at Snap are coming after the company posted disastrous quarterly results (Q2) amid poor future forecast. "It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams," the report claimed. Snap, the parent company of Snapchat, suffered nearly $10 billion loss and its shares hit a new 52-week low over disappointing quarterly results last month. The company reported a net loss of $422 million compared to $152 million in the prior year as it "substantially" reduced hiring. Snap had earlier announced to slow down hiring this year. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/more-emissions-reduction-targets-will-help-indian-fossil-fuel-giants-ieefa-reports/articleshow/93475520.cms">More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/drive-to-plant-the-globes-largest-mangrove-forest-in-proximity-to-sundarbans-in-bangladesh/articleshow/93473198.cms">Drive to plant 100,000 mangroves in proximity to Sundarbans in Bangladesh</a>

Snapchat brings paid subscription service to India amid layoffs, poor growth

IT company <keyword id="43217" type="General" weightage="100" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> expects to soon hit USD 7 billion revenue run rate for the current fiscal year, out of which the telecom vertical is estimated to contribute USD 3 billion, a top official of the company said on Monday. Tech Mahindra Managing Director and Chief Executive Officer CP <keyword id="45924" type="General" weightage="80" keywordseo="gurnani" source="Orion">Gurnani</keyword> told PTI that the company has hit a run rate of USD 1 billion (about Rs 8,300 crore), from 5G solutions that it provides to telecom companies. "We are at an annual revenue run rate of USD 6.6 billion. We expect to reach USD 7 billion run rate for this fiscal. Telecom vertical is expected to contribute USD 3 billion to this. We have already touched a revenue run rate of USD 1 billion from 5G services," Gurnani said at Mobile World Congress (MWC) 2023. Tech Mahindra posted a 5 per cent decline in consolidated profit after tax at Rs 1,297 crore for the December quarter. Revenue from operations, however, increased 20 per cent to Rs 13,734.6 crore from Rs 11,451 crore a year ago. Tech Mahindra President, Communications, Media and Entertainment Business, and CEO, <keyword id="659906" type="General" weightage="50" keywordseo="network-services" source="Orion">Network Services</keyword>, <keyword id="644257" type="General" weightage="50" keywordseo="manish-vyas" source="Orion">Manish Vyas</keyword> said 50 per cent of the company's business comes from the American region, 30 per cent from Europe and 20 per cent from the rest of the world. "We believe this trend will continue because we have invested in these geographies. All the sectors within telcos, be it the growth of fibre, fixed wireless, new product build and all the transformation on the digital side, have continued to provide us growth," he said. Talking about the impact of the global macroeconomic situation on the company, <keyword id="30343" type="General" weightage="80" keywordseo="vyas" source="Orion">Vyas</keyword> said uncertainty still remains across the globe and there will be intense pressure on the cost of services. "The overall macroeconomic situation still remains uncertain. People will need to conserve as we go forward. It is an important opportunity for us to continue to drive cost optimization through simplification. The broad macroeconomic situation also will evolve as we come out of this uncertain time. People will need to continue to innovate more. Particularly with the whole focus on generative AI as well as the way metaverse will be used by enterprises," he said. Vyas said that globally the company has acquired 42 new logos this year to whom it is providing network transformation including solutions for private 5G networks. "It is essentially a network on the cloud, software-defined network and private network. The growth driver has been a requirement of enterprises to simplify their operations and modernise tracking of their business data," he said. Gurnani said several companies are engaging with Tech Mahindra to simplify, modernise and monetise their networks, and the rollout of the 5G network across the globe will continue to drive the business of the company. "We are very keen to look at how the rollout of 5G and deployments will happen. It is a big year from a deployment standpoint. It is a big year for the modernisation of the digital stack. I think telcos will look to find adjacencies with fintech, learning, manufacturing, IoT etc for growth. We are very excited about 2023. There are a lot of case studies that will emerge in all these areas," Vyas said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/air-india-has-enormous-potential-efforts-on-to-make-it-a-key-global-player-ceo-wilson/articleshow/98269115.cms">Air India has enormous potential, efforts on to make it a key global player: CEO Wilson</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/karnataka-gujarat-ranked-best-performing-indian-states-in-clean-energy-transition-efforts-ieefa/articleshow/98269028.cms">Karnataka, Gujarat ranked best performing Indian states in clean energy transition efforts: IEEFA</a>

