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Climate Action 15: 2024's top global innovators powering green solutions

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

In a massive move for the country’s growing climate woes, India is aiming to control weather phenomena like rainfall, lightning, and hail within five years. Dubbed "<keyword id="23131560" type="General" weightage="20" keywordseo="Mission-Mausam" source="keywords">Mission Mausam</keyword>," this government-backed initiative includes the development of <keyword id="23148975" type="General" weightage="20" keywordseo="Mausam-GPT" source="keywords">Mausam GPT</keyword>, a weather AI model designed to enhance prediction accuracy and even manipulate the weather. This would make India one of the first countries to experiment with <keyword id="21369368" type="General" weightage="100" keywordseo="weather-modification" source="keywords">weather modification</keyword> on a significant scale. <h2>Mission Mausam</h2>India’s "Mission Mausam" aims to reshape the future of weather management by using technology to control rain. Over the next 18 months, the government will start with lab simulations to either enhance or suppress rainfall. The ultimate goal, as outlined by Earth Sciences Secretary M. Ravichandran, is to roll out full-scale weather modification within five years. He stated that the initiative could even target events like Independence Day, where “one can think about suppressing rain.” By deploying <keyword id="20644540" type="General" weightage="20" keywordseo="cloud-seeding" source="keywords">cloud seeding</keyword> techniques alongside AI-driven weather prediction tools like "Mausam GPT," the mission seeks to significantly improve India’s ability to manage extreme weather conditions. A key aspect of the plan involves building a robust system of advanced radars, supercomputers, satellites with high-performance sensors, and GIS-based decision support systems. This cutting-edge tech is expected to boost India’s short- and medium-range weather forecasting accuracy by 5-10%, ensuring no event — such as cloudbursts — goes undetected. <div type="Article" hostid="261" msid="113251187" title="India braces for an intensely harsh winter as La Niña takes hold" mstype="2" mssubtype="0"></div>India is not new to weather manipulation efforts. The government has been running pilot projects, such as the Cloud Aerosol Interaction and Precipitation Enhancement Experiment (CAIPEEX) in Maharashtra, to study cloud properties and enhance rainfall. <h2>Why is weather manipulation necessary and is it safe?</h2>Extreme weather events in India, like deadly floods, droughts, and hailstorms, have noticeably increased in frequency due to <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword>. Mission Mausam could potentially give India an edge in combating these disasters. For example, imagine preventing a flood by suppressing rain or creating artificial rain during a drought. India’s investment of Rs 2,000 crore over two years certainly reflects the seriousness of the mission, which is expected to expand further as research progresses. However, weather modification, including cloud seeding, is not without controversy. Globally, cloud seeding has had limited success, with countries like the US, Russia, and China also experimenting with these methods but facing inconsistent results. Even former MoES Secretary Madhavan Rajeevan has noted that “the technology is complex” and still in its developmental stages. <div type="Article" hostid="261" msid="112825937" title="Shivaji Maharaj Statue collapse: Identifying 5 reasons behind the accident" mstype="2" mssubtype="0"></div>Further, the potential downsides can't be ignored. While controlling the weather could save lives, meddling with natural processes is risky. Weather manipulation might have unintended ecological consequences, like shifting rainfall patterns that could harm ecosystems and agriculture. It may also pose geopolitical risks, as neighbouring countries could accuse India of altering weather systems that affect their own climates. Ultimately, while the idea of managing the weather may seem appealing, it opens up a Pandora’s box of environmental and ethical challenges that need careful consideration.

The Indian government is taking steps to control rainfall and weather within five years — is it too risky of a move?

