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New Delhi, India's top oil firm IOC on Monday unveiled the nation's first <keyword id="18906554" type="General" weightage="20" keywordseo="green-hydrogen-powered-bus" source="Orion">green hydrogen-powered bus</keyword> that emits just water as it takes the lead in bringing out unrivaled tools to replace fossil fuels. Indian Oil Corporation (IOC) will produce close to 75 kg of hydrogen by splitting water using electricity from renewable sources. This hydrogen will be used to power two buses which will ply across the national capital region for trial runs. Oil Minister Hardeep Singh Puri, flagging off the buses, said hydrogen will be India's transition fuel for moving away from fossil fuels. IOC's R&amp;D Centre at Faridabad is producing green hydrogen for the pilot run. Four cylinders with a capacity of 30 kg can run the buses for 350 km. It takes 10-12 minutes for the four tanks to fill. Hydrogen when burnt emits only water vapour as a by-product. With three times the energy density and the absence of harmful emissions, hydrogen shines as a cleaner, more efficient choice to meet the energy requirement. As much as 50 units of renewable electricity and 9 kg of deionized water are needed for the production of one kilo of green hydrogen. Hydrogen can be used as a fuel for fuel cells. Puri said by the end of 2023, IOC will scale up the number of buses to 15. IOC will undertake operational trials of 15 fuel cell buses powered by green hydrogen on the identified routes in Delhi, Haryana, and UP. Under this programme, the first set of 2 fuel cell buses was launched on Monday. "Our government has ambitious plans on clean and green energy. India has taken many steps towards low carbon development- through emerging fuels like hydrogen and bio-fuels and shall account for 25 per cent of global incremental energy demand growth over the next two decades," Puri said. Upon the launch of the two buses, a cumulative mileage of more than 3 lakh kilometers will be covered for long-term assessment of performance and durability of the new technology. India has one of the largest synchronous grids in the world, capable of handling intermittent renewable energy and it has achieved 'One Nation-One Grid-One Frequency'. "With the low cost solar, synchronous grid, large demand and engineering, India will be a global champion in production and exports of hydrogen and is set to emerge as the hub for green hydrogen," he said. Puri said recently the world's first BS 6 (Stage II) Electrified Flex Fuel vehicle prototype was launched that encompasses both the flex fuel engine as well as an electric powertrain that offers higher use of ethanol combined with better fuel efficiencies. Hydrogen is deemed as the fuel for the future with immense potential to help India meet its decarbonization targets. The global demand for hydrogen is expected to increase by four to seven times to 500-800 tonne by 2050. Domestic demand is expected to increase by four times, from the current 6 tonne at present to 25-28 tonne by 2050. Oil and gas PSUs shall produce around 1 million tonne per annum of green hydrogen by 2030. "This green <keyword id="14355451" type="General" weightage="20" keywordseo="hydrogen-powered-bus" source="Orion">hydrogen-powered bus</keyword> is going to transform the face of city transport in the country. I shall be closely monitoring the project and wish you all the very best for successfully executing this project of national importance," he added. "The success of this project can catapult India from being a net importer of fossil energy to becoming a net exporter of clean hydrogen energy; and provide global leadership to other countries in terms of technology transfer while becoming a large green hydrogen producer and supplier of manufacturing parts."