TechM expects $7 bn revenue run rate this fiscal, $3 bn from telecom

<ul><li>Demand for affordable housing in top metros is being replaced by mid-segment, says <keyword id="226991" type="General" weightage="80" keywordseo="propequity" source="Orion">PropEquity</keyword>. </li><li>The maximum number of housing units sold in the mid-segment were from <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>. </li><li>Thane sold the highest number of houses under the affordable segment housing category. </li></ul>The luxury housing sector in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has seen a 12% jump across Tier 1 cities during the second quarter of 2022, as per PropEquity’s India Residential Market report. Unsurprisingly, the most expensive homes sold the most in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword>, which was ranked number one in terms of luxury sales and supply. “In the last one year we have been witnessing a revival of luxury housing across top cities in India. Demand for affordable housing in top metros is being replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium amenities,” said <keyword id="207815" type="General" weightage="80" keywordseo="samir-jasuja" source="Orion">Samir Jasuja</keyword>, founder and managing director at PropEquity said. Thane was the best city in terms of affordable housing sales. In the mid-segment, Hyderabad ranked high in terms of maximum number of housing units, the report stated. The Indian affordable housing segment had a share of 63% in overall supply across all Tier 1 cities while the mid-segment had a slice of 26%. The second quarter saw a total sales of 1,02,311 units, out of which the largest share was of the affordable segment of about 64%, followed by mid-segment share of 25% and the share of luxury units being 10%. “Luxury housing in India has remained resilient during the last two years. New launches and rightly located projects are being sold out in a few weeks. We believe projects by fundamentally strong developers would continue to witness heavy demand even with inflationary roadblocks,” said <keyword id="14686763" type="General" weightage="80" keywordseo="abhishiekh-andlay" source="Orion">Abhishiekh Andlay</keyword>, founder of <keyword id="14686764" type="General" weightage="50" keywordseo="andlay-estates" source="Orion">Andlay Estates</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-close-flat-as-they-await-cues-from-us-inflation-data/articleshow/93478615.cms">Indian markets close flat as they await cues from US inflation data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/more-emissions-reduction-targets-will-help-indian-fossil-fuel-giants-ieefa-reports/articleshow/93475520.cms">More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports</a>

Most luxury home sales came from Mumbai, and its suburb Thane leads in affordable homes

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> is projected to fall "well short" of its target for 2022 of having 100 gigawatts (GW) of installed solar capacity, largely due to slow uptake of rooftop solar, a new report by JMK Research and the Institute for Energy Economics and Financial Analysis (IEEFA) said on Tuesday. As of December 2021, India's cumulative installed solar capacity was 55GW, with grid-connected utility-scale projects contributing 77 per cent and the balance coming from grid-connected rooftop solar (20 per cent) and mini or micro off-grid projects (three per cent). With just eight months of 2022 remaining, only about 50 per cent of the 100GW target, consisting of 60GW of utility-scale and 40GW of rooftop solar capacity, has been met. Approximately 19GW of solar capacity is expected to be added in 2022 -- 15.8GW from utility-scale and 3.5GW from rooftop solar. "Even with this capacity addition, about 27 per cent of India's 100GW solar target would be unmet," says report co-author <keyword id="5005000" type="General" weightage="50" keywordseo="jyoti-gulia" source="Orion">Jyoti Gulia</keyword>, Founder, JMK Research. The report projects that by December 2022 there will be a 25GW shortfall in the 40GW rooftop solar target, compared to just 1.8GW in the utility-scale solar target. "Utility-scale solar capacity addition is on track. India is set to achieve nearly 97 per cent of its 60GW target," says <keyword id="13598083" type="General" weightage="80" keywordseo="gulia" source="Orion">Gulia</keyword>. "This makes it imperative to have a more concerted effort towards expanding rooftop solar." Headwinds ranging from pandemic-induced supply chain disruption to deeply rooted policy restrictions have impeded the growth of India's rooftop solar (onsite solar power) and open access solar (offsite solar) installations. "The anticipated 27GW shortfall from the 2022 solar target can be attributed to a string of challenges which are slowing overall progress on renewable energy targets," says co-author <keyword id="4412277" type="General" weightage="50" keywordseo="vibhuti-garg" source="Orion">Vibhuti Garg</keyword>, Energy Economist and Lead India, IEEFA. On the current trajectory, the report finds India's solar target of 300GW by 2030 will be off the mark by about 86GW. These challenges include: regulatory roadblocks; net metering limits; the twin burdens of basic customs duty (BCD) on imported cells and modules and issues with the Approved List of Models and Manufacturers (ALMM); unsigned power supply agreements and banking restrictions; financing issues plus delays in or rejection of open access approval grants; and the unpredictability of future open access charges. "Central and state government policies and regulations must be aligned to support the solar sector overall, and especially the ailing rooftop and open access segments of the market," says co-author Akhil Thayillam, Senior Research Associate, JMK Research. The report proposes short- and long-term measures to get India back on track to meet solar targets. The short-term measures include uniform policies to apply nationally for at least the next five years and consistent regulations for net metering and banking facilities, also to apply nationally. In the long-term, stricter enforcement of the renewable purchase obligation and improved financial health, and potentially privatisation, of distribution companies (discoms). In rooftop solar, state-level efforts such as Gujarat's Surya Scheme need to be replicated by other states in the short-term to help in boosting capacity, says Gulia. "It is also likely that the government, in the short-term, will push aggressively for expediting solar capacity addition to achieve the 100GW target by 2022 by re-allocating some of the unmet rooftop target to utility-scale generation." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/koo-founder-invites-elon-musk-after-he-turns-down-twitter-board-seat/articleshow/90780040.cms">Koo cofounder urges Elon Musk to work with Twitter’s rival in India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-introduces-two-thumbs-up-for-shows-and-movies-you-really-really-like-and-want-to-see-more-of/articleshow/90783309.cms">Netflix introduces Two Thumbs Up for shows and movies you really, really like and want to see more of</a>