<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>The DNC is using the final stretch of The Eras Tour to urge young people to vote for Kamala Harris.</li><li>Taylor Swift began a three-night run of shows at Miami's Hard Rock Stadium on Friday.</li></ul><a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-world-richest-female-musician-forbes-key-difference-rihanna-2024-10">Taylor Swift</a> began the final US leg of <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-self-publishing-eras-tour-book-disrupting-industry-again-2024-10">The Eras Tour</a> this weekend, and the Democratic National Committee (DNC) has seized the opportunity to capitalize on the pop star's recent endorsement of Kamala Harris.The singer-songwriter, who said she was <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/taylor-swift-endorses-kamala-harris-2024-8">officially backing Harris in the election race last month</a>, began a three-night run of concerts at the Hard Rock Stadium in Miami on October 18.The same day, the <a target="_blank" class="editor-rtfLink" href="https://democrats.org/news/in-the-states-across-battleground-states-democrats-urge-voters-to-make-a-plan-to-vote-early-and-enter-their-kamala-era/">DNC launched its "I Will Vote" campaign</a>, targeting youth voters in <a target="_blank" class="" href="https://www.businessinsider.com/battleground-states-2024-presidential-election-road-white-house-2022-12">battleground states</a> ahead of the November 5 election.Harnessing "Swiftie" lexicon, the campaign includes a Snapchat filter where voters can declare they are "fearless" for several issues that Harris has championed, including reproductive rights and climate action.The DNC said the campaign would begin with a mobile billboard on a boat near the Hard Rock Stadium, billboards across Miami, and the Snapchat filter, which it said would be available to users in battleground states.<div type="image" title="Kamala Harris" height="2400" width="3600" msid="114379156" hostid="261" sizebytes="646670"></div>"This election will determine the future for young voters, from student loan debt relief and economic opportunity to whether they have fewer rights than their grandmothers did," Rosemary Boeglin, DNC communications director, said in a statement."We're not taking any vote for granted, and we'll continue to make sure young voters across the country know everything that's at stake and the stark contrast between Vice President Harris' New Way Forward and Donald Trump's Project 2025 agenda," she added.It's not apparent whether Swift was involved with the initiative. A representative for the singer did not respond to a request for comment from Business Insider, which was sent outside regular working hours.While celebrity endorsements are typically unlikely to have too much of an effect on voting, <a target="_blank" class="" href="https://www.businessinsider.com/women-voters-kamala-harris-election-bid-greek-life-reproductive-rights-2024-9">Swift's huge fanbase could have a sizable impact</a>.Swift's Instagram endoresment of Harris drove more than 400,000 users to the voting information site vote.gov over the following day, according to multiple reports.<a target="_blank" class="editor-rtfLink" href="https://www.instagram.com/p/C_wtAOKOW1z/">In the post</a>, Swift described Harris as a "steady-handed" leader and said she was "heartened and impressed" by her selection of Walz as running mate."I've done my research, and I've made my choice. Your research is all yours to do, and the choice is yours to make," she added.

Democrats target 'Swiftie' voters as The Eras Tour returns: 'We're not taking any vote for granted'

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers. Here's a breakdown of the key initiatives announced: <h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications. <h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power. <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div> <h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>. Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time. <h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials. <h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current 'Perform, Achieve and Trade' mode. <h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase. As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div> <h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change. <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div> <h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies. <h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year. India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States. <div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture. <h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity. This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact. <h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030. <h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change. India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024. <h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds. <h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”. In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP. <h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