IndianOil unveils India's first green hydrogen-run bus that emits just water

<ul><li>Factors like offshoring, digitisation and decarbonisation are set to drive India’s ascent as the world’s third largest economy. </li><li>India's per-capita energy consumption is likely to rise 60% and most of this demand will be met by renewable energy. </li><li>The number of households earning in excess of $35,000 a year is likely to rise fivefold in the coming decade to over 25 million.</li></ul>India could well be on its way to becoming the world’s third largest economy and stock market if <keyword id="48670" type="General" weightage="50" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>’s equity strategists and economists are to be believed. In its report titled ‘Why This Is India’s Decade’, the global investment bank cites several factors like the rise in offshoring, investments in manufacturing, energy transition and the country’s digital infrastructure would make this a reality. Morgan Stanley, has remained bullish on the India story for years now, unlike some other global banks that Modi-fied their view on India after the taper tantrum of 2013 and the subsequent meltdown in markets. Over the years, Morgan Stanley’s celebrated strategist <keyword id="44540" type="General" weightage="50" keywordseo="ridham-desai" source="Orion">Ridham Desai</keyword> has steadfast in his analysis on the Next India. Many of his projections have played out like the one on retail investors leading the charge in Indian equities. After two years of the pandemic, during which foundations of the future have been laid, the theme has now shifted to New India. The strategy report titled ‘Why This is India’s Decade’ by Morgan Stanley says: “Our Next India thematic looked at the trends and policies shaping the future of India's economy. As those trends have largely come to pass, with this report we shift from The Next India to The New India thematic to mark this transition. The four global trends of Demographics, Digitalization, Decarbonization and Deglobalization are favouring New India.” The first factor that will continue to benefit India is offshoring. India has been the back office for the world for more than two decades. But the pandemic has only accelerated the pace of this trend, as more companies look at offshoring various functions to India. In a multi-polar world, now even manufacturing is slated to shift India. Morgan Stanley has spent considerable time in its report on why India would rise in the world economy. Digitisation and the India stack is a story that is not very often seen in its entirety. The India Stack, digital payments using Unified Payments Interface that can handle large volumes at a small cost is unique to India. The digital revolution will transform how India lends, pays and insures itself. Says Morgan Stanley, “The digital revolution has already changed the way India handles documents, invests, and makes payments, and it is also set to alter the way India lends, spends and insures.” <div type="image" title="Ridham Desai, strategist, Morgan Stanley" msid="95256603" hostid="261" caption="&amp;lt;p&amp;gt;Ridham Desai, strategist, Morgan Stanley&amp;lt;/p&amp;gt;"></div> Clean energy and the energy transition are sectors where India is keen to take a lead with Indian behemoths Reliance Industries and Adani Group taking big strides. While the world has seen energy transitions before, what makes India unique is that the consumption of energy and its sources are undergoing a sharp shift. Since consumption of energy is still rising in India, legacy energy assets will not become redundant overnight. These assets will continue to be in use even as greener sources start replacing two-thirds of the demand. Explains MS: “India's energy needs are still growing, and, therefore, legacy capacity using fossil fuels will not be destroyed as it transitions to a higher share of renewables. India's per-capita energy consumption is likely to rise 60%, on our estimates, to about 1450 Watts per day in the coming decade, with two-thirds of the incremental supply coming from renewable sources.” This shift will lead to a virtuous cycle and reduce dependence on imported fuel, risks of price volatility and inflationary pressures. The future definitely looks brighter for India as it makes this shift, leading to better living conditions. No prizes for guessing that a combination of these factors would be good for consumer demand and equity markets. Indians are expected to spend more on discretionary spends, as per-capita GDP has crossed the important $2,000 mark. According to MS, “India's income pyramid offers unique breadth of consumption, in our view, with the top end spending like the richest in the world and the bottom end still relatively poor. The number of households earning in excess of $35,000/year is likely to rise fivefold in the coming decade, to over 25 million. The implications are 1) GDP is likely to cross $7.5 trillion by 2031, more than double the current level, 2) a discretionary consumption boom and 3) 11% annual compounding of market capitalization to $10 trn in the coming decade.” The only risk to this Goldilocks assessment is the risk of a prolonged recession globally, adverse geopolitical risks and an unstable government at the centre in India. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-puts-in-place-plan-to-take-group-valuation-to-1-trillion/articleshow/94857619.cms">Gautam Adani puts in place plan to take Group valuation to $1 trillion</a> <a href="https://www.businessinsider.in/business/corporates/news/5g-rollout-to-give-business-a-fillip-says-airtel-ceo-gopal-vittal/articleshow/95230944.cms">5G rollout to give business a fillip, says Airtel CEO Gopal Vittal</a>