India likely to miss 2022 solar target by 27%, says report

<keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword>, which laid off 1 per cent or 1,800 employees in July, has asked around 200 more employees to go, this time from one of its customer-focused R&amp;D projects, the media reported on Wednesday. According to posts on Microsoft-owned LinkedIn, the recent layoffs have also impacted contracted recruiters across several locations. A Business Insider report first mentioned that the additional job cuts were concentrated in Microsoft's <keyword id="14686004" type="General" weightage="50" keywordseo="modern-life-experiences" source="Orion">Modern Life Experiences</keyword> (MLX) group, which was put together in 2018 with the goal of "winning back consumers". "Around 200 employees on the Modern Life Experiences team have been told to find another position at the company within 60 days, or take severance," the report claimed. A company spokesperson declined to provide details to <keyword id="179988" type="General" weightage="50" keywordseo="techcrunch" source="Orion">TechCrunch</keyword>, but "didn't deny that the layoffs had occurred". The Modern Life Experiences team was focused on "bringing consumer products directly to the people who need them, empowering families to learn, explore and connect in a fun and safe environment." The <keyword id="104460" type="General" weightage="50" keywordseo="mls" source="Orion">MLS</keyword> team later partnered Microsoft's Family Safety group to build the first version of the Family Safety apps for iOS and Android, according to reports. In June 2020, the MLX group launched Money in Excel, a template that let users automatically connect bank, credit card, investment, and loan accounts to Excel. "Money in Excel" is scheduled to shut down on June 30, 2023. Last month, Satya Nadella-run Microsoft became the first tech giant to lay off employees as part of a "realignment". The layoffs at Microsoft affected nearly 1 per cent of its 1,80,000-strong workforce across its offices and product divisions. Microsoft has also slowed hiring in the Windows, Teams and Office groups. Other tech companies that have either laid off employees or slowed hiring in the current economic downturn include <keyword id="6355629" type="General" weightage="50" keywordseo="google" source="Orion">Google</keyword>, <keyword id="399907" type="General" weightage="50" keywordseo="meta" source="Orion">Meta</keyword>, Oracle, Twitter, Nvidia, Snap, Uber, Spotify, Intel and <keyword id="155484" type="General" weightage="50" keywordseo="salesforce" source="Orion">Salesforce</keyword>, among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/more-emissions-reduction-targets-will-help-indian-fossil-fuel-giants-ieefa-reports/articleshow/93475520.cms">More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/drive-to-plant-the-globes-largest-mangrove-forest-in-proximity-to-sundarbans-in-bangladesh/articleshow/93473198.cms">Drive to plant 100,000 mangroves in proximity to Sundarbans in Bangladesh</a>

