7.8 C
Europe
Monday, May 20, 2024

Russian Court Orders Seizure of Deutsche Bank and UniCredit Assets Amid Exit from Russia

Court documents dated May 16 reveal that the St. Petersburg court ordered the confiscation of assets amounting to 239 million euros ($260 million) from Deutsche Bank and 463 million euros ($504 million) from Italy's UniCredit

PM Roosevelt Skerrit welcome students of Bellevue Chopin Primary School

Roseau, Dominica: The students of Bellevue Chopin...

Ukrainian Drone Attacks on Russia Kill 2, Ignite Oil Refinery Blaze

This marks Kyiv's largest aerial assault in recent weeks and coincides with Russian advancements along the northeastern Ukrainian front line

India has proposed new regulations to encourage the use of renewable energy!

NewsIndia has proposed new regulations to encourage the use of renewable energy!

On Saturday, the federal power ministry said that India had proposed new laws to reduce emissions and combat climate change, including requiring enterprises to utilize a certain percentage of renewable energy.

The ideas, which aim to promote green hydrogen as a viable alternative to the fossil fuels now utilized by industry, will be implemented through changes to India’s Energy Conservation Act of 2001.

Advertisement

According to the power ministry, the proposed revisions will help India build a carbon market and mandate minimum renewable energy usage, either directly or indirectly through the grid. “This will aid in lowering fossil fuel-based energy usage and carbon emissions into the atmosphere.”

The move comes just days after India rejected calls for the world to set a net-zero carbon emissions target, saying it was more vital for the world to chart a route to reduce emissions and avoid severe global warming. At next week’s climate summit in Glasgow, India, the world’s third-largest producer of greenhouse emissions behind China and the United States, is under obligation to declare plans to become carbon neutral by mid-century or thereabouts.

The Ministry of Power has suggested changes to the Energy Conservation Act of 2001, including requiring a minimum amount of renewable power to be consumed by establishments and industrial units. The revisions are intended to encourage the use of renewable energy.

“Amid rising energy demands and a changing global climate scenario, the Government of India has identified new areas to attain higher levels of renewable energy penetration by proposing specific amendments to the Energy Conservation Act, 2001,” according to a statement from the power ministry.
According to the report, the goal will be to increase demand for renewable energy in end-use sectors such as industry, buildings, and transportation.

Following consultations with numerous stakeholders, the Ministry of Power has submitted changes. According to the suggestion, a minimum share of renewable energy should be defined in the overall consumption of industrial units or any establishment.

A provision will be made to incentivize efforts to use sustainable energy sources through carbon saving certificates. Recently, Power Minister R K Singh evaluated the proposed revisions and directed related line ministries/departments and state governments to submit comments and suggestions.

Advertisement

As a result, on October 28, 2021, Alok Kumar, Secretary (Power), met with stakeholders from various ministries and organizations to finalize the proposed revisions to the EC Act. Four stakeholder consultation workshops (one national consultation workshop and three regional consultations) were held with diverse stakeholders to debate and obtain comments on the proposed revisions to evaluate the Act thoroughly.

The adjustments have been recommended, and the debate and stakeholder discussions to strengthen the institutions initially envisaged under the Act.
The proposed revisions will help India build its carbon market by requiring a minimum amount of renewable energy use, either directly or indirectly, through the grid.

It will assist in lowering fossil-fuel-based energy usage and carbon emissions into the atmosphere. India is at the forefront of addressing climate change, committing to a bold Nationally Determined Contribution (NDC) of reducing emission intensity by 33-35 percent by 2030 compared to 2005 levels.

Check out our other content

Check out other tags:

Most Popular Articles