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Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed expanding the <keyword id="22367248" type="General" weightage="20" keywordseo="sustainable-finance-framework" source="keywords">sustainable finance framework</keyword> in the <keyword id="20922662" type="General" weightage="20" keywordseo="securities-market" source="keywords">securities market</keyword> by introducing a new category of financial instruments. This category will include <keyword id="20518791" type="General" weightage="20" keywordseo="Social-Bonds" source="keywords">social bonds</keyword>, <keyword id="22623575" type="General" weightage="20" keywordseo="Sustainable-Bonds" source="keywords">sustainable bonds</keyword>, and <keyword id="22623576" type="General" weightage="20" keywordseo="Sustainability-linked-Bonds" source="keywords">sustainability-linked bonds</keyword>, in addition to the current <keyword id="22819966" type="General" weightage="20" keywordseo="green-debt-securities" source="keywords">green debt securities</keyword>. It aims to provide issuers with flexibility in raising funds for projects that align with environmental, social, and governance (ESG) objectives. <br /><br />In a consultation paper released on Friday, SEBI proposed that issuers, in addition to existing green debt securities, should be allowed to raise funds through issuance of social bonds, sustainable bonds, and sustainability-linked bonds. These bonds will collectively be known as ESG Debt Securities. <br /><br />This will enable issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. SEBI said it received representations from market participants including the Confederation of Indian Industry to expand the scope of the regulatory framework pertaining to sustainable finance to include social bonds, in addition to existing green debt securities as a mode of raising sustainable finance, in line with global practices. <br /><br />As per the consultation paper, SEBI said, it "proposed to introduce the concept of sustainable securitised debt instruments for the purpose of providing originators of the underlying credit facilities which are within such international or domestic frameworks for sustainable finance, and thereby provide investors as well an opportunity to participate in the sustainable securitised debt instruments". <br /><br />The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks. Initial disclosures could be made in the offer document for the securities, while continuous disclosures might be included in annual reports or other mandated formats. <br /><br />The markets watchdog also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility. <br /><br />The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating. <br />The <keyword id="19901204" type="General" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (SEBI) has invited comments and suggestions from the public on the consultation paper by September 6.

SEBI proposes expansion of sustainable financial framework in securities market

Green Bonds and Sustainable Finance

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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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.<br /><br />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>."<br /><br />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.<br />