This is India’s decade and GDP is likely to cross $7.5 trillion by 2031, says Morgan Stanley

Six million electric cars (battery electric and plug-in hybrid) are likely to be shipped globally in 2022, up from 4 million in 2021, a <keyword id="6371981" type="General" weightage="20" keywordseo="gartner" source="Orion">Gartner</keyword> report showed on Thursday. The number of global public EV chargers will rise to 2.1 million units in 2022, up from 1.6 million units in 2021. The market research firm forecasts that electric cars will represent 95 per cent of total EV shipments in 2022 and the remainder will be split between buses, vans and heavy trucks. For the full year 2021, Tesla alone delivered 936,172 vehicles, just short of the promised 1 million vehicles but still an increase of 87 per cent over the previous year. At 'COP26' in November 2021, the <keyword id="12569371" type="General" weightage="20" keywordseo="zero-emission-vehicle-transition-council" source="Orion">Zero Emission Vehicle Transition Council</keyword> agreed that vehicle manufacturers will commit to selling only zero emission vehicles by 2040, and earlier in leading markets, putting pressure on the automotive sector to prepare for the decarbonization in transportation. "EVs are an important powertrain technology to help reduce CO2 emissions from the transportation sector," said <keyword id="13040648" type="General" weightage="20" keywordseo="jonathan-davenport" source="Orion">Jonathan Davenport</keyword>, research director at Gartner. "The ongoing shortage of chips will impact the production of EVs in 2022, and while shipments of vans and trucks are currently small, their shipments will grow rapidly as commercial owners see the financial and environmental benefit of electrifying their fleets," Davenport added. With China imposing a mandate on automakers requiring that EVs make up 40 per cent of all sales by 2030 and automakers establishing new factories for manufacturing electric cars, Greater China will account for 46 per cent of global EV shipments in 2022. Western Europe is on pace to ship 1.9 million units in 2022, ranking No 2 in EV shipments. North America is expected to be the third highest region in shipments at 855.3 thousand EVs in 2022. "The EU's plans to cut CO2 emissions from cars by 55 per cent and vans by 50 per cent by 2030 is a catalyst to the uptake of EVs in Europe," said Davenport. To foster the transition to EVs, automotive manufacturers will have to address several factors such as lowering the price of EVs and batteries, recycling EV batteries and offering a wider selection of vehicle models. "Additionally, a major issue that must be addressed is lack of fast-charging availability for home and public charging," said Davenport. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/cost-of-owning-and-running-an-electric-scooter-vs-a-petrol-scooter/articleshow/89119184.cms">Here’s how much buying and owning an electric scooter costs in India versus a petrol scooter</a> <a href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a> <a href="https://www.businessinsider.in/business/auto/news/tesla-posts-record-profit-but-says-the-chip-shortage-means-it-wont-produce-any-new-models-in-2022/articleshow/89148649.cms">Tesla posts record profit, but says the chip shortage means it won't produce any new models in 2022</a>

