India’s steel industry is set to more than triple its carbon footprint by 2050 as demand for the metal in the world’s second-biggest producer soars. Carbon dioxide emissions from the steel industry are projected to jump to 837 million tons over the next three decades from 242 million tons now as India’s demand for steel more than quadruples to about 490 million tons, The Energy and Resources Institute said in a report. It will also contribute more than a third of the nation’s total fossil fuel combustion emissions from 12% currently.
India has become thesecond-largest market globally for green bonds with $10.3 billion worth of transactions in the first half of 2019, as issuers and investors continued to adopt policies and strategies linked to sustainable development goals, according to the Economic Survey 2019-20. Green bonds are debt securities issued by financial, non-financial or public entities where the proceeds are used to finance 100 per cent green projects and assets.
From an indirect tax perspective, the longest Budget speech in Indian history of 160 minutes highlighted the continuing trend of reforms under the Goods and Services Tax (GST) law, introduction of electronic invoice to facilitate GST compliance/return filing and also touched upon varied measures on the customs side for “ease of doing” business in India. Budget 2020 evidences an apparent focus of the government to encourage local manufacturing and consumption thereof.
In her Budget speech, finance minister Nirmala Sitharaman mentioned three critical elements of development: aspirational India, development and a caring society. All these are critical part of sustainable development goals. One measure announced was to promote natural gas use in India. The minister proposed two things: expansion of the national gas grid from the present 16,200 km to 27,000 km, and reforms to facilitate transparent price discovery and ease of transactions.
The Congress on Sunday released two manifestos for the Delhi Assembly elections — the first one focussing on creating jobs, new pension scheme, and cashback schemes for water and electricity and the second one on ways to curb the rising air pollution in the Capital. Party stand on CAA The Congress said if voted to power, the party would by February 21, pass a resolution in the Delhi Assembly demanding the Center to drop the Citizenship (Amendment) Act.
Kinetic Green Energy and Power Solutions Ltd, part of the Kinetic & Firodia Group, is planning an aggressive expansion programme which will involve the company investing about ₹250 crore. For this, the Pune-headquartered company will be raising about $35 million (₹250 crore) from private equity investors. The company’s current growth plan follows traction in India’s electric three-wheeler market on the back of a favourable policy framework, greater affordability and price parity with fossil fuel vehicles, among others.
Kinetic Green Energy and Power Solutions Ltd, part of the Kinetic & Firodia Group on Monday announced partnership with Bharat Petroleum Corporation Limited (BPCL) to launch electric vehicle mobility solution based on swappable battery technology. Under 'e-Drive' initiative, both the companies will provide smart lithium-ion batteries and set up battery swapping stations across the country, the company said in a release.
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