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

<ul class="summary-list"><li>Brandon Chen is the author of webcomics like <a target="_blank" class="" href="https://www.webtoons.com/en/fantasy/just-a-goblin/list?title_no=3514">"Just A Goblin"</a> and the CEO of Inspired Productions.</li><li>After college, he got a job at a Big 4 consulting firm, but his childhood dream was to make manga.</li></ul><p><em>This as-told-to essay is based on a conversation with Brandon Chen, a 27-year-old webcomic author from New York City. It has been edited for length and clarity.</em></p><p>I was 7 or 8 when I discovered comics.</p><p>My mom got me this <a target="_blank" class="" href="https://www.businessinsider.com/netflix-one-piece-live-action-vs-manga-anime-differences-2023-9">manga</a> from the library called "Dragon Ball." It was the first time I'd read a series that was not just words. The narrative concepts and beautiful drawings got me hooked, and I started to want to draw and do that kind of work myself.</p><p>In elementary school, I used to create a weekly manga magazine for myself and try to sell it to kids on the playground for quarters. No one was biting really, but it was just something I would do. That's how I started getting into the manga space.</p><p>Writing and drawing involve very different skill sets, and it's hard to improve both simultaneously. You're doing one or the other; there's an opportunity cost there. I felt I had to make a decision.</p><p>I was 14, and I was like, "I'm going to decide my future right here, right now, kind of like an <a target="_blank" class="" href="https://www.businessinsider.com/best-anime-series-to-watch-on-netflix-naruto-pokemon-2020-3">anime</a> protagonist, and bet it all on a coin flip." If it's heads, I'm a writer; if it's tails, I'm an artist. The coin landed on heads. I had an art Instagram at the time, and I deleted the whole thing and went all in on writing.</p><div type="image" title="brandon chen, a young man with black hair, sitting at a Webtoon table at new york comic con speaking to a person in a naruto shirt. there's a panel behind him showing webtoon art" height="3648" width="4864" msid="115360037" hostid="261" sizebytes="767952"></div><h2 id="70673a55-f548-4441-bc3d-68cc5edb86b3"><strong>I published my first novel when I was 17</strong></h2><p>I started working on writing my first novel when I was 14. It was pretty heavily inspired by the manga series "Naruto," which was a big thing around that time.</p><p>I focused on novels, not manga, at that point because I had quit drawing. I didn't understand how the whole comics business works, and working with an artist, until later on in my career.</p><p>I was chronically online as a teenager, so I promoted my work on Wattpad. I was driving a lot of traffic from Instagram to my Wattpad, and it got 100,000 reads, which at the time for me was pretty great. I was like, "Wow, I'm getting a lot of feedback." I went ahead and finished that novel, packaged it, and <a target="_blank" class="" href="https://www.businessinsider.com/author-ana-huang-self-publishing-books-like-running-small-business-2024-10">self-published</a> it when I was 17.</p><p>I think the hardest part about <a target="_blank" class="" href="https://www.businessinsider.com/how-to-write-book-30-days-tips">writing novels</a> or doing any creative project is that the first time you do it, it's super hard. The second time you do it, you know all the pain points and the process: how to work with an editor, how to hire an illustrator, all that stuff.</p><p>From ages 17 to 20, I put out a project every single year, whether it was comics or novels. I stopped releasing novels around 21 or 22 because I was shifting back<strong> </strong>into visual storytelling.</p><p>I was at NYU studying economics and computer science at that time, and like a lot of college students, I felt I had a lot of freedom. I was an OK student sometimes, but I was also the type of student — and I don't encourage people to do this! — that would always learn better outside the classroom.</p><p>I'd go to class a few times, and then sometimes skip class and use that time to write and study instead. Some people were partying more than me probably, but a lot of what I used to do in my free time was writing.</p><h2 id="158736bd-5390-498e-a22f-596cb430bccb"><strong>When COVID hit, I kept pursuing writing</strong></h2><p>After I graduated from NYU in 2019, I took a consulting job at <a target="_blank" class="" href="https://www.businessinsider.com/big-four-deloitte-pwc-kpmg-ey-staff-revenues-focus-2024-11">KPMG</a>, but I was entering my quarter-life crisis for sure.</p><p>Those first few months out of college were rough for me because, before <a target="_blank" class="" href="https://www.businessinsider.com/people-share-what-theyve-learned-about-themselves-in-quarantine-2020-4">COVID hit and we were all stuck inside</a>, I was working 60 to 70 hours a week in an office. You get off work, the next thing you do is eat, maybe you work out, then you sleep, and then repeat. Your weekends are like, "Oh man, I just need to rot to cope with that rough week."</p><p>It was actually COVID that allowed me to make this <a target="_blank" class="" href="https://www.businessinsider.com/love-is-blind-brett-brown-job-net-worth-income-influencing-2024-9">career change</a>, because I had more time to myself.</p><p>The free time I had from avoiding commutes and avoiding seeing my friends enabled me to start writing again. I would put in a total of maybe a hundred hours a week: If it was 60 hours that I was working that week, I'd put another 40 into writing.</p><p>I wasn't sleeping that much, but I was grinding a lot to try to make the dream happen.</p><div type="image" title="a character from just a goblin with green skin and white hair, wearing a coat with white fringe. their eyes are intense and burning, and green light crackes around their frame as they leap through the air" height="968" width="1290" msid="115360031" hostid="261" sizebytes="68382"></div><p>My comic <a target="_blank" class="" href="https://medibang.com/book/4r2008251133226500016517020/">"Icarus Rising"</a> was the one that kind of jumpstarted everything in 2020.</p><p>The artist and I did an entry to Shōnen Jump Tezuka, a manga contest in Japan.<strong> </strong>I was posting about my process on TikTok, and a lot of those videos went <a target="_blank" class="" href="https://www.tiktok.com/@inspired.author/video/6870272733997976838?is_from_webapp=1&amp;sender_device=pc&amp;web_id=7192678209945847338">viral</a>. "Icarus Rising" was also going viral, and it enabled me to get my first serialization deal for "<a target="_blank" class="" href="https://www.voyce.me/series/god-game">God Game,"</a> which is still running.</p><p>From there, I was able to connect with Webtoon using my portfolio and get "Just A Goblin" off the ground. That was just the start of my partnership with Webtoon. We have a bunch of other series, like <a target="_blank" class="" href="https://www.webtoons.com/en/action/samurai-no-tora/list?title_no=3654">"Samurai no Tora"</a> and <a target="_blank" class="" href="https://www.webtoons.com/en/drama/angel-wings/list?title_no=6920">"Angel Wings,"</a> that we're doing with them now.</p><h2 id="68222856-4e6f-4a24-a0a5-8acf673e8187"><strong>I convinced my parents that my webcomic career was sustainable</strong></h2><p>I finally quit my finance job in May 2021.</p><p>At some point, I realized I was making the same, if not more, than my finance salary from writing part-time. But my parents are very traditional Chinese — there was concern over "Hey, is this sustainable?"</p><p>I had to do the classic consulting thing where I market, pitch, and basically build a PowerPoint deck to assure them: "Mom, Dad, here are the projections. If I don't hit these projections over the next five years, I will go back to my job that I promised I would do after college to make back that college tuition."</p><p>I was just convincing them that I wouldn't be out of money and that I'd be OK. As soon as they saw the numbers, it was actually not super hard to convince them. And clearly, it's worked out.</p><p>The catalyst for all this, in the quarter-life crisis mode, was definitely when the mangaka Kentaro Miura, who did "Berserk," died in 2021. He was in his 50s. My thought was: "What if I turn 40 and I'm still doing this finance job, and I never took a chance on myself and then I died one day? What a tragedy. Why don't I just take my risk now?" And that's when I took a jump, and then I had to convince my parents.</p><p>My entire life they've known that this is my calling. They see everything I'm doing and my passion. The question for them always was, "When is he going to do it?"</p>