Electric car shipments likely to grow 50% in 2022, says a new Gartner report

<ul><li>A new white paper lists out reasons why investors should invest in fighting climate change.</li><li>Early birds will not only make big money, the investments will also limit the damage from natural disasters.</li><li>For example, investments in renewable energy alone is likely to hit $2 trillion by 2050: GMO.</li></ul>The threat of climate change is real whether one believes in it or not. The actual choice is whether you want to invest in battling hurricanes, typhoons, droughts, and wildfires or to invest in averting such tragedies in the future. Battling climate change has emerged as a sector to invest in. "We see this effort providing the backdrop for decades of secular growth in the climate change sector, along with the potential for strong returns," a recent white paper from the asset management firm GMO said. According to the authors, GMO's founder Jeremy Grantham and Lucas White, the portfolio manager for the Climate Change and Resources Strategies, investments in renewable energy alone to approach $2 trillion per year by 2050. "Transitioning to clean energy will take a tremendous amount of investment and time. Many trillions of dollars will be needed to decarbonize the economy and overhaul our energy grids," the report said. India, for instance, has pushed for more <a href="https://www.businessinsider.in/2017-saw-the-largest-rise-in-renewable-energy-capacity-report/articleshow/64476812.cms" data-type="tilCustomLink" target="_blank">investments in renewable energy</a> last couple of years. There are three reasons why it is wise to invest in companies that are working to limit the impact of climate change. Protection: On the one hand, there are tangible losses from natural disasters due to climate change that can severely damage economies and the value of investments. On the other hand, as more countries move towards sustainability, there is an additional risk of more taxes on fossil fuels and regulatory curbs to force traditional businesses to reduce carbon footprint. Investing in companies working on renewable energy can offer protection in such cases. Diversification: However, the returns in these investments will not correlated to broader economic growth and consumption. As the GMO paper puts it, "expect to see periods where a climate change strategy performs well in a weak market and vice versa." Early mover advantage: The early bird has a better chance of catching the worm. The key is to identify companies in the 'climate change sector' that are undervalued, according to GMO. "Since inception in April 2017, the earnings growth of the GMO Climate Change Strategy has been higher than the MSCI All Country World Index (ACWI) while consistently trading at a 15-20% discount to ACWI," the paper said. The MSCI ACWI "represents the <a href="https://www.msci.com/indexes" target="_self">Modern Index Strategy</a> and captures all sources of equity returns in 23 developed and 24 emerging markets." It's an index of stocks around the world whose cumulative performance reflect the way global share markets have performed in any given period of time. Hedge against inflation: When oil prices rise, clean energy becomes more competitive. "When oil spiked to $150 per barrel and coal and natural gas prices also soared. Solar and wind companies performed extremely well leading up to the peak in fossil fuel prices," according to GMO. The flip side However, when fossil fuel prices crash like they did in the years after 2015, alternative energy companies suffer too. Electric vehicle sales slump when driving petrol cars become cheaper. Moreover, GMO, clean energy relies on materials too just like the traditional energy infrastructure. Instead of oil, coal, and natural gas, clean energy companies need copper, lithium, nickel, cobalt etc. While it limits the impact of the battle against climate change, money managers invested in sustainability the exposure to these alternate materials can act as a buffer. SEE ALSO: <a href="https://www.businessinsider.in/indiainsider/earth-day-2019-india-climate-change-progress-on-paris-agreement/slidelist/68998139.cms" data-type="tilCustomLink" target="_blank">Here's where India stands on climate change.</a>