Microsoft lays off more workers, this time from consumer R&D team: Report

<ul class="summary-list"><li>Citigroup was massively bailed out by US taxpayers because it failed to manage key financial risks.</li><li>The bank is exposed to huge risks of fossil fuel stranded assets.</li><li>Citi's new CEO Jane Fraser must show global leadership and seize the energy transition.</li><li>Tim Buckley is Director Energy Finance Studies, Australasia at IEEFA.</li><li>This is an <keyword id="11905565" type="UNKNOWN" weightage="100" keywordseo="opinion" source="Orion">opinion</keyword> column. The thoughts expressed are those of the author.</li></ul>In September 2007, with a mortgage crisis clearly on the horizon, <a href="https://www.nytimes.com/2008/11/23/business/23citi.html">Citigroup's CEO Charles Prince III</a> gathered with his top executives to understand whether the bank - then the nation's largest - faced any risk. The consensus was no.How wrong they were. In a year's time, Lehman Brothers crashed, triggering a global financial collapse. Citigroup lost 90% of its value and 75,000 employees, and ultimately, needed US taxpayers to bail it out. Since that low point, the bank has worked hard to rehabilitate its image, but not its ability to understand and address key global financial risks.This month, <a href="https://anthropocenefii.org/afii-suek-bofa-citi-cmzb">Citi was named</a> as <a href="https://mailchi.mp/banktrack/commerzbank-citi-and-bank-of-america-among-banks-issuing-new-deal-for-russian-coal-giant-suek-just-two-months-before-cop26?e=e9f794d617">Joint Lead Managers for Suek</a>, Russia's largest coal miner, and owner of 17 gigawatts (GW) of coal power plants. The <a href="https://www.ifre.com/story/3041635/suek-finds-sanctuary-in-bond-markets-fpjjvgq9lp">proceeds of this bond issue</a> will <a href="https://www.fitchratings.com/research/corporate-finance/fitch-rates-proposed-suek-guaranteed-notes-bb-exp-01-09-2021">help finance 1.6 GW</a> of more coal power and another 28 million tonnes of new coal export port capacity per year. This deal is in direct contradiction to the Paris Agreement and the findings of the International Energy Agency's (IEA) recent <a href="https://www.iea.org/reports/net-zero-by-2050">Net Zero by 2050</a> roadmap, which couldn't be clearer, that to avoid impending climate catastrophe, there must be "<a href="https://www.iea.org/news/pathway-to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits">no investment in new fossil fuel supply</a> projects, and no further final investment decisions for new unabated coal plants."It also contradicts the spirit of <a href="https://blog.citigroup.com/2021/03/citis-commitment-to-net-zero-by-2050/">Citi's Commitment to Net Zero by 2050</a>, which CEO Jane Fraser announced on her first day on the job. Following that pledge, Citi joined the <a href="https://www.sustainable-markets.org/">Sustainable Markets Initiative</a> Financial Services Task Force, the Mark Carney-chaired <a href="https://www.unepfi.org/net-zero-banking/">Net-Zero Finance Alliance</a>, delivered a <a href="https://www.citigroup.com/citi/sustainability/data/Environmental-and-Social-Policy-Framework.pdf">strengthened but still flawed coal exit policy</a> and a <a href="https://blog.citigroup.com/2021/04/citi-commits-1-trillion-to-sustainable-finance-by-2030/">$1 trillion capital deployment</a> in low-carbon solutions pledge.What good are pledges and promises of distant future action when there is a climate emergency today?<h2>Banking on <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">climate change</keyword> </h2>Citi remains a key global climate laggard, rated by the Rainforest Action Network as the <a href="https://www.ran.org/bankingonclimatechaos2021/#facts-panel">second largest financier of fossil fuels globally</a> in the five years leading to 2020 (second only to JPMorgan Chase). The bank has financed a staggering $237 billion in total, many multiples of the nearest Chinese mega-banks.As a former Citi Managing Director, I want to see the bank succeed. But a pivotal change is overdue after two decades of ongoing market underperformance. Since my days at Citi, I've worked primarily in the energy technology space, tracking the role of global finance and evaluating stranded asset risks and climate investment opportunities. At IEEFA we have tracked <a href="https://ieefa.org/finance-exiting-coal/">180 globally significant financial institutions</a> with formal coal