Daily News - Monday, 28 October 2024

India likely to push for more funds to meet climate goals (Financial Express)

Ahead of COP29 in Baku, India will likely advocate for substantial global climate financing, pushing developed nations to contribute based on historical emissions while supporting India’s green energy initiatives like solar, wind, and compressed biogas. Emphasizing the need for resilient infrastructure and agricultural adaptation, India is expected to argue that transitioning from fossil fuels must consider each country’s pace, economic security, and technology access. With COP28’s $100 billion annual climate finance goal deemed insufficient, industry experts suggest developing nations need $3 trillion yearly to meet targets, stressing that India’s 500 GW non-fossil fuel capacity target by 2030 hinges on affordable, multilateral funding.

Compensate for trade loss, India tells Turkey (Financial Express)

⁠India has requested compensation from Turkey for trade losses due to extended safeguard duties on polyester staple fiber (PSF), which impacted $22.18 million in exports during FY24, following unsuccessful WTO consultations last week. Should Turkey refuse, India may impose retaliatory tariffs, a measure it has previously considered in similar disputes with the EU and UK over steel safeguard duties, where India also notified the WTO of potential retaliation. India’s $10.4 billion trade relationship with Turkey, marked by a $6.65 billion export surplus, underlines the significance of this dispute for Indian industry.

⁠Sugar output seen at 33 MT, enough to meet local demand (Financial Express)

The Food Ministry projects India’s sugar production for 2024-25 at 33 million tonnes (MT), exceeding the domestic demand of 29 MT, which allows for 4.5 MT of sugar diversion to ethanol production aimed at an 18% blending target. Thanks to strong monsoon rainfall and increased sugarcane sowing, production prospects have improved, leading to a substantial ethanol output of 400-450 crore liters, as the government pushes toward a 20% blending goal by 2025-26. Despite the production surplus, sugar exports remain restricted, with policies instead focusing on increasing ethanol production prices and raising the sugar MSP to support the financial viability of mills. 

PM urges India to become self-reliant (mint)

Prime Minister Modi’s Mann Ki Baat address emphasized India’s progress in self-reliance across sectors, highlighting advancements in technology, defence exports to 85 countries, and achievements in space exploration, such as reaching the Moon’s South Pole. He underscored India’s transformation from a major importer to a top global producer in areas like mobile manufacturing, encouraging youth engagement in animation and gaming. Modi called for collective action against cyber fraud, celebrating self-reliance as both policy and passion driving national pride and technological success. 

BASF, AM Green in low-carbon tie-up (mint)

⁠BASF and AM Green have partnered to explore low-carbon chemical production in India, with BASF considering purchasing 100,000 tonnes of green ammonia annually, aligning with EU standards for renewable fuels. AM Green recently secured investments for a large-scale green ammonia project in Andhra Pradesh, with a 1-million-tonne production goal, backed by 1,300 MW of continuous renewable power. AM Green has also secured offtake agreements with companies like Uniper, Yara, and Keppel, aiming to support diverse green hydrogen applications with deliveries starting by 2027.