There is big money to be made while fighting climate change

<ul><li><keyword id="23313190" type="General" weightage="100" keywordseo="Musashi-Seimitsu" source="keywords">Musashi Seimitsu</keyword> Industry and <keyword id="23313191" type="General" weightage="20" keywordseo="Log9-Materials" source="keywords" meta.keywordsubtype="org" meta.entityname="Log9 Materials" meta.hostid="261" meta.entityid="Log9 Materials">Log9 Materials</keyword> have announced a strategic partnership.</li><li>The two companies will produce powertrain technology and battery solutions for EVs.</li><li>The companies will offer these solutions in India and global markets.</li></ul> Japanese firm Musashi Seimitsu Industry, the parent company of Musashi India has announced a strategic partnership with Indian <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword> company Log9 Materials, aimed at developing advanced electric vehicle powertrain technology and battery solutions for OEMs in the domestic and global markets. The partnership aims at combining Musashi's <keyword id="23313192" type="General" weightage="20" keywordseo="e-Axle-system" source="keywords">e-Axle system</keyword> and Log9 Materials’ battery technology to create integrated powertrain solutions tailored specifically for electric two and three-wheelers. “This partnership marks a significant milestone in our vision to reshape the electric mobility landscape. By joining forces with Log9, we are committed to delivering a comprehensive, high-performance solution tailored for <keyword id="20345883" type="General" weightage="20" keywordseo="electric-two-wheelers" source="keywords">electric two-wheelers</keyword> and three-wheelers. Our goal is to address critical market gaps and offer an integrated system that enhances energy efficiency, optimizes synergy between battery and drivetrain systems, and sets new industry standards for sustainability and innovation,” said Hiroshi Otsuka, President and Group CEO, Musashi. In June, Musashi Seimitsu’s subsidiary Musashi Auto Parts India announced that it is starting mass production of e-Axles for electric two-wheelers in the domestic market. The company said by seamlessly integrating battery packs with e-Axles, the partnership aims to reduce energy losses common in conventional powertrains, extending vehicle range and improving performance across diverse driving conditions, especially in densely populated urban areas. "By combining Musahi's expertise in manufacturing and energy-efficient motion conversion with Log9's battery technology, we aim to bring the most efficient powertrain solutions to the market. Both companies are committed to the common goal of decarbonizing the world through innovative technology, and this collaboration strengthens our aligned business ethos and future objectives," said Pankaj Sharma, Co-founder of Log9 Materials. A key aspect of this partnership is the centralized service model for the integrated battery and e-Axle systems, which will reduce repair downtime and improve customer satisfaction through quicker service turnaround, it said. Beyond India, the partnership aims to expand into global markets, including Southeast Asia and Africa, supported by a robust after-sales service network in major Indian cities. As per the company, Musashi's entry into the EV sector aligns with its strategic goals of fostering innovation and contributing to global carbon emission reduction efforts. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/it-is-cheaper-to-watch-coldplay-perform-in-abu-dhabi-than-to-pay-scalpers-for-mumbai-tickets/articleshow/113665893.cms">It is cheaper to watch Coldplay perform in Abu Dhabi than to pay scalpers for Mumbai tickets</a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-motor-indias-25000-crore-ipo-gets-sebi-approval-indias-biggest-ipo-expected-to-launch-in-october/articleshow/113658837.cms">Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October</a> <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a>

Japan’s Musashi Seimitsu and Log9 Materials partner to offer EV powertrain and battery solutions