exit policies. To date in 2021 we have seen 68 new or improved coal policies - a 33% increase on the run rate in 2020, which in turn was 60% more than reported in 2019. And with the rising number of zero emission <a href="https://www.unglobalcompact.org/take-action/events/climate-action-summit-2019/business-ambition">1.5 degree Celsius pledges</a>, we are seeing an accelerating global flight from the monumental risk of "stranded assets" in fossil fuel investments including coal, oil and gas, arctic drilling and oil sands. As <a href="https://www.woodmac.com/horizons/commit-and-collaborate-squaring-the-carbon-circle-for-oil-and-gas/">Wood Mackenzie</a> reported in August 2021, "The pool of investors that will agnostically invest in the oil and gas sector, indifferent to the energy transition, will continue to shrink."When it comes to climate, US banks lag behind European and Asian banks. But with the decisive climate leadership of <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/23/fact-sheet-president-bidens-leaders-summit-on-climate/">President Joe Biden</a>, and the increasingly clear climate risk guidance coming from the <a href="https://home.treasury.gov/faq-for-new-fossil-fuel-energy-guidance-for-the-multilateral-development-banks">US Department of the Treasury</a> and <a href="https://www.ngfs.net/en">Network for Greening of the Financial System</a>, this is Fraser's moment to break away from the pack and lead the way. Fraser must eschew the hubris of Citi's former leaders and demonstrate clarity of vision to see obvious global financial risks for what they are. A start would be making a more detailed commitment going into COP26 next month, one that rejects activities like funding giant Russian coal companies and similar projects the world will soon be forced to abandon. Citi should also commit to a clear end date beyond which the bank will not provide any financial assistance across its advisory, debt, equity and capital market services, to any company still building out greenfield oil, gas, and coal operations (including associated facilitation of rail and port infrastructure). These kinds of massive turnarounds in policy are possible. BlackRock, the world's largest financial institution, has moved at lightning speed from also being a global climate laggard in <a href="https://ieefa.org/ieefa-report-blackrocks-fossil-fuel-investments-wipe-us90-billion-in-massive-investor-value-destruction/">2019</a>. <a href="https://www.blackrock.com/corporate/literature/publication/blk-commentary-climate-risk-and-energy-transition.pdf">In 2021</a>, <a href="https://www.bloomberg.com/news/videos/2021-04-12/blackrock-s-fink-temasek-s-pillay-on-climate-investing-video">CEO Larry Fink</a> enthusiastically beat the drum about the magnitude of investment opportunities the changing climate entails. The firm set records on new <a href="https://www.bloomberg.com/news/articles/2021-04-08/blackrock-raises-4-8-billion-to-invest-in-renewable-power">zero emissions infrastructure</a>, <a href="https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/temasek-and-blackrock-launch-decarbonization-investment-partnership">private equity</a> in emerging climate technologies, and <a href="https://www.bloomberg.com/news/articles/2021-04-14/blackrock-s-record-breaking-esg-fund-looks-just-like-a-big-tech-etf">ESG</a> capital raises. These records were subsequently broken as <a href="https://www.reuters.com/business/sustainable-business/brookfield-raises-7-billion-global-energy-transition-fund-2021-07-27/">Brookfield</a> and <a href="https://press.tpg.com/news-releases/news-release-details/tpg-announces-54-billion-first-close-tpg-rise-climate-fund">TPG</a> followed suit, playing catch up to innovative global financial leaders like <a href="https://www.afr.com/chanticleer/big-picture-drives-macquarie-s-growth-20210908-p58pw4">Macquarie Group</a>.Citi should carefully evaluate the substance of BlackRock's pivot. The megabank can align its investments with the IEA's net-zero guidance, enhancing its risk-return profile in doing so. To stymie rapid global emissions growth, the world needs financial leadership to move away from fossil fuel legacy businesses of old and to start providing the multitude of technology solutions commercially viable today. Fraser should focus on the enormous opportunities in providing financial services to the zero emissions world leaders of tomorrow, and turn the bank's sorry past into global leadership.