I quit my finance job to pursue my dream of writing comics. I used a pitch deck to convince my parents it was a good idea.

In anticipation of the upcoming <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>, the central government has released over Rs 1.78 lakh crore to various states as part of its <keyword id="23500643" type="General" weightage="100" keywordseo="tax-revenue-devolution" source="keywords">tax revenue devolution</keyword>. This substantial disbursement, announced by the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">Finance Ministry</keyword> on Thursday, includes an advance instalment in addition to the standard monthly release, effectively doubling the usual allocation of Rs 89,086.50 crore for October 2024.<br /><br />The largest share of the funds went to Uttar Pradesh, which received Rs 31,962 crore. Bihar followed with Rs 17,921 crore, while Madhya Pradesh and West Bengal received Rs 13,987 crore and Rs 13,404 crore, respectively. This allocation underscores the central government's commitment to ensuring that states have the financial resources needed to stimulate development, especially during a period of increased economic activity ahead of the festive season.<br /><br />Among the other states, Andhra Pradesh received Rs 7,211 crore, Tamil Nadu received Rs 7,268 crore, and Gujarat received Rs 6,197 crore. In the Northeast, Meghalaya was allocated Rs 1,367 crore, Tripura Rs 1,261 crore, and Manipur Rs 1,276 crore.<br /><br />The Finance Ministry noted that the decision to release these funds was aimed at empowering states to ramp up <keyword id="20148453" type="General" weightage="20" keywordseo="capital-spending" source="keywords">capital spending</keyword> and support essential welfare and developmental projects. This accelerated funding is intended to boost critical <keyword id="19936648" type="General" weightage="20" keywordseo="infrastructure-projects" source="keywords">infrastructure projects</keyword> such as road construction, public facilities, and other state-led development initiatives.<br /><br />This announcement follows a high-level meeting involving the Finance Secretary and the Secretary of the Department of Economic Affairs, emphasising the government’s commitment to sustaining <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> through state-level investments. By providing the funds ahead of schedule, the Centre aims to ensure that states are equipped to meet the demands of the festive season, while also fostering sustained growth and long-term development.<br /><br />The Ministry emphasised that this tax devolution aligns with the recommendations of the Finance Commission, which plays a crucial role in determining the distribution of tax revenue between the Union and states. This year’s devolution reflects the central government’s ongoing focus on supporting states as they undertake vital infrastructure projects and social welfare initiatives.<br /><br /><em>(With inputs from ANI)</em><br />

