Economy
India needs $2.8 trillion investment for energy supply: Report
India requires a whopping $2.8 trillion investment to meet its growing energy needs in the coming years, with 75 percent of that for the power sector, a special report by the International Energy Agency (IEA) said on Monday.
 
"India's energy needs require a huge commitment of capital to the tune of $2.8 trillion. Mobilising cost-efficient investment above $100 billion per year will be a challenge for the Indian policy at national and state levels," the report noted.
 
The special report on future development in India, which is a part of the agency's World Energy Outlook 2015', was released here at a workshop organised by the city-based Centre for Study of Science, Technology and Policy (CStep) and IEA.
 
"A transparent system of approvals and clearances for viable projects with timelines and accountability is essential to win public consent. India will also need to tap investors and sources of finance on suitable terms for low-carbon investment," the report pointed out.
 
As the release coincided with the UN Climate Summit (COP-21) in Paris, the report said sustainable and affordable energy was indispensible to India's economic growth and poverty reduction, as the country's carbon intensity was a critical measure of the success or failure of efforts to tackle climate change.
 
Prime Minister Naredra Modi also addressed CoP-21.
 
The Paris-based autonomous agency (IEA) was set up in 1974 to promote energy security among its 29-member countries through collective response to disruptions in oil supply and provide research and analysis on ways to ensure reliable, affordable and clean energy for its members and others.
 
Observing that what happened in India would influence the global energy economy, the report highlighted that as the country was growing fast, energy was central to its socio-economic growth and fuel demand for greater mobility and infrastructure development to meet the needs of the world's populous country.
 
"Though home to 18 percent (1.3 billion) of world population, India uses only six percent of the world's primary energy despite its consumption almost doubling since 2000 with potential to grow further," the report noted.
 
More than any country, India will contribute to the projected rise in global energy demand though its energy demand per capita will be still 40 percent below the world average.
 
"India's total energy demand doubles, propelled by an economy that is five times larger in 2040 and a demographic expansion that makes it the world's most populous country," the report indicated.
 
With energy use declining in many developed countries and China entering a less energy-intensive phase in its development, India emerges as a major driving force in global trends, with modern fuels and technologies playing a part.
 
"Surging consumption of coal in power generation and industry makes India the largest source of growth in global coal use. Oil demand increases by more than in any other country, approaching 10 million barrels per day by 2040," report added.
 
The report was compiled with inputs from industry and leading academic and research organisations.
 
CStep executive director Anshu Bhardwaj highlighted the importance of the report for the CoP-21 meeting.
 
IEA's resources and investment unit head Tim Gould presented the key findings, while CStep advisor S.S. Krishnan cited the agency's key pillars from energy perspective.
 
Representatives from government, academia and industry participated in the interactive workshop.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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GE, Alstom ink JVs for rail engine plants in Bihar

GE Transport India managing director Nalin Jain and Railway Board director (mechanical works) Jayant Kumar signed for Marhowra plant, while Alstom Transport India managing director Bharat Salhotra and Railway Board executive director (electrical development) Sudheer Kumar signed for Madhepura plant

 

America's General Electric (GE) and France's Alstom on Monday signed joint venture (JV) agreements with Indian Railways to set up high horse power diesel and electric engines at Bihar's Marhowra and Madhepura at a combined cost of Rs.40,000 crore.
 
"High-tech diesel locomotives will roll out from Marhowra factory and hi-tech electric locomotives from Madhepura factory," an official statement after the agreements were signed by top officials in presence of Finance Minister Arun Jaitley, Railways Minister Suresh Prabhu, central ministers from Bihar and other dignitaries.
 
GE Transport India managing director Nalin Jain and Railway Board director (mechanical works) Jayant Kumar signed for Marhowra plant, while Alstom Transport India managing director Bharat Salhotra and Railway Board executive director (electrical development) Sudheer Kumar signed for Madhepura plant.
 
GE Transport chief executive Jamie Miller and Alstom chief executive Henri Poupart-Lafrage were also present on the occasion.
 
Marhowra is about 80km from Patna, while Madehpura is 290 km from the state's capital.
 
As per the deal, Marhowra plant will make 4,500HP (horse power) and 6,000HP diesel engines, which in combination can operate as 9,000HP and 12,000HP units, while Madhepura will produce 12,000HP electric locomotives.
 
"About 1,000 diesel locos will be manufacture in 11 years at a cost of Rs.14,656 crore and 800 electric locos in 11 years at Rs.19,904 crore. Taking into account cost of setting up plants and maintenance facilities, the twin projects together will cost Rs.40,000 crore," the statement said.
 