<ul class="summary-list"><li>Ex-Google CEO Eric Schmidt urged more AI development, even though it requires so much energy.</li><li>AI models require enormous data centers that threaten goals to reduce carbon emissions.</li></ul>Former Google CEO Eric Schmidt says it's time for us to fully invest in AI infrastructure because climate goals are too lofty to reach anyway.The AI boom has spurred a <a target="_blank" class="" href="https://www.businessinsider.com/ai-data-energy-centers-water-energy-land-2023-10">wave of spending on data centers</a>, which provide the computational power needed to train and run AI models. But the surge in development comes at a price, as data centers consume huge amounts of natural resources. <a target="_blank" class="" href="https://archive.ph/QL9LB">According to McKinsey</a>, data centers are expected to consume 35 gigawatts of power annually by 2030, up from 17 gigawatts last year.The Biden administration set an ambitious target for the power sector to be carbon-neutral by 2035 and for the US economy to be net zero by 2050. But AI's dramatic need for energy has pushed some <a target="_blank" class="" href="https://www.businessinsider.com/ai-energy-electricity-data-centers-fossil-fuels-tech-revolution-2024-3">AI execs to turn to fossil fuels</a>, which could threaten those net-zero goals.Schmidt's comments came at an AI summit in Washington DC on Tuesday, where he addressed the crowd and gave his thoughts on the future of artificial intelligence. Schmidt — <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/google-ceo">Google's CEO from 2001 to 2011</a> — also previously chaired the National Security Commission on Artificial Intelligence.Schmidt said at the event that there are ways to curb the <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/chatgpt-generative-ai-environment-climate-change-global-emissions-2023-9">negative effects AI</a> can have on the environment, like using better batteries and power lines to build data centers, but he thinks AI growth will eventually outpace these preventive measures."All of that will be swamped by the enormous needs of this new technology," Schmidt told the crowd. "Because it's a universal technology, and because it's the arrival of an alien intelligence… we may make mistakes with respect to how it's used, but I can assure you that we're not going to get there through conservation."Presenters pressed Schmidt on whether it is possible to meet AI energy needs without disregarding conservation goals. Schmidt said he thinks "we're not going to hit the climate goals anyway because we're not organized to do it.""Yes, the needs in this area will be a problem, but I'd rather bet on AI solving the problem than constraining it and having the problem," Schmidt said.In 2022, Schmidt founded White Stork, a defense company that develops AI-powered drones. At a lecture at Stanford University in April, Schmidt said the war in Ukraine had <a target="_blank" href="https://www.businessinsider.com/eric-schmidt-white-stork-ai-drones-ukraine-war-russia-2024-8">turned him into an "arms dealer."</a> He also said that White Stork would "use AI in complicated, powerful ways for these essentially robotic wars."

Former Google CEO Eric Schmidt says we should go all in on building AI data centers because 'we are never going to meet our climate goals anyway'