Centre releases Rs 1.78 lakh crore to states for festive season, with largest shares to Uttar Pradesh, Bihar, and Madhya Pradesh

Earlier this week, the death of yet another corporate employee shook the nation. Various other incidents also made headlines last month, where employees of some big companies reportedly died of work pressure. With a rise in such incidents, people are talking about the importance of <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> and <keyword id="19956983" type="General" weightage="20" keywordseo="mental-health" source="keywords">mental health</keyword> at workplace. <keyword id="20253489" type="General" weightage="100" keywordseo="Zoho" source="keywords" meta.keywordsubtype="org" meta.entityname="Zoho" meta.hostid="261" meta.entityid="Zoho">Zoho</keyword> CEO and Co-founder <keyword id="19914274" type="General" weightage="20" keywordseo="Sridhar-Vembu" source="keywords">Sridhar Vembu</keyword>, in a new interview with PTI, has called for a fundamental shift in how companies treat their employees. <br /><br />In the interview, the entrepreneur warned that organisations pushing their workforce to unsustainable limits will not be able to keep up the pace. He also called for a shift in mindset and said that people are being put in a "very big pressure cooker."<br /><br /><h2>Zoho CEO on putting employees in pressure cooker<br /></h2><br /><keyword id="21154651" type="General" weightage="20" keywordseo="vembu" source="keywords">Vembu</keyword>, who has spent over two decades building Zoho into one of India’s leading tech companies, expressed deep concern over the increasing pressure faced by employees, particularly in large cities. He said that we are creating environments where workers are trapped in a ‘pressure cooker’, referring to the convergence of long working hours, grueling commutes, and the isolation many young professionals experience after migrating from smaller towns.<br /><br />"You already have loneliness, long-commutes, stressful work condition. So, you are throwing people into a very big pressure cooker, and very tragically, some people break, other people are broken," he told PTI. <br /><br />Reflecting on his own experience, Vembu stressed the importance of pacing oneself in order to sustain a long and productive career. “I have been working for 27-28 years, and I hope to work for another 28 if possible. But to do that, I cannot allow myself, or my employees, to burn out,” he explained. He argued that companies prioritising short-term gains at the expense of their workers’ health are doomed to falter in the long run.<br /><br /><h2>What's the solution?</h2>Vembu’s advocacy for a healthier work culture is grounded in his broader vision for corporate India. A long-time proponent of decentralising business operations, he believes that one solution to the high-stress environment is to diversify away from major urban centres. “We bring young people from small towns into big cities, and their first challenge is loneliness. Then, they face commutes that can stretch up to two hours each way, particularly in cities like Bengaluru. It’s no surprise that many feel overwhelmed,” he said.<br /><br />The Zoho chief pointed out that by expanding operations into smaller towns and rural areas, companies can alleviate some of these pressures, allowing employees to stay closer to their homes and communities. This approach, he believes, not only reduces stress but also fosters a more sustainable, human-centric model of growth.<br /><br />Beyond <keyword id="22447710" type="General" weightage="20" keywordseo="workplace-stress" source="keywords">workplace stress</keyword>, Vembu touched on the role of technology in shaping the future of business. He reiterated his call for tighter regulations on big tech companies, particularly in preventing the monopolisation of digital services. Drawing parallels between email, which is an open standard, and messaging services that are often locked within proprietary ecosystems, he urged the government to push for greater interoperability. “Messaging platforms should not operate in silos. We need standards that prevent monopolies and ensure a level playing field for all,” he remarked.<br /><br />Vembu also praised India’s Digital Public Infrastructure (DPI) initiatives, calling them a “shining success story” and a model for other nations. He highlighted how India has become a global leader in digital infrastructure, with initiatives such as the ONDC (Open Network for Digital Commerce) and the health stack setting new standards for the world to follow.<br />

