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Global green capital presents a multi-billion-dollar opportunity for Indian power sector giants such as <keyword id="45179" type="General" weightage="80" keywordseo="ntpc" source="Orion">NTPC</keyword> and <keyword id="45008" type="General" weightage="100" keywordseo="tata-power" source="Orion">Tata Power</keyword> to fund their clean energy transitions. A new report by the Institute for Energy Economics and Financial Analysis (IEEFA) on Wednesday said robust decarbonisation plans that align with climate science-based net zero targets would be critical to mobilising this rising tide of sustainable finance. IEEFA's report compares the clean energy deployment and greenhouse gas emissions reduction pathways of NTPC and Tata Power with those of Italian energy company Enel, which, as a pioneer of sustainability-linked financial structures, has raised billions of dollars to fund its decarbonisation. "As India's leading power companies, NTPC and Tata Power are role models for charting successful pathways to transforming their business models and attracting foreign private capital," says the report's co-author <keyword id="4905087" type="General" weightage="50" keywordseo="saurabh-trivedi" source="Orion">Saurabh Trivedi</keyword>, Research Analyst at IEEFA. "However, successfully engaging serious green investors would depend on the companies' ambition and the transparency of their transition plans." The <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>) has recommended that financial institutions voluntarily mitigate the potential climate risk in their portfolios. Such a move would require their clients in the emissions-intensive industries to set sustainable energy transition strategies. The RBI's recent consultation paper also recommended that financial institutions start factoring in climate risk while investing in or lending to energy transition-vulnerable sectors. IEEFA's report notes that NTPC and Tata Power may be able to meet their capital requirements through traditional financing. However, if the RBI's recommendations are implemented, the companies are likely to face rising financing costs. "Global investors are increasingly concerned about climate risk," said Trivedi and co-author Christina Ng, Research and Stakeholder Engagement Leader, Debt Markets, at IEEFA. "To access new financing instruments in foreign capital markets, such as sustainability-linked bonds and loans, Indian fossil fuel-based companies must convince foreign investors, especially environmental, social and governance (ESG) investors, that they are taking big steps to become clean energy companies. "This involves explaining how they plan to adapt their business models, establishing ambitious targets and outlining financing strategies to achieve their targets." The report notes that NTPC and Tata Power have commendable clean energy deployment plans that will require significant capital expenditure. However, their plans to reduce emissions intensity by 17 per cent and 20 per cent, respectively, by 2030 fall short of the Intergovernmental Panel on Climate Change's (IPCC) proposed pathway -- a key consideration for global ESG investors. Tata Power is expected to publish revised emissions reduction targets, which are currently in the validation stage with the Science-Based Targets initiative (SBTi). "Adopting more ambitious emissions reduction targets alongside formal outcome-based finance frameworks, known as sustainability-linked finance frameworks, to raise capital to achieve these targets would send the right signals to ESG investors. It would unlock new avenues of capital," says Trivedi. To follow the IPCC's proposed emissions reduction pathway or the SBTias recommendations to keep global warming below 1.5 degrees Celsius, NTPC would have to accelerate the decommissioning of coal mines and existing coal-fired power plants and stop constructing new ones, while Tata Power would have to disclose and set out a plan to divest from stakes in Indonesian coal as well as accelerate decommissioning of its coal-fired power plants. The UN-backed Race to Zero campaign and the SBTi recommend that power companies committed to achieving net zero across Scope 1, 2 and 3 emissions by 2040 or earlier. IEEFA's report comes at a time when decarbonisation plans of countries and companies are coming under increased scrutiny. Assessments such as the NewClimate Institute's recent report help governments and corporations find gaps and address them. Credible steps by NTPC and Tata Power to transform into clean energy companies will help India deliver on its international climate commitments, says Trivedi. "Increasing non-fossil energy capacity to 500 gigawatts and the reduction of projected carbon emissions by one billion tonnes by 2030 were not included in India's updated Nationally Determined Contribution (NDC)," he says. "Yet renewable capacity additions will have to expand at a far faster rate for India to be on a pathway towards limiting global warming to 1.5 degrees Celsius. This requires fossil fuel companies to redouble their efforts to transition to a clean energy future."

More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports

By Saurabh Trivedi New Delhi [India], July 11 (ANI): To make security checks quicker and error-free at India's busiest airports, the Airport Authority of India (AAI) is all set to deploy body scanners that will cut down the <keyword id="17966141" type="General" weightage="20" keywordseo="passenger-frisking-time" source="Orion">passenger frisking time</keyword> by half. A senior AAI official said, "Presently, it takes around 30 seconds on average to frisk a passenger manually but with the deployment of these millimetre-wave technology-based full-body scanners, the same can be done in 15 seconds." He further said that the use of these body scanners has been approved after a trial conducted at the busiest airports like Delhi and Bengaluru. The observation of trials was passed to the Bureau of Civil Aviation and Security (BCAS) and after detailed meetings, approval and specification have been made. "During trials of <keyword id="91336" type="General" weightage="20" keywordseo="full-body-scanners" source="Orion">full body scanners</keyword>, there were glitches of false alarm and were unable to detect certain objects. It has been overcome and new trials were successful as per the requirement of security agencies functioning at airports", the offical added. "Unlike the metal detector, the millimetre-wave based full body scanner will help to detect any liquid or plastic hidden underneath the clothes of the passenger. It works on the principle of body contours and is designed to detect objects that could be concealed in the body," the official said, explaining the functioning. He added that AAI will be installing 131 full-body scanners at various airports operated by AAI. "The number of full body scanners at each airport will depend upon the passenger load. The approved body scanners are accurate, comply with privacy concerns and pose no risk to health. It will ensure faster and accurate security clearance, resulting in smooth security checks to passengers," said the official. Further, the official said that the existing security system that has door frame-type metal detectors (DFMDs) and metal detectors to frisk passengers will be replaced with full-body scanners in a phase-wise manner. The official added that the induction of full body scanners, however, will not affect the deployment of security personnel at the airport as it will remain the same. On being asked about the massive procurement of security systems at airports, the official said that as per various reports, India is the world's third largest and fastest growing aviation market in the world, and they need world-class security systems for the convenience of passengers. The cost of each full-body scanner is around Rs 4 crore and a total of 131 units have to be purchased. They will soon float tender for it. There are certain European companies that have approached AAI, the official added. The official added that they will also be procuring 600 new Dual view X-ray hand-baggage scanners. (ANI)

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More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports

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Security check queues at Indian airports to get shorter with full body scanners

ANI

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