<ul class="summary-list"><li>Fifty oil and gas companies pledged to zero out methane emissions by 2030 at the UN climate summit.</li><li>Satellites are being deployed to track whether these companies actually meet their promises.</li></ul>Catherine Boudreau reported from Dubai, United Arab Emirates, and Erin Snodgrass reported from Los Angeles.<a target="_blank" href="https://www.businessinsider.com/satellites-locate-source-of-methane-leaks-to-fight-climate-crisis-2022-7">Satellites are the next tool</a> that will hold oil and gas companies accountable in their promise to cut methane emissions and slow global warming.The United Arab Emirates, host of this year's UN climate summit COP28, on Saturday announced that dozens of oil and gas companies — accounting for 40% of global production — aim to nearly eliminate their methane emissions by 2030. Many state-owned oil companies signed on, including the UAE's Adnoc, as well as Saudi Arabia's Saudi Aramco. US firms ExxonMobil and Shell, and other international oil majors will also participate.Shortly after, a separate initiative was announced that will use satellites to track whether the companies keep their promise. The billionaire businessman and philanthropist Michael Bloomberg pledged $40 million to the initiative — a partnership with the Environmental Defense Fund that will launch its own satellite early next year."Oil and gas companies often don't have the data on these methane emissions, including where leaks are happening," Bloomberg, UN special envoy for climate ambition and solutions, told reporters in Dubai. "Even when data is available, there often aren't rules and incentives in place to make sure companies do something about it."Methane is a potent greenhouse gas with 80 times the warming power of carbon dioxide, though it only lingers in the atmosphere for about a decade compared with centuries for carbon dioxide. That short lifespan is why climate scientists say eliminating methane emissions is one of the quickest ways to slow global warming.The oil and gas industry <a target="_blank" href="https://www.iea.org/reports/global-methane-tracker-2023">is responsible for 40% of human-caused methane emissions</a> from leaking wells, compression stations, and pipelines, as well as by routinely burning off excess gas in a practice known as venting and flaring.Even though numerous countries and oil and gas companies have pledged to slash methane emissions in recent years, they are still rising to record levels, <a target="_blank" href="https://www.iea.org/reports/global-methane-tracker-2023/overview">according to the IEA</a>. The agency, <a target="_blank" href="https://salatainstitute.harvard.edu/quantifying-methane-to-the-sky-and-beyond/#:~:text=Compelled%20by%20Sargent%20and%20Budney's,U.S.%20Environmental%20Protection%20Agency's%20inventories.">university scientists</a>, and <a target="_blank" href="https://www.edf.org/climate/methane-studies#:~:text=Extensive%20research%20led%20by%20EDF,than%20the%20government's%20estimate%20suggests.">environmental groups</a> have published research showing that national governments are significantly undercounting total emissions.Historically, measuring methane was challenging because the gas is colorless, leaks are unpredictable, and finding them involved expensive field studies with aircraft and handheld infrared cameras. That approach only offered a snapshot in time and the research took a long time to publish.Those methods have changed over the last decade. A new generation of satellites can now pinpoint methane leaks almost anywhere and, within days, computers equipped with AI models can calculate the amount of emissions escaping. This, in turn, means oil and gas companies responsible for the plumes can be notified faster and potentially take action.The UN last year launched its own methane alert and response system that uses satellites to monitor emissions and notify countries and companies. Since then, <a target="_blank" href="https://www.unep.org/news-and-stories/press-release/uns-global-methane-tracking-system-set-translate-data-revolution">1,500 methane plumes were identified</a> and some governments took action, including Argentina.The 50 oil and gas companies that signed a "decarbonization charter" on Saturday in Dubai agreed to eliminate routine flaring, improve the way they monitor methane leaks, and report progress on reducing emissions.COP28 President Sultan Al Jaber, who also heads Adnoc, during a speech on Saturday said that tackling methane emissions are "a quick and easy win." Adnoc earlier this year already promised to zero-out the pollutant by 2030, even as it plans to expand oil production.