I'm a former Citi executive. The bank failed to react to the warning signs before the 2008 financial crisis, and its record on climate change shows it's making the same mistake again.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersFILE PHOTO: A sign for BlackRock Inc hangs above their building in New York</div></div></div><ul class="summary-list"><li>BlackRock, the world's biggest asset manager lost $90 billion in the last decade through its investments in fossil fuel companies, a new report by an economics think-tank found.</li><li>BlackRock's investments lost investors an estimated $90 billion over the past decade "due largely to ignoring global climate risk," the Institute for Energy Economics and Financial Analysis (IEEFA) said.</li><li>The report said that BlackRock should reduce the influence of those with connections to the fossil fuel industry on its board. </li><li>BlackRock "continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies," the report added.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>The world's biggest asset manager lost $90 billion over the last 10 years by ignoring the risks of investing in fossil fuel companies, a new report report by an economics think-tank said.The US-based Institute for Energy Economics and Financial Analysis (IEEFA) said in a new, <a href="http://ieefa.org/wp-content/uploads/2019/07/Inaction-BlackRocks-Biggest-Risk-During-the-Energy-Transition_August-2019.pdf">92-page report</a> released on Thursday that BlackRock lost investors over an estimated $90 billion over the past decade "due largely to ignoring global climate risk" and by missing chances to make investments in clean energy.It said that the company "continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies."75% of these losses were the result of BlackRock's investment in just four companies - ExxonMobil, Chevron, Royal Dutch Shell and, BP - which have "all underperformed the market in the past decade," IEEFA's report said.Read more: <a href="https://www.businessinsider.com/blackrocks-second-quarter-earnings-revenues-profits-miss-forecasts-2019-7">BlackRock earnings: Revenue and profits miss Wall Street forecasts because of 'market headwinds'</a>BlackRock has S$6.5 trillion worth of assets under management, which the report notes is "bigger in value than the third largest economy in the world."<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://pictures.reuters.com/archive/USA-UTILITIES-SOUTHERN-GM1DWDFYHFAB.html">Chris Baltimore/REUTERS</a>A coal plant in Cartersville, Georgia.</div></div></div>Tim Buckley, one of the report's authors and IEEFA's Director of Energy Finance Studies, said that BlackRock should play a leading role in sustainability."As the world's largest universal owner, BlackRock wields an enormous amount of influence and shoulders a huge responsibility to the wider community," he said."If the world's largest investor makes it clear the rules have changed, then other globally significant investors like Fidelity, Vanguard and Japan's sovereign wealth fund will rapidly replicate and reinforce these moves, reducing stranded asset risks for all."A BlackRock <a href="https://markets.businessinsider.com/news/stocks/climate-change-risk-to-38-trillion-municipal-bond-market-blackrock-2019-4-1028123832">report said in April</a> that "climate-related risks already threaten portfolios today, and are set to grow" and that threatens the $3.8 trillion US municipal bond market. BlackRock CEO Larry Fink also <a href="https://www.ft.com/content/dd72c4b4-faca-11e7-9b32-d7d59aace167">wrote to</a> corporate bosses in 2018, urging them to engage with environmental issues.Buckley <a href="https://www.ft.com/content/c4ff0b55-b165-34ba-9154-97f3b402fe87?accessToken=zwAAAWxNAVJgkdPE_wtVsWU0utORVJfztAL-hw.MEYCIQD_yu3VfSHzWNfGD0yYvBFNmvttnahHruKidn5X7JkD8wIhAIkPILUmf8nN-xDtLyUamrT7po4zdrqcH80psfKS0sN2&amp;sharetype=gift?token=fd0a323f-e1de-484d-aacf-0a5825de0e8b">told the Financial Times</a> on Thursday that "the obligation is on Larry Fink, who created this giant financial company, to stand by his own rhetoric."A BlackRock spokesperson <a href="https://www.theguardian.com/environment/2019/jul/31/blackrock-lost-90bn-investing-in-fossil-fuel-companies-report-finds">told the UK's Guardian newspaper</a> that the company also gives clients the option of investing in environmentally and socially responsible funds, and that these funds make up 0.8% of its entire portfolio.Read more: <a href="https://markets.businessinsider.com/news/stocks/climate-change-risk-to-38-trillion-municipal-bond-market-blackrock-2019-4-1028123832">The world's largest investor says a $3.8 trillion market faces growing climate-change risk</a>A spokesperson also told the Financial Times that its portfolios that focus on the environment "are among our fastest-growing which reflects clients choosing to move in that direction."<div class="KonaFilter image-container display-table"><div><div class="image on-image">GettyImages 632168302BlackRock CEO Larry Fink.</div></div></div>BlackRock told the FT that most of its funds track baskets of shares, and that in these cases BlackRock does not actively pick companies to invest in.IEEFA, whose <a href="http://ieefa.org/about/">backers</a> include environmental groups, said its analysis shows that "BlackRock fails to systematically protect its investors from key long-term investment risks."It said that BlackRock should propose its own low emissions index benchmark for the passive funds, and should appoint an independent chair to its board as part of a refresh of its board that would "remove the excessive incumbent fossil fuel influence and losses that come with it." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/area-51-american-conspiracy-theories-aliens-history-animation-video-2017-7">How Area 51 became the center of alien conspiracy theories</a></h3> <div> </div> </div>

