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As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year. India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts! <h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power. <h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly. <div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div> <h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency. <h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes. <h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions. <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div> <h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream. <h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future. By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> requires an investment support of USD 1.4 trillion — an average of USD 28 billion per year — to become a net-zero economy by 2070 and raising <keyword id="20260327" type="General" weightage="20" keywordseo="financial-resources" source="keywords">financial resources</keyword> for adaptation and mitigation action of this scale is an "unprecedented challenge", according to the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Reaching net zero means achieving a balance between greenhouse gas emissions and the amount of these gases removed from the atmosphere by either natural processes, such as photosynthesis, or by other methods of carbon capture and storage. The consolidated report on the state of the economy in the previous year said India's climate action has been largely financed through domestic resources and the flow of international finance has been "very limited". Citing the Reserve Bank of India's (RBI) data, the report said bridging the "substantial funding gap" necessitates allocating 2.5 per cent of India's annual Gross Domestic Product (GDP) to <keyword id="20018880" type="General" weightage="20" keywordseo="green-finance" source="keywords">green finance</keyword>. "Preliminary estimates indicate that the aggregate investment support required by India to achieve its 2070 net-zero target will be USD 1.4 trillion at an average of USD 28 billion per year. Raising financial resources for <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> adaptation and mitigation actions of this scale is an unprecedented challenge," the document read. A 2022 report by the Climate Policy Initiative found that domestic sources accounted for the majority of green finance in India, at 87 per cent and 83 per cent in financial years 2019 and 2020 respectively. While international sources are increasing (from 13 per cent in FY 2019 to 17 per cent in FY 2020), the economic survey said they are still insufficient to meet India's net-zero target. "Mobilising substantial capital from traditional sources presents multifaceted challenges in emerging economies like India. The perceived sovereign risks associated with emerging market and developing economies (EMDEs) and the capital-intensive nature of such projects, coupled with lengthy gestation periods and evolving regulatory frameworks, can create misalignment between investor expectations and project timelines," the government said. The economic survey also noted that the flows of global capital to <keyword id="20200084" type="General" weightage="20" keywordseo="developing-countries" source="keywords">developing countries</keyword> have been impeded by high costs of capital. Despite securing a good rating on its green-bond framework, Indian sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword> have hardly received any "greenium" from private investors. It is more a "wall of capital" than a "flood of capital" that is waiting to fund energy transition in EMDEs. It is just not mobile. All of these together have severely hampered the flow of finance for green-transition projects, the survey said. "Greenium" or green premium refers to the savings an issuer of a green bond realises on the associated coupon payment because the bond is green. Financial support to help middle-income and poor countries fight climate change will be at the centre of this year's UN climate conference in Baku, Azerbaijan, where the world will reach the deadline to agree on the New Collective Quantified Goal (NCQG) -- the new amount developed nations must mobilise every year starting 2025 to support climate action in developing countries. But achieving consensus will not be easy, given the disappointing progress made on major conflict points at the mid-year UN climate talks in Bonn, Germany. At the 2009 UN climate conference in Copenhagen, rich nations pledged to provide USD 100 billion annually from 2020 to help developing countries mitigate and adapt to climate change. However, delays in achieving this goal have eroded trust between developed and developing nations and have been a continual source of contention during annual climate negotiations. In May, the Organisation for Economic Cooperation and Development (OECD) claimed that developed countries had met the long-standing USD 100 billion-a-year promise by providing nearly USD 116 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> to developing countries in 2022, with nearly 70 per cent of the money given in the form of loans. However, international non-profit organisation Oxfam last week said climate finance provided by rich countries in 2022 totalled no more than USD 35 billion. Developing nations argue that they cannot be expected to reduce carbon dioxide (CO2) emissions faster if developed countries -- historically responsible for climate change -- do not provide enhanced financial support. Rich countries are now expected to raise more than USD 100 billion, with developing countries, including India, demanding trillions of dollars to tackle climate change.

Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

<ul class="summary-list"><li>Montgomery County, Maryland aims to transition its electric bus fleet to zero-emissions by 2035.</li><li>The county is building microgrids with solar, battery storage, and eventually green hydrogen.</li><li>The microgrids are islands of power that are resilient during outages and emergencies.</li></ul>Montgomery County, Maryland, is on the cusp of a clean-transit transformation. Part of an old diesel-bus depot in Silver Spring <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly9hbHBoYXN0cnV4dXJlLmNvbS9uZXdzLXByZXNzLXJlbGVhc2UvYWxwaGFzdHJ1eHVyZS1jZWxlYnJhdGVzLWxhdW5jaC1vZi1pbnRlZ3JhdGVkLW1pY3JvZ3JpZC8_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNg/628bdf90094963f5ad0eef3eBf5d93db3">has already been redeveloped</a> into a charging station for dozens of electric buses, powered by a microgrid equipped with solar canopies, battery storage, and several backup gas generators. It's essentially a self-sustaining island of power, even during outages.A similar microgrid — twice the size of the one in Silver Spring — is expected to break ground early next year and be operational in 2025, county officials told Insider. The microgrid is set to power a transit center for 200 zero-emissions vehicles and be the first on the East Coast to produce <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9oeWRyb2dlbi1lbmVyZ3ktaGVscC1jbGltYXRlLWNyaXNpcy1idXQtc3RpbGwtaHVyZGxlcy0yMDIzLTEwP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eBccca7a50">green hydrogen from renewables</a>. Green hydrogen is key for buses with longer routes, officials said, because electric buses average about 125 miles on one charge, or less than half the distance than on a tank of diesel. <div type="image" title="An electric bus charger" height="3024" width="4032" msid="105104812" hostid="261" sizebytes="675146"></div>"We are going to transition to a completely fossil-fuel-free transit group with electric and hydrogen buses," Michael Yambrach, the chief officer of energy and sustainability for Montgomery County, told Insider during a tour of the depot.The county aims to complete that transition by 2035 for its fleet of 380 buses and nearly 3,600 cars. It's part of a larger plan to achieve net-zero greenhouse-gas emissions. So far, 14 buses and about 100 cars are electrified.Yambrach said Montgomery County's efforts could be a model for other local governments trying to clean up their fleets, <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly93d3cud3JpLm9yZy9pbnNpZ2h0cy91cy1wdWJsaWMtZmxlZXQtZWxlY3RyaWZpY2F0aW9uP3V0bV9tZWRpdW09bmV3c2xldHRlciZlbWFpbD1jYm91ZHJlYXUlNDBpbnNpZGVyLmNvbSZ4PTgxMjhlMjllMzA3ZDhjMjYyMjg3MGM0M2QyZTgzMWEyMmNlNTAwOTI1NWExNTBkNTQ3MTcwMzVlOGNiMGQwYTY/628bdf90094963f5ad0eef3eB9b811c13">which include millions</a> of city buses, school buses, police patrol cars, and other vehicles. Only about 2% of US public buses are zero emission, <a target="_blank" href="https://newsletter.businessinsider.com/click/33308462.29808/aHR0cHM6Ly93d3cudHJhbnNwb3J0YXRpb24uZ292L3VyYmFuLWUtbW9iaWxpdHktdG9vbGtpdC9lLW1vYmlsaXR5LWJlbmVmaXRzLWFuZC1jaGFsbGVuZ2VzL3RyYW5zaXQtYmVuZWZpdHMtYW5kLWNoYWxsZW5nZXM_dXRtX21lZGl1bT1uZXdzbGV0dGVyJmVtYWlsPWNib3VkcmVhdSU0MGluc2lkZXIuY29tJng9ODEyOGUyOWUzMDdkOGMyNjIyODcwYzQzZDJlODMxYTIyY2U1MDA5MjU1YTE1MGQ1NDcxNzAzNWU4Y2IwZDBhNiM6fjp0ZXh0PVRoZSUyMG51bWJlciUyMG9mJTIwdHJhbnNpdCUyMGJhdHRlcnksdGhlJTIwVS5TLiUyMHRyYW5zaXQlMjBidXMlMjBmbGVldC4/628bdf90094963f5ad0eef3eBa79655cd">according to federal data</a>. US transit agencies are buying more zero-emission buses and vehicles, but sourcing enough power and building the charging infrastructure affordably are major hurdles.Montgomery County opted to build a microgrid so it didn't have to rely on power from Pepco, the local utility. It hired AlphaStruxure, a joint venture of Schneider Electric and the private-equity giant Carlyle, to finance, develop, and maintain the microgrids. In return, the county pays AlphaStruxure monthly under a long-term contract. The company declined to disclose the total cost.<div type="image" title="A rendering of new sustainable transit center that will be built in Montgomery County, Maryland. Rooftop solar panels and battery storage will supply power for electric buses and cars." height="1200" width="2130" msid="105104813" hostid="261" sizebytes="383458"></div>A stand-alone system is more resilient in the event of an emergency outage, Yambrach said. The county has a pilot program with Pepco that allows the utility to tap power from battery storage at the Silver Spring bus depot when the grid is stressed. That is more climate-friendly than relying on firing up a dirty power plant.Renewable transit also benefits locals' quality of life by phasing out rows of noisy, idling diesel buses that create a lot of pollution."When they light up the buses, the diesel will just hang, and that's been a consistent issue with the neighbors," Don Scheuerman, the chief of the office of energy and sustainability at the Montgomery County Department of General Services, said. "So we're going to have resilience, we're going to have green power 98% of the time, and we're getting our greenhouse-gas emissions down."