<div type="image" title="COP28 President Sultan Al Jaber walks through the venue ahead of the UN Climate Summit in Dubai, United Arab Emirates." height="5760" width="8640" msid="105684000" hostid="261" sizebytes="420292"></div>"If companies deliver, we calculate it means reducing methane emission by 80% to 90%, which is critical," EDF President Fred Krupp told reporters. "But that only happens if there's accountability."The satellite being launched by EDF, known as MethaneSAT, can regularly monitor methane emissions from regions accounting for much of the world's oil and gas production. That includes emerging and developing economies, where state-owned oil companies have been largely absent from methane pledges until now.The data gathered by satellites can also help climate advocates push governments to implement tougher methane laws. EDF and Bloomberg Philanthropies are working with the IEA, UN, and the climate nonprofit RMI on its accountability push.<h2>The EPA's 'super emitter' program</h2>The US and European Union are already cracking down on methane emissions. The US Environmental Protection Agency <a target="_blank" href="https://www.epa.gov/newsreleases/biden-harris-administration-finalizes-standards-slash-methane-pollution-combat-climate#:~:text=EPA's%20final%20rule%20leverages%20the,the%20power%20sector%20in%202021.">on Saturday finalized regulations</a> that will reduce an estimated 58 million tons of methane emissions over the next 15 years. That figure is comparable to the emissions released by the entire US power sector in 2021, the agency said. The rules require companies to monitor leaks, limit flaring at oil wells, and reduce emissions from equipment like pumps and storage tanks.A "super emitter" program will allow certain third parties that detect large methane plumes to submit data to EPA, which will do its own verification before notifying the oil and gas company responsible.The methane that will be captured, rather than released into the atmosphere, would be enough to heat 7.8 millions homes this winter, EPA officials said during a press conference Friday. Once fully implemented, the rule will prevent the emissions of the equivalent of 1.5 billion metric tons of carbon dioxide, they said.The EU in November agreed to its first-ever law directing fossil fuel companies to measure and report their methane emissions, and bans most flaring and venting by 2027.The US and EU are part of the Global Methane Pledge that calls for a 30% reduction in methane emissions by 2030. At least 155 countries have signed the pledge, which launched in 2021 at the UN climate summit in Glasgow, Scotland.However, China and Russia — the top two producers of methane emissions in the world — aren't signatories. China in November <a target="_blank" href="https://www.reuters.com/world/china/china-unveils-action-plan-reduce-methane-emissions-2023-11-07/">published its own plan to reduce the pollutant</a>, but it doesn't include any hard targets. The country's state-owned oil companies are also absent from the "decabonization charter" announced in Dubai.Melanie Robinson, global climate program director at the World Resources Institute, said in a statement that the methane commitments were encouraging but require strong measures to hold oil and gas companies accountable.She added that the oil and gas sector still isn't being held accountable for all the emissions created by the fuel they sell to other industries. That's akin to a cigarette maker "claiming no responsibility for the impact of their product once it leaves the factory door," Robinson said, adding that voluntary promises alone won't acheive global climate goals.

