Connect with us

Business

G20 energy meeting in India to balance fossil fuels, renewables


Over 500 energy industry heavyweights and 30,000 participants will descend on the southern Indian city of Bengaluru on Monday to discuss the future of renewables and fossil fuels at India Energy Week — the first big ticket event of the country’s presidency of the Group of 20 leading economies.

Speakers, including India’s Prime Minister Narendra Modi, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman and the International Energy Agency’s executive director Fatih Birol, will discuss the need to ramp up the transition to clean energy. But the overwhelming presence of oil and gas industry stakeholders has raised questions from climate analysts.

For all the latest headlines follow our Google News channel online or via the app.

“This event will showcase India as a global powerhouse for energy transition,” said Hardeep Singh Puri, India’s minister for petroleum and natural gas. Puri’s ministry is organizing the event.

But Puri added that “India’s clean energy targets needs to be weighed against the country’s growing economy and rising energy requirements.” The country is set to become the world’s most populous nation this year.

India is currently the third highest emitter of planet-warming gases but has pledged to reach net zero emissions by 2070 and dramatically ramp up its renewable energy capacity.

Ahead of the event, IEA’s Birol praised India’s climate efforts, saying the country “can help drive the global agenda on clean energy transitions and energy security, with its focus on addressing technology gaps, ensuring diversified supply chains, scaling up clean fuels for the future, and mobilizing investment.”

Most of the Indian participants at the event belong to either government-owned or private fossil fuel companies, sparking concerns from climate experts.

“Gas expansion, which at least in India’s context does not make too much sense, needs looking into,” said Aarti Khosla of New Delhi-based climate think-tank, Climate Trends.

“While India energy week talks about the role of gas as a bridge fuel for energy security, it is proven that there are risks … banks are not lending too much to gas and global sentiment of investors is shifting slowly away from gas as well.”

But others say it’s important to keep the conversation with fossil fuels interests going as they remain key players in energy.

“A country like India presently needs fossil fuels to keep the lights on,” said Bharath Jairaj, who leads the World Resources Institute India’s energy program. “We can’t just assume some sectors should not or cannot be discussed, not until we find reliable, affordable and secure alternatives.”

Stakeholders from clean energy companies will also be in attendance. Sumant Sinha, the CEO of Renew Power, one of India’s largest renewable energy companies, sees the energy week as a forum to understand various stakeholders’ viewpoints.

“A lot of global energy companies that we can potentially partner with will be there,” said Sinha. “And look, the reality is that even the oil and gas companies are shifting to renewables. Therefore it’s important for us to engage. It’s always good to see what the rest of the energy ecosystem is thinking about.”

India Energy Week runs Feb. 6-10 and will coincide with the first meeting of the G-20 energy transition working group. The Asian ministerial energy roundtable, where energy ministers from key Asian countries will meet, will also be held as part of the event in Bengaluru.

Read more:

Bangladesh seeks extended oil credit from Saudi Arabia

UAE, India, France to work on climate change, biodiversity

Ukraine lawmaker calls on US to target China, India energy purchases

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Credit Suisse managers could face disciplinary action, Swiss regulator says


Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was on “the transitional phase of integration” and “preserving financial stability.”

For the latest headlines, follow our Google News channel online or via the app.
UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.
Credit Suisse on Sunday declined to comment on the FINMA President’s comments when asked by Reuters for a response.
Asked whether FINMA is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
“CS had a cultural problem that translated into a lack of responsi-bilities,” Amstad was quoted as saying by NZZ, adding: “Numerous mistakes were made over several years”.
FINMA had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.
“We have intervened and used our strongest instruments,” she said of its previous moves.
Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.
“The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support,” Amstad said.
“The bonds were created precisely for such situations.”

Read more:

UBS seeks dealmaking revival in Middle East with Credit Suisse takeover

Credit Suisse buyout was for financial stability: Bank chief

Credit Suisse, UBS deal: What you need to know

Continue Reading

Business

Aramco affirms support for China’s energy security


Saudi Arabian oil giant Aramco affirmed on Sunday its support for China’s long-term energy security and development, the company’s CEO Amin Nasser said in remarks made before a forum in Beijing.

For the latest headlines, follow our Google News channel online or via the app.

Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products.

Read more:

Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week

Oil prices hit lowest in 15 months on banking fears

European Commission to revamp power market rules, aiming to blunt price spikes

Continue Reading

Business

Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week


Kuwait Oil Company said on Sunday it is dealing with a “limited fire” that erupted at a well where oil leaked last week.
The company said in a statement that no injuries had been reported at the scene.
“The company’s operations in the area have not been affected,” the statement read.
Kuwait Oil Company declared a state of emergency last Monday due to an oil leak in the west of the country.

Developing

Continue Reading

Trending