The high horse power electric and diesel engines will be used for heavy haul freight operations in the dedicated freight corridors.
 
Early this month, the railways awarded letters of acceptance for both the plants as part of the government's 'Make in India' programme to indigenise production of modern transportation solutions and create thousands of jobs.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Modi launches solar alliance, reminds rich countries of 'green' promises
Indian Prime Minister Narendra Modi launched an alliance of some 120-odd nations here on Monday to harness solar energy better and asked the rich nations to shoulder their responsibilities in protecting the environment, with funding and transfer of clean technology to poor and emerging economies without further delay.
 
He also said India would cut carbon emission levels substantially by 2030 by expanding renewable energy.
 
"Today, when the energy sources and the excesses of our industrial age have put our planet in peril, the world must turn to Sun to power our future," the prime minister said at the alliance launch event with French President Francois Hollande.
 
"This is an alliance that brings together the developed and developing countries, governments and industries, laboratories and institutions in a common enterprise," he said, offering to host this initiative in India, providing the requisite land and also making a contribution of $30 million for the proposed secretariat.
 
During his various engagements at the 21st Session of the Conference of Parties (COP-21) under the UN Framework Convention on Climate Change and side events, Modi said India has done its bit by targeting 175 gigawatt of renewable energy in seven years, and said the world must also act with urgency, led by rich nations.
 
"The entire world, 196 nations, have come together to shape the future of this world and the health of our planet," said Modi.
 
"We want the world to act with urgency. We want a comprehensive, equitable and durable agreement, which must lead us to restore the balance between humanity and nature, and between what we have inherited and what we will leave behind," he said.
 
At another event on innovation also attended by President Hollande, US President Barack Obama and Bill Gates, among others, Modi said it was imperative to make renewable energy much cheaper and more reliable, and the conventional sources cleaner, while developing newer sources that are green.
 
"Our innovation initiative should be driven by public purpose, not just market incentives, including on intellectual property. That also means strong public commitment by suppliers to developing countries. That will make clean energy technology available, accessible and affordable for all."
 
The prime minister, who landed here on Sunday, also held bilateral talks with Presidents Hollande and Obama, as also Japanese Prime Minister Shinzo Abe, besides an unexpected brief meeting with Pakistan Prime Minister Nawaz Sharif.
 
"India will work closely with US on 'Mission Innovation'," he assured Obama, referring to the initiative to dramatically accelerate public and private involvement on cutting-edge technologies to address climate change, provide affordable clean energy and create commercial opportunities in this area.
 
Among his other engagements, the prime minister opened the India pavilion at the convention to showcase the country's commitment towards renewable energy and climate change while also seeking to demonstrate that the world also needs to look beyond to focus on climate justice.
 
"India's progress is our destiny and the right of our people. But we must also lead in combating climate change," said Modi, while assuring 40 percent of India's installed energy capacity from non-fossil fuels by 2030.
 
"We have a target for renewable generation of 175 gigawatt by 2022. We have got off to a good start, with nearly 12 gigawatt likely to be installed by 2016, more than three times the current capacity," he said.
 
India has already submitted for the consideration of the conference, what is called the Intended Nationally Determined Contributions sought from the 196 member states of the convention, offering to cut its emission intensity by 33-35 percent by 2030.
 
"So, we approach the negotiations under the United Nations Framework Convention on Climate Change in a spirit of partnership -- which must be based on the principles of equity and common, but differentiated responsibilities," Modi said.
 
Alluding to what rich nations needed to do to protect the environment, he made it clear that a pact reached in Paris must be one of partnership, where resources and technology are shared with poor and developing economies, so as not to deprive people who live between want and hope.
 
He also launched at the India Pavilion a coffee table book, entitled "Parampara", with Environment Minister Prakash Javadekar and Power, Coal and New and Renewable Energy Minister Piyush Goyal.
 
Modi also unveiled a book authored by him on innovations, "Convenient Action".
 
Later on Monday, addressing the plenary CoP 21 plenary session, he said India has set ambitious targets to cut carbon emissions.
 
“By 2030, we will reduce emissions by 35 percent of 2005 levels, and 40 percent of our installed capacity from non-fossil fuels," he said.
 
Ahead of the summit, the prime minister had sought to remind the developed world, through an article in The Financial Times of London, that it has a moral imperative to lead the fight against global warming.
 
"Principle of common but differentiated responsibilities should be the bedrock of our collective enterprise. Anything else would be morally wrong," he wrote, adding: "Justice demands that, with what little carbon we can still safely burn, developing countries are allowed to grow."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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