Satellites are the new climate police for oil and gas polluters

<ul class="summary-list"><li>Supreme Court overturns Chevron doctrine, curtailing federal regulatory power.</li><li>Chevron doctrine gave federal agencies leeway to interpret ambiguous laws like the Clean Air Act.</li></ul>The Supreme Court on Friday overturned a decades-long legal precedent that has empowered the federal government to regulate the environment and other issues, unleashing a potential threat to President Joe Biden's climate policies.The court <a target="_blank" href="https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf">overruled the Chevron doctrine</a>, one of the most important principles guiding federal regulation for the past 40 years. It held that when the laws that Congress writes are ambiguous, courts should defer to federal agencies' interpretation, as long as it's reasonable.Now, however, it could be harder for agencies to address a wide range of policy areas, including the environment, health, and labor and employment. Chief Justice John Roberts authored the decision, joined by five conservative justices. The three liberal justices dissented.The ruling comes as President Joe Biden has raced to finalize a flurry of rules to combat climate change. Over the last year, the Environmental Protection Agency has set <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">stricter limits on greenhouse gas emissions from cars</a>, trucks, power plants, and oil and gas infrastructure. The agency for the first time put limits <a target="_blank" href="https://www.businessinsider.com/epa-hazardous-forever-chemicals-drinking-water-limits-2024-4">on toxic "forever chemicals,"</a> also known as PFAS, in drinking water. All of those regulations are the targets of lawsuits from Republican-led states, the fossil-fuel industry, or other businesses.Legal analysts widely expected the Supreme Court's decision. The Chevron doctrine has long been a target of business groups and conservatives who argued it allows federal bureaucrats to overstep their authority on issues related not only to the environment but also to broad swaths of the economy, such as workplace safety, telecom, and finance.The Supreme Court's conservative supermajority is similarly skeptical of federal agencies' power, as past rulings have shown.On Thursday, <a target="_blank" href="https://www.supremecourt.gov/opinions/23pdf/23a349_0813.pdf">the court put a temporary hold</a> on the EPA's plan to reduce air pollution from power plants and pipelines that blow across state lines while a lawsuit plays out in a lower court. Last year, the Supreme Court significantly narrowed how many wetlands EPA can regulate to keep them clean. In 2022, <a target="_blank" href="https://www.businessinsider.com/supreme-court-limits-greenhouse-gas-regulations-west-virginia-v-epa-2022-6">the court limited the EPA's ability to regulate carbon emissions</a> from power plants, leading the Biden administration to issue another plan under the Clean Air Act that it hopes can withstand legal challenges.<h2 id="8531e43d-b476-4020-9d67-26599c42e9a5">How did this case end up at the Supreme Court?</h2>The plea to overturn the Chevron doctrine came to the court in two cases — Loper Bright Enterprises v. Raimondo and Relentless Inc. v. Department of Commerce. These cases involved commercial fishermen who opposed fees they had to pay to have federal observers aboard their vessels to prevent overfishing.The lawyers representing the commercial fisherman are from the Cause of Action Institute, a nonprofit group in the libertarian network built by Charles Koch, the petrochemicals billionaire who has advocated for deregulation.They argued the Chevron doctrine injures small businesses and individuals who have little power to influence federal agencies."Today's restoration of the separation of powers is a victory for small, family-run businesses like ours, whether they're involved in fishing, farming, or retail," Bill Bright, the fisherman and plaintiff in the Loper Bright case, said in a statement.Defenders of Chevron argued that a broad swath of health, safety, and environmental regulations protecting the public could be upended if the doctrine were overturned, causing chaos. The doctrine is cited in more than 15,000 court decisions. Chevron also recognizes that agencies are often staffed by people with technical and scientific expertise that judges don't have.<h2 id="2f5434dc-7742-4115-875e-055829b5d1f7">What did the Supreme Court justices say?</h2>Roberts, in his opinion, said Chevron defies the Administrative Procedures Act, which requires courts to decide whether a federal agency acted within its legal authority."Perhaps most fundamentally, Chevron's presumption is misguided because agencies have no special competence in resolving statutory ambiguities. Courts do," Roberts said.He also argued that the decision to overturn Chevron doesn't call into question prior cases that relied on it. Courts that decided agency actions were lawful are still subject to "statutory stare decisis."In her dissent, Justice Elena Kagan countered that abandoning Chevron will make it difficult for policymakers to issue regulations that keep air and water clean, food and drugs safe, and financial markets honest.Kagan added: "Congress knows that it does not — in fact cannot —write perfectly complete regulatory statutes. It knows that those statutes will inevitably contain ambiguities that some other actor will have to resolve, and gaps that some other actor will have to fill. And it would usually prefer that actor to be the responsible agency, not a court."Justice Ketanji Brown Jackson recused herself from Loper Bright because she was involved in the case as a federal appeals court judge.<h2 id="8e1625cc-57cf-4b5d-8a05-6b593601c3d7">What could be the impact on climate policy?</h2>The reversal of Chevron doesn't change EPA's legal obligation under the Clean Air Act to regulate greenhouse gas emissions, which was affirmed in a 2007 Supreme Court decision, legal experts say. Congress in the 2022 Inflation Reduction Act also affirmed that power.But the Clean Air Act was written decades ago and left a lot of room for interpretation by EPA. The specific details of the agency's climate regulations may be more legally vulnerable now.At the same time, Biden's EPA hasn't relied on the Chevron doctrine to defend its climate rules because it's been preparing for this very decision from the Supreme Court, said David Doniger, a senior attorney at the Natural Resources Defense Council who argued <a target="_blank" href="https://tile.loc.gov/storage-services/service/ll/usrep/usrep467/usrep467837/usrep467837.pdf">the original Chevron case</a> on behalf of the group in 1984.Paul DeCamp, an attorney at the Washington, DC-based firm Epstein Becker Green, said the overturning of Chevron creates a lot of uncertainty."There is now a new path to challenging agency action because the heavy thumb on the scale toward agencies as a result of Chevron has been removed," he said.That doesn't mean that most regulations are invalid, he added. He predicted that most federal action would survive because agencies try to stay within their legal boundaries.