People being thrown in pressure cooker, different mindset is needed: Zoho CEO Sridhar Vembu on India’s work culture

<ul class="summary-list"><li>Virtual power plants aggregate homeowners' rooftop solar, battery storage, and electric vehicles.</li><li>State energy agencies and utilities tap the energy to prevent power outages during extreme weather.</li></ul><p>A growing number of homeowners are getting paid to leverage their rooftop solar, battery storage, and electric vehicles to help prevent power outages and clean up the grid.</p><p>Their at-home renewable energy is being networked together to form "virtual power plants" in states like California, Vermont, Texas, and Utah, where energy agencies and utilities are tapping these resources to meet peak electricity demand during extreme weather. These VPPs are lowering costs and keeping dirtier "peaker" gas plants, which are typically used during emergencies, offline. In exchange, homeowners are paid anywhere from a few hundred dollars to up to $10,500 in one year, depending on the program.</p><p>GoodLeap, which finances and develops software for sustainable home energy systems,<strong> </strong>launched its own VPP program this summer in California by aggregating 200 of its customers' batteries. The storage capacity is made available to a state-wide grid support program run by the California Energy Commission. So far, the batteries have helped alleviate six "stress" events since July, including during heat waves, GoodLeap said. The company offered customers up to $350 this year for participating, and GoodLeap gets paid by the state program <a target="_blank" href="https://dsgs.olivineinc.com/faq/#acc-r55c644-2">at varied monthly rates</a>.</p><p>While versions of VPPs have existed for years — including utilities adjusting thermostats and water heaters to conserve energy — what's new is the rising adoption of home solar panels, battery storage, and EV chargers that can send power back to the grid. The extra capacity is critical at a time <a target="_blank" href="https://www.businessinsider.com/blackouts-power-outages-more-common-climate-change-electric-grid-infrastructure-2023-3">when extreme heat and storms are causing more power outages</a> and electricity demand <a target="_blank" href="https://www.businessinsider.com/data-centers-energy-demand-utilities-green-renewable-2023-10">is surging from data centers</a> and a US manufacturing boom.</p><p>The Energy Department <a target="_blank" href="https://liftoff.energy.gov/wp-content/uploads/2023/09/20230911-Pathways-to-Commercial-Liftoff-Virtual-Power-Plants_update.pdf">estimated that between 2023 and 2030</a>, the US will have to add enough power capacity to meet more than 200 gigawatts of peak demand, which is comparable to about 200 nuclear power plants. At least 10% to 20% of that demand could be met by VPPs, which have a lot of untapped potential across the US, all while saving some $10 billion in annual grid costs.</p><p>"We're still in the single-digits, in terms of the percentage of homeowners that have solar and battery storage in the US," Dan Lotano, GoodLeap chief strategy officer, told Business Insider. "So as utility rates continue to rise and technology costs are driven down, I'm bullish about where this market can go. And now we've added another value bucket to homeowners that they couldn't access beforehand."</p><p>GoodLeap's entry into VPPs trails behind its competitor in the home energy market, Sunrun. The company already has 16,200 customers enrolled in the California Energy Commission's program, which launched in 2022. Sunrun has aggregated enough battery capacity to match a natural gas "peaker" plant or take the entire city of Santa Monica off the grid, according to Chris Rauscher, Sunrun's head of grid services and VPPs. Sunrun in California auto-enrolls customers who are paid $100 a year, while ensuring that batteries maintain at least 20% charge in case people need backup power.</p><p>"We have been called on all summer long," Rauscher said.</p><p>Sunrun is also working with three owners of the all-electric Ford F-150 Lightning in Maryland to test its ability to power homes during peak summer demand to ease pressure on the grid. The truck owners are customers of Baltimore Gas and Electric Company.</p><p>Brian Foreman is one of the early adopters. In late June, after several months of Ford and Sunrun troubleshooting software, the battery in Foreman's Ford-150 started powering his home from the peak hours of 5pm to 9pm each night. Foreman said he paid $9,200 for the installation of a bidirectional power system, and now earns $500 a month for participating in the pilot this summer through September.</p><p>"I feel like I'm playing a part in making the grid more resilient," Foreman told BI.</p><p>Some utilities are warming up to leveraging VPPs for several reasons. In 2020, the Federal Energy Regulatory Commission, which oversees interstate electricity markets, required power grid operators to develop plans for integrating homeowners' rooftop solar, batteries, EVs, and energy-smart devices into the market. Many utilities are also struggling to meet renewable energy targets, in part because it takes a long time to build big infrastructure projects in the US and hook them up to the power grid.</p><p>"It's really hard to build utility-scale solutions," Sunrun CEO Mary Powell told BI last month. "I long ago said we went from NIMBY to BANANA, which is 'build absolutely nothing anywhere near anyone.'"</p><p>"I think all arrows point to innovation," Powell added. "Let's leverage technologies that are more cost-effective because they're paid for by the customers that are installing them."</p><p>Before leading Sunrun, Powell was president and CEO of Green Mountain Power, Vermont's largest utility. The utility's energy supply is already 100% carbon-free, including renewable and nuclear power, and it's been a trailblazer in VPPs since 2015. That year, Green Mountain Power started subsidizing some customers who installed backup battery power as long as they shared it during peak demand.</p><p>The program has grown to more than 4,000 batteries with a capacity of nearly 70 megawatts — or similar to a larger gas power plant in the state, according to Kristin Carlson, vice president of strategy and external relations at Green Mountain Power. The utility has saved about $3 million annually in recent years, which is passed onto all customers. Homeowners can get up to $10,500 upfront to buy and install their own batteries, or $5,500 for two Tesla Powerwalls, as long as they participate in the VPP for 10 years.</p><p>"Because we are able to use our virtual power plant, we're not having to purchase expensive and often dirty power from the regional grid," Carlson said. "We've been able to retire two fossil-fuel-powered peaker plants. That's cut carbon emissions."</p>