<ul class="summary-list"><li>US lithium production is set to spike with new projects advancing in Nevada and California.</li><li>The expansion aims to reduce reliance on China for critical minerals and electric-vehicle batteries.</li></ul>The US is on the cusp of a lithium boom after years of laying the groundwork for an electric-vehicle supply chain that doesn't rely on China.Within the past month, the Biden administration has approved the Rhyolite Ridge lithium-boron mine in Nevada and loaned $2.6 billion to the company developing Thacker Pass, another lithium mine in the state. A project in California's Salton Sea started construction earlier this year. The three sites, expected to come online between 2026 and 2028, would massively increase the US's lithium supply. Since the 1960s, only one site, Silver Peak, in Nevada, has operated in the country.The expansion is aimed at curbing China's control over the metals used in EV batteries and other renewable-energy technologies that countries need to decarbonize their economies. While most of the world's lithium is produced in Australia and South America, some two-thirds of it is processed in China, which also dominates EV-battery manufacturing. The US imports about 25% of its lithium supply from Chile and Argentina, but an analysis of federal data by the Atlantic Council found that it relied on China for about 70% of its lithium-ion batteries in 2023."If we're electrifying the transportation industry, you don't want to rely on any one country," Bernard Rowe, a managing director of Ioneer, which is developing Rhyolite Ridge, told Business Insider. "There was a recognition that there had to be domestic production."<div type="image" title="A customs officer holds powdery white lithium carbonate during an inspection at Shanghai İnternational Port on June 6, 2022." height="683" width="1024" msid="114817441" hostid="261" sizebytes="27062"></div>The Biden administration is encouraging US mining and manufacturing through a mix of loans, grants, tax breaks, and research and development programs — a lot of which was authorized under the Inflation Reduction Act. The incentives cover activities including extracting critical minerals like lithium; manufacturing solar, wind, and battery parts; buying EVs; and recycling components.Rowe argued that while the US alone can't meet the skyrocketing demand for lithium due to rising sales of EVs and battery storage, some of the supply has to be sourced domestically for national security reasons.Karl Friedhoff, a fellow for Asia studies at the Chicago Council on Global Affairs, agreed. He said there's no world in which the US and its partners can quickly compete with China on critical minerals; China already has so much capacity that it sets global prices."The question then is, can the US and other partner countries create a supply chain that meets their basic requirements," Friedhoff, who's part of a project exploring how the US, Japan, Australia, and India can cooperate to shift supply chains away from China. "Can we supply our own batteries? Can we build our own battery technologies? Do we have enough rare-earth elements for defense?"Based on estimates from Ioneer and other lithium project developers, the US could produce more than enough supply for the 1.4 million EVs sold in the country last year, which accounted for 7% of the auto market.The Biden administration wants EVs to account for at least 50% of car sales by 2030, and states like California and Texas are quickly deploying more battery storage to help balance stressed power grids. In September, the White House said US lithium production was on track to meet one-fifth of global demand outside of China this decade.<h2 id="c11b28df-2899-481e-8b55-b52898315793">Some environmentalists, Native tribes are alarmed</h2>The lithium projects haven't been without controversy, however. The Center for Biological Diversity <a target="_blank" href="https://biologicaldiversity.org/w/news/press-releases/blm-grants-final-approval-to-nevada-lithium-mine-threatening-biodiversity-cultural-landscapes-2024-10-24/?_gl=1*jmu4dt*_gcl_au*MTc3Mjg1OTA3Ni4xNzI5ODYzNzkz">has threatened to sue the Biden administration</a> over its permit for Rhyolite Ridge, arguing that the project could drive an endangered wildflower to extinction. The Western Shoshone Defense Project, which works to protect the Western Shoshone peoples' native homelands, says the mine threatens local water sources and culturally important sites.<div type="image" title="A Tiehm's buckwheat plant in Esmeralda County, Nevada, grows beside where the Rhyolite Ridge lithium-boron mine is planned." height="682" width="1024" msid="114817435" hostid="261" sizebytes="82450"></div>Thacker Pass faced similar opposition, but a federal judge last year dismissed a lawsuit from three Native tribes who argued that the mine's construction near a sacred site along Nevada's border with Oregon violated the law, <a target="_blank" href="https://apnews.com/article/lithium-mine-tribes-climate-energy-lawsuit-nevada-7a65eee7d78d93a1e44e3f8e10445143">the AP reported</a>.Rowe said Ioneer redesigned the Rhyolite Ridge mine to limit its footprint in the critical habitat of the endangered wildflower, Tiehm's buckwheat. He said Ioneer would also monitor the pollinator population and adopt dust-control strategies. The Biden administration, in issuing the permit for the mine, said it would not jeopardize the flower's survival.Some companies are working on <a target="_blank" href="https://www.businessinsider.com/lithium-mining-electric-vehicles-climate-crisis-2023-5">direct lithium extraction techniques</a> that don't involve open-pit mining or large evaporation ponds and therefore could require less land and water and produce less toxic chemical waste. Controlled Thermal Resources is developing such a project in the Salton Sea, where lithium-rich brine is already being used to power geothermal plants.Tapping the US's newly discovered lithium resources likely hinges on the new extraction techniques, which currently cost more than traditional methods and still haven't been used commercially. The US Geological Survey this month estimated that there's enough lithium underneath southwestern Arkansas to meet the projected global demand for car batteries in 2030 nine times over.Actually extracting that lithium, including from brines left over from oil and gas production in the region, depends on whether the direct extraction techniques are viable, USGS researchers said.

The US is on the cusp of a lithium boom to loosen China's grip on EVs

Big banks promised to protect the planet. Now they're doing an about-face.

