Electric vehicles to save $60 bn in fuel costs by 2030: Niti
The Dollar Business Bureau Niti Aayog CEO Amitabh Kant is taking no chance in promoting the adoption of electric vehicles (EVs). With oil prices perennially increasing, awareness about ecology and atmosphere being discussed and steps being taken to implement clean energy drive, he says India faces the challenge of not wasting anymore time in adopting measures that would reduce the dependence on diesel and petrol. In its annual report, India Leaps Ahead: Transformative Mobility Solution, NITI Aayog and Rock Mountain Institute specify that, “Accelerated adoption of electric and shared vehicles could save $60 billion in diesel and petrol costs while cutting down as much as 1 gigatonne (GT) of carbon emissions for India by 2030.” It estimates that the country could save ...
India adds record capacity of 11 GW in renewable energy in FY 17
The Dollar Business Bureau According to a report published by ICRA, India added 11 GW to its renewable energy capacity in 2016-17, as against 7.1 GW in the previous fiscal, reporting a 60% increase in incremental capacity. Wind and solar power emerged as the popular forms of clean energy taking 5.4 GW and 5.5 GW share, respectively. Record low tariffs and declining capital costs coupled with swift and transparent auctions and allotments have helped achieve a high capacity addition during the last fiscal. While Karnataka, Gujarat and Andhra Pradesh saw the maximum capacity augmentation in wind energy, Telangana, Andhra Pradesh and Karnataka took the trophy for solar energy. While capacity addition in renewable sector has increased, in thermal power it has waned to 11.5 GW in FY 17 ...
TERI, 3WAYSTE, IFF sign MoU for waste management
The Dollar Business Bureau In order to further encourage waste management capabilities of India, Delhi-based TERI (The Energy and Resources Institute), French waste management company the Innovative Finance Foundation (IFF) and Geneva-based innovation foundation 3WAYSTE signed a memorandum of understanding (MoU) on Monday to work together to unveil a breakthrough technology for civic solid waste management. Coinciding with the Earth Day, the MoU was inked in the presence of Alexander Ziegler, the Ambassador of France to India. The Ambassador detailed that a country trying to be sustainable and reducing the impact of humans on the environment are great challenges and added that India and France are committed to meet these challenges. “We need political leadership, but also innovation, technologies and a strong involvement from the private sector and the civil society. ...
Mahindra & Mahindra to enter electric car segment
The Dollar Business Bureau Mahindra & Mahindra, jointly with its South Korean subsidiary SsangYong Motor, has announced its plans to develop a production platform for an electric Sport Utility Vehicle (SUV) by 2020. Lack of public charging infrastructure in both India and South Korea is one of the many bottlenecks in the mass-adoption of electric cars, which is inevitably going to be the future of automotive companies. The move towards clean-fuel vehicles is slow but palpable across the global auto industry. Government subsidies for clean-fuel technologies has also incentivised growth in the electric vehicle segment. In Mumbai, CEO of SsangYong, Choi Johng-sik, announced that it was diligently working with it's Indian parent company to roll out a new generation of electric cars. In India, e2o and eVerito (sedan) are two of the electric vehicles manufactured by Mahindra & Mahindra. ...
UN lauds global progress in green energy, calls for more action
The Dollar Business Bureau It has been a little over one year since the Paris deal on Climate change was signed in December 2015, and only a few months since it came into effect after being ratified by around 130 nations. The UN Secretary General, Antonio Guterres, drew attention to the fast expanding clean energy revolution at a UN General Assembly event on March 25, 2017. The international peace-keeping mission leader emphasized India's long strides in augmenting renewable energy capacity, as he spoke about India's target to almost double renewable power capacity to 18GW in 2017. He mentioned that more than half of the new capacity in energy generation worldwide was being created in the green fuel sector. In Europe, the share is more than 90%. While there are ...
Australia to potentially benefit from China's OBOR initiative
The Dollar Business Bureau Chinese Premier Li Keqiang's upcoming visit to Australia is likely to see the already flourishing economic cooperation between the two countries make further progress. Officials anticipate new opportunities for strengthening of bilateral cooperation in China's pet modern Silk Road project, comprising of the 21st Century Maritime Silk Road and the Silk Road Economic Belt. China, as is the case with most countries, is also the largest trading partner of Australia. In 2015-16, China accounted for 26.5% of Australia's total merchandise trade. While exports to China made up 30% of its total exports, imports from China stood at 22.6% of total imports, a share greater than any other country. Last year, their bilateral trade reached $108 billion. China-Australia Free Trade Agreement (ChAFTA), a landmark trade facilitation agreement between the ...
India's solar power capacity crosses 10 GW: Piyush Goyal
The Dollar Business Bureau India's solar power generation capacity reported a multi-fold surge, as it crossed the 10,000 MW mark on March 10, 2017. It stood at 2,650 MW in mid 2014. "Bright Future: India has crossed 10,000 MW of Solar power capacity today. More than 3 times increase in less than 3 years," New and Renewable Energy Minister, Piyush Goyal, declared. The crossing of 10 GW milestone is a stepping stone to attaining the proposed goal of 100 GW solar power capacity by 2022. India aims to augment its overall renewable energy generation capacity to 175 GW by 2022. The transparent and fiercely competitive auctioning of solar and wind energy capacity recently brought down unit prices of renewable energy to multiple year lows recently. While ...
Green power hits record low prices with auction of 1000 MW Wind projects
The Dollar Business Bureau The government's commitment to augment commercial production and use of renewable energy has, for the second time brought cheer, as wind power tariffs fall to record lows of Rs. 3.46 per unit. So far, prices have ranged in the 3.9 - 5.9 bracket. As many as five bidders quoted all-time-low prices in a fierce auction held by government body Solar Energy Corporation of India (SECI). A capacity of 1,000 MW was auctioned on February 24, 2017. This is in line with the Centre's promise to increase by approximately five times, India's renewable energy production to 175 GW by 2020. The target for wind energy is pegged at 60 GW by 2020. To combat climate change and cut India's green house emissions, it is necessary ...