The Supreme Court discards Chevron doctrine, unleashing a threat to Biden's climate policies

<ul class="summary-list"><li>Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions.</li><li>China's economic downturn, the US shale boom, and clean energy are contributing to current oil price trends.</li></ul>The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure.Oil prices have been depressed this year because <a target="_blank" class="" href="https://www.businessinsider.com/oil-price-today-middle-east-israel-hezbollah-conflict-china-economy-2024-10">China</a> — the world's largest oil importer — is in a prolonged economic downturn. The US' massive boom in oil production over the last 15 years has also kept prices low.Now, Saudi Arabia and Russia are both trying to diversify their economies away from energy, which makes up about 40% and 20% of their GDP, respectively.With the shift, Saudi Arabia and Russia are trying to create new economic engines that can sustain the country for decades, Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto, told Business Insider.The existential reorientation comes amid what Prakash terms a "geopolitical misalignment," even in the face of a potential supply disruption."The reality is that Middle Eastern oil supplies are in the bull's-eye of geopolitics. A potential back-and-forth between Israel and Iran, which is increasingly likely, will draw in the region's energy ecosystem," he said.But this year, markets have largely shrugged off supply concerns stemming from the Middle East conflict — a break from history, when regional problems sent prices higher.<h2 id="45bcbf13-524d-48a5-aa00-144efa7dd75c">Moving away from oil</h2><a target="_blank" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Saudi Arabia and Russia</a> tied for the world's second-largest oil producer after the US. Last year, they each accounted for 11% of the world's oil supply.While Saudi Arabia and Russia are still the world's top oil exporters, the <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61584">US — which posted record oil shipments in 2023 — is fast becoming a competitor</a> for market share.In 2016, Saudi Arabia launched a grand <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to transform its oil-dependent economy into a more diversified one that includes tourism and sports as key growth pillars.Recently, the kingdom has been indicating that it's frustrated with low oil prices. It's giving up its $100 per barrel price target and is ready to increase oil output, the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a> reported in late September.This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output.Russia has also expressed a desire to stop over-relying on oil exports."We are moving towards reducing the share of volatile income and reducing Russia's dependence on oil and gas in favor of boosting our domestic economy," Anton Siluanov, Russia's finance minister, told <a target="_blank" href="https://russian.rt.com/business/article/1379636-minfin-anton-siluanov-intervyu">RT Television's Arabic</a> service earlier this month.He said that Russia would instead aim to boost its domestic economy but did not specify how.Russia is already moving its trade eastward to address Western sanctions. <a target="_blank" class="" href="https://www.energyintel.com/00000192-ae46-dc01-adba-efff87000000">Saudi Arabia,</a> too, is looking to sell more oil to developing countries, whose electric vehicle adoption lags behind China and the West.Asia's emerging economies are expected to drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">global oil demand</a> over the rest of the decade, as the world's consumption rises from 101.7 million barrels a day in 2023 to 105.6 million barrels per day by 2030, according to a June report from the <a target="_blank" class="" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">International Energy Agency</a>.<h2 id="6ae61431-8898-4c52-9abf-24b4a2055996">Prices, renewable energy, and the US all play a role</h2>Despite geopolitical tensions in the Middle East over fears of a widening war, oil prices haven't been on the climb.To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-prediction-brent-crude-israel-iran-opec-demand-citi-2024-10">oil prices could still</a> soar if the issues in the Middle East worsen.And there were several price spikes — such as in early October over concerns that Iranian oil facilities could be hit and in August over tensions in the Middle East — but they were shortlived. Oil prices dropped about 7% last week after the concerns subsided.International benchmark <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent</a> crude futures are down about 4% this year to date to around $74 a barrel, and US <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> futures are down 1.3% so far this year to around $70 a barrel.A key contributor to the price trend comes from the US, which has witnessed a significant rise in oil production over the last 15 years following the shale oil boom.Matthew Huber, a Syracuse University professor who specializes in energy, climate politics, and resource geography, said the US has nudged Saudi Arabia out of its role as a swing producer."I think the US has now overtaken this role and because we're not in the Middle East, geopolitical conflict there is less impactful," Huber added.Then there's renewable energy."The explosion of electric vehicle adoption in China (and presumably or eventually in the US and Europe) means the writing is on the wall and we're going to reach 'peak demand' for oil sometime soon," said Huber. "It was always a good idea to diversify one's economy away from just oil but now more than ever."<h2 id="f0b0eb00-b6b7-4f2f-9acd-d2d555ca6010">The role of OPEC</h2>The changing dynamics of oil also sharpens the long-standing question of OPEC's influence and relevance. The oil producer group led by Saudi Arabia accounts for about 30% of global crude production."It goes in cycles. They were obviously relevant in the 1970s when they were able to increase prices almost single-handedly," said Huber."But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.OPEC also faces rifts within its members, who have competing priorities."The big question now is whether OPEC members are all aligned in terms of oil targets," said The Geopolitical Business's Prakash, who added that not all OPEC members may be on board with Saudi Arabia's plan to boost production.A potential Trump presidency in the US could drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-trump-win-election-financials-energy-rbc-2024-10">domestic oil and gas production.</a>"If OPEC can't bring everybody together, and members go their separate ways, it will lead to a further polarization of the Middle East," said Prakash."Instead of energy bringing the region together, like it did in the past, energy coupled with geopolitics could fragment the Middle East," he said.

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