<keyword id="6367820" type="General" weightage="20" keywordseo="adani-group" source="Orion">Adani Group</keyword> has plans to invest USD 75 billion on <keyword id="1874332" type="General" weightage="20" keywordseo="energy-transition" source="Orion">energy transition</keyword> initiatives by 2030, its chairman Gautam Adani said on Wednesday. The <keyword id="6362476" type="General" weightage="20" keywordseo="investments" source="Orion">investments</keyword> will boost the group's vision to have 45 gigawatt of <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> capacity by 2030, Adani said in a statement. "We are committed to largescale renewables, developing an indigenous fully integrated <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword> ecosystem and green hydrogen solutions. At the Adani portfolio level, a total investment of USD 75 billion by 2030 on our energy transition initiatives will further our vision to have 45 GW renewable energy capacity by 2030 and strengthen the pivotal role played by AGEL in India's glide path to decarbonization," the group chairman said. The investments will be executed through <keyword id="3179546" type="General" weightage="20" keywordseo="adani-green-energy" source="Orion">Adani Green Energy</keyword> Limited (AGEL). AGEL has emerged as the second-largest global solar PV developer in the US-based Mercom Capital Group's latest annual global report. "The company's outstanding performance and contribution to the renewable energy landscape have earned it the prestigious second rank among the world's foremost solar PV developers," the statement said. It has an operating renewable portfolio of 8.4 GW, the largest in India, spread across 12 states, offsetting over 41 million tonne of CO2 emissions cumulatively.

Adani Group to invest USD 75 bn to scale up AGEL's RE portfolio to 45 GW: Gautam Adani

<ul class="summary-list"><li>Bank of America forecasts the growth rate for oil demand to slow in the coming years.</li><li>Energy technology is becoming more efficient, which will temper total oil usage.</li></ul>Oil demand will still increase in the coming years, but thanks to things like improving technology and the switch to alternative fuel sources, the rate of growth has likely peaked, Bank of America said in a note this week. Analysts led by commodity strategist Francisco Blanch forecasted that global oil demand should increase at a slower pace leading up to 2030 following the sharp rebound from pandemic lows. Growth should continue more prominently in industries that are difficult to decarbonize, such as airlines, chemical companies, and marine transportation, in the firm's view. However, developments among the 38 OECD nations including increased efficiencies, aging populations, and softer income growth should help counteract that. In the third quarter of 2023, global oil demand hit a record of about 103 million barrels a day, up from the severe contraction seen in 2020 of 92 million barrels a day.For the next six years, BofA expects a net growth of roughly 3.7 million barrels a day."[A]t 600k b/d YoY on average, oil demand growth into the end of the decade should be a fraction of the rate observed in the past three years," Blanch and his team wrote.<div type="image" title="Bank of America global oil growth rate outlook" height="914" width="947" msid="107467624" hostid="261" sizebytes="44778"></div>Bank of America forecasts oil consumption in China to peak near 2030 amid its electric-vehicle boom. The firm also said India will remain the fastest-growing major petroleum market. The backdrop of slowing global economic growth will also factor into the weakening growth rate for oil demand.Developed economies including the US and some European and Asian nations are poised to lead the way with substitutions, as well as demographic challenges to continued growth in oil demand. "At any rate, the final destination towards net zero emissions does not change, as renewable energy prices drop to become competitive with thermal fuel alternatives," Blanch said."Following a 2.3mn b/d or 2.3% expansion in 2023, oil consumption will likely continue to grow into 2030, but the rate of oil demand growth has likely peaked for good."

You Searched For "india decarbonization" and got 9 results

IndianOil unveils India's first green hydrogen-run bus that emits just water

PTI

This is India’s decade and GDP is likely to cross $7.5 trillion by 2031, says Morgan Stanley

Malini Bhupta

Electric car shipments likely to grow 50% in 2022, says a new Gartner report

IANS

There is big money to be made while fighting climate change

Sriram Iyer

Japan’s Musashi Seimitsu and Log9 Materials partner to offer EV powertrain and battery solutions

Sourabh Jain

The US is on the cusp of a lithium boom to loosen China's grip on EVs

Catherine Boudreau

Big banks promised to protect the planet. Now they're doing an about-face.

Catherine Boudreau

Adani Group to invest USD 75 bn to scale up AGEL's RE portfolio to 45 GW: Gautam Adani

PTI

The rate of oil demand growth has peaked 'for good,' Bank of America says

Phil Rosen

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