See what the future of zero-emissions transit looks like in suburban Maryland

The second edition of the R.A.C.E (Regulation, Awareness, Collaboration, Ecosystem) Sustainability <keyword id="21084" type="General" weightage="20" keywordseo="summit" source="Orion">Summit</keyword> took place today at Abu Dhabi Finance Week (ADFW) presented by Abu Dhabi Global Market (ADGM) in partnership with HSBC. R.A.C.E Sustainability Summit aimed to reaffirm the UAE's commitment to advancing the global sustainability agenda, capping a series of discussions, insights, and forward-thinking solutions that are set to shape the future of finance. During this event, R.A.C.E. delved into the critical question of whether <keyword id="1942904" type="General" weightage="20" keywordseo="climate-finance" source="Orion">Climate Finance</keyword> represents the greatest capital reallocation in history. The conference aimed to identify strategies to bridge the USD 11 trillion capital gap between what is required for achieving <keyword id="10939148" type="General" weightage="20" keywordseo="net-zero" source="Orion">net-zero</keyword> emissions and the capital currently available for such initiatives. The summit focussed on addressing a wide range of topics including financing the transition to a net-zero economy, climate finance, <keyword id="1457959" type="General" weightage="20" keywordseo="carbon-markets" source="Orion">carbon markets</keyword>, and sustainable capital markets. These discussions were led by prominent figures from the financial and regulatory sectors through keynote addresses and panel discussions. In tandem, the Global Financial Regulators Summit, a key highlight of the event, presented the outcomes from a pivotal gathering of global financial regulatory leaders, shedding light on the role regulators play in shaping the financial landscape of the future, especially for climate financing. A keynote speech by Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of the UAE Independent Climate Change Accelerators (UICCA) and Founder of the Shamma bint Sultan Sustainability Initiatives Social Enterprise, spoke on reframing the paradigm to emphasising both the investment opportunity and risk mitigation aspect of climate finance to create global financial stability. Other prominent speakers such as Ronald P. O'hanley, Chairman &amp; CEO of State Street Corporation spoke about the evolving strategies of asset managers as they approach transition finance, and H.R.H Prince Khaled bin Alwaleed bin Talal Al Saud, Founder &amp; CEO of KBW Ventures about 'impact investing' for investors during a transitioning era. The event also witnessed 28 new signatories for the Abu Dhabi Sustainable Finance Declaration, bringing the total count of signatories to 145, and showcasing their commitment to sustainability and climate financing. Among the several announcements during today's R.A.C.E. Sustainability Summit, the key ones included NinetyOne announcing the firm's intention to establish a presence at ADGM in 2024 and Independent Financial Services Group - Rothschild &amp; Co., European fast-growing asset manager - Eiffel Investment Group and TimeToAct announcing receiving their In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM. Other major announcements included, NewVest announcing the world's first Private Green Energy Transition Funds Index (GET-PIF) which is set to be a capital gateway for private investments critical to supporting successful energy transition. Commenting on the event, Emmanuel Givanakis, CEO of the FSRA of ADGM stated, "The second edition of R.A.C.E. Sustainability Summit at ADFW has reinforced the importance of the global financial community's collective commitment to addressing climate change. We are proud to host an event that brings together global thought leaders and experts to explore innovative solutions for a more sustainable future. At ADGM, we see ourselves as an important driving force in the UAE's journey towards a net-zero future by 2050 as we create an ecosystem with a robust regulatory framework that champions sustainable finance and climate transition. As we stand on the cusp of profound change, our unwavering commitment empowers both the public and private sectors to join forces in closing the green financing gap that expedites the transition to net zero while also shaping the sustainable financial landscape of the future alongside the <keyword id="12458056" type="General" weightage="20" keywordseo="cop28" source="Orion">COP28</keyword>." R.A.C.E served as a pre-prep event for COP28 where critical negotiations related to Climate Finance took place. ADGM plans to continue this conversation at a much higher level at COP28, being the official Principle Climate Finance Partner and hosting the sixth edition of the Abu Dhabi Sustainable Finance Forum (ADSFF) on the 4th of December 2023, convening important decision-makers and contributors to sustainable finance and ESG initiatives across global borders.

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Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

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Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

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Raising massive financial resources for net-zero goal unprecedented challenge: Economic Survey

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See what the future of zero-emissions transit looks like in suburban Maryland

Catherine Boudreau

Climate Finance Top of the Agenda at The Second Edition of R.A.C.E. Sustainability Summit Held on the Opening Day of COP28 in the UAE

ANI

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