Homeowners are getting paid up to $10,500 a year to create 'virtual power plants' to help out stressed grids

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.<br /><br />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.<br /><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.<br /><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.<br /><br />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.<br /><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. <br /><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.<br /><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.<br /><br />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.<br /><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.<br /><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”.<br /><br />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.<br /><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.<br /><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.<br />

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

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.<br /><br />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!<br /><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.<br /><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.<br /><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><br /><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.<br /><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.<br /><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.<br /><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><br /><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.<br /><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.<br /><br />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.<br />

You Searched For "sustainable finance" and got 9 results

SEBI proposes expansion of sustainable financial framework in securities market

PTI

Green Bonds and Sustainable Finance

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I quit my finance job to pursue my dream of writing comics. I used a pitch deck to convince my parents it was a good idea.

Palmer Haasch

Centre releases Rs 1.78 lakh crore to states for festive season, with largest shares to Uttar Pradesh, Bihar, and Madhya Pradesh

BI India Bureau

People being thrown in pressure cooker, different mindset is needed: Zoho CEO Sridhar Vembu on India’s work culture

Divyanshi Sharma

Homeowners are getting paid up to $10,500 a year to create 'virtual power plants' to help out stressed grids

Catherine Boudreau

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

Ankush Banerjee

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

Ankush Banerjee

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