Investment giant BlackRock lost $90 billion over the last 10 years by investing in fossil fuel companies, a report found

Soaring requirement for electric vehicles as well as energy storage applications in India are necessary drivers for the government of India to commit to serious investment in lithium-ion battery manufacturing in Budget 2022-23, finds a new report from JMK Research and the Institute for Energy Economics and Financial Analysis (IEEFA). India's transition to a future powered by clean, affordable, and reliable <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> is underway, yet critical battery storage is still an expensive imported technology. Report co-author Vibhuti Garg told IANS battery storage can help India transition by storing excess renewable energy when it is not needed and then discharging it when it is. "In addition, batteries can also provide essential grid services," says Vibhuti. "In Budget 2022-23, the government must offer essential funding for domestic manufacturing of lithium-ion batteries (LiB) as well as, for instance, offering duty rebates in sourcing the raw materials for LiB manufacturing." India is expected to be the world's largest automotive market by 2026. The report finds automotive applications will account for 90 per cent of LiB demand, with annual capacity growing nearly 50-fold -- from 2.3 gigawatt hours (GWh) in financial year (FY) 2021 to 104GWh by FY 2030. The growth for non-automotive applications is almost as spectacular, from 0.3GWh to 12GWh in the same period, applied to telecom towers, data centres, grid-scale renewable energy integration, and rooftop solar, as well as newer areas, including material handling and power tools. The second phase of the Faster Adoption and Manufacturing of Hybrid and EV scheme (FAME-II), which aims to increase adoption of EVs and specifically electric two- and three-wheelers, is driving battery localization requirements and the setting up of battery assembly plants in India. The PLI Advanced Chemistry Cell (ACC) scheme is a step towards local cell manufacturing. Furthermore, the government's renewable energy targets will make stationary storage a significant contributor to this growth, says co-author of the report, Jyoti Gulia. "Adding 450 gigawatts of renewables by 2030 will need 136 gigawatt hours of battery storage. India is poised to become a key LiB consumer," she says. The report also highlights the challenges for battery pack and cell manufacturing in India, primarily the reliance on imports for key raw materials, the lack of safety standards in place, and the dearth of local technological know-how. "End-use customers are wary of the quality of local assemblers' packs, battery management systems (BMS), and the associated safety issues. There are lucrative opportunities, but current and potential players must be prepared for massive investments and low profit margins," says co-author, Neha Gupta. LiB technology has superseded lead-acid batteries in mobile and stationary applications alike, its growth encouraged in part by government of India support allowing 100 per cent foreign direct investment (FDI) and mandating domestic manufacture of battery packs. The government further boosted manufacturing via the Production-Linked Incentive (PLI) scheme, as part of which, investments of over Rs 450,000 m ($6,120 m) for 50GWh of capacity is planned. India has huge cost opportunities in terms of cheap labour and power. Cell manufacturing costs in India, as of 2020, were the lowest ($92.8/kWh) when compared with the US, European nations, and even China ($98.2/kWh) and South Korea ($98.1/kWh). Because of the lack of availability of key minerals and metals in India, the report also suggests battery recycling as a solution to meet surging LiB demand, recovering 80-90 per cent of lithium, cobalt, nickel, manganese and graphite and putting India on the path to a circular economy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/railways-stocks-rally-on-expectation-of-strong-budget-allocation-to-the-sector/articleshow/89173796.cms">Railway stocks have been buzzing for the last one month on expectation of significant budget allocation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">The Indian government has spent less than half the money it had budgeted for capital investments, so far</a>

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I'm a former Citi executive. The bank failed to react to the warning signs before the 2008 financial crisis, and its record on climate change shows it's making the same mistake again.

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Investment giant BlackRock lost $90 billion over the last 10 years by investing in fossil fuel companies, a report found

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