ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/06/amazon_polly_55325.mp3?version=1686902595">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>A recent study by environmental researchers from renowned universities across the globe highlights a credibility gap between the climate change goals and the on-ground policy implementation by countries, which shows that the global targets could be missed by a large margin.
The global climate policy is currently undergoing a significant transformation. Previously centered around setting ambitious targets, the focus has shifted towards implementation strategies to achieve these goals, according to the study published in the scientific journal &#8216;<a href="https://www.science.org/" target="_blank" rel="noopener">Science</a>.&#8217;
The study finds that this transitional phase from ambition to action is intricate and introduces substantial uncertainties through various case studies.
The study was published by researchers from some of the leading institutes like the <a href="https://www.imperial.ac.uk/environmental-policy/" target="_blank" rel="noopener">Centre for Environmental Policy-Imperial College London</a>, <a href="https://www.imperial.ac.uk/grantham/" target="_blank" rel="noopener">Grantham Institute for Climate Change and Environment</a>, <a href="https://iiasa.ac.at/" target="_blank" rel="noopener">International Institute for Applied Systems Analysis-Austria</a>, <a href="https://www.wri.org/" target="_blank" rel="noopener">World Resources Institute-Washington</a>, <a href="https://erg.berkeley.edu/" target="_blank" rel="noopener">Resources Group-University of California–Berkeley</a>, <a href="https://www.durham.ac.uk/business/research/centres/centre-for-environmental-and-energy-economics/" target="_blank" rel="noopener">Centre for Energy and Environmental Economics</a>, and <a href="https://ufrj.br/en/" target="_blank" rel="noopener">Universidade Federal do Rio de Janeiro</a>.
The international community has embraced climate objectives in response to urgent concerns, limiting global warming to significantly less than 2°C above preindustrial levels and striving to restrict it to 1.5°C.
Under the Paris Agreement, various countries pledged action against emission reduction over the next decade and long-term plans to achieve net-zero greenhouse gas emissions by 2050. For this to happen, the governments must implement domestic policies to achieve this target.
However, as things have been moving, the updated National Determined Contributions (NDCs) and net zero targets have created uncertainty about meeting climate change goals.
Communications regarding the trajectory of global warming have led to confusion. A cautious analysis predicts that global warming will likely reach a range of 2.5°C to 3°C by the year 2100, with further increases in temperature thereafter. Conversely, analyses that consider international commitments outlined in the NDCs and long-term pledges suggest that global warming could stabilize between 1.5°C and 2°C and may even gradually reverse by the end of the century.
Estimating emissions paths for the future are inherently subject to uncertainty. Nonetheless, this uncertainty can be mitigated by evaluating the dependability of each objective and modifying anticipated greenhouse gas (GHG) emissions and global temperature projections according to the present credibility of accomplishing those objectives.
Net Zero Scenarios
The study identifies three key attributes of individual net-zero targets. These attributes include whether the target has legally binding status, whether there is a well-founded policy plan to guide its implementation, and whether a country&#8217;s near-term policies are already leading to a decrease in emissions over the next decade.
The study lists five scenarios, from the most conservative to the most optimistic.
<ul>
<li>Scenario (A), known as &#8216;current policies,&#8217; focuses solely on domestic policies while disregarding NDCs, net-zero targets, or other long-term objectives.</li>
<li>Scenario (B) incorporates current policies along with higher-confidence net-zero targets.</li>
<li>Scenario (C) combines current policies with both higher-and lower-confidence net-zero targets.</li>
<li>Scenario (D) encompasses current policies along with all net-zero targets.</li>
<li>Scenario (E) incorporates current policies, NDC, and net-zero targets.</li>
</ul>
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Net-Zero-01.png"><img loading="lazy" decoding="async" class="alignnone wp-image-55328 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Net-Zero-01.png" alt="Climate Change" width="648" height="376" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Net-Zero-01.png 648w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Net-Zero-01-300x174.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Net-Zero-01-624x362.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/06/Net-Zero-01-600x348.png 600w" sizes="(max-width: 648px) 100vw, 648px" /></a>
Credibly Off Track
The study points out that the most conservative scenario, referred to as Case A, focuses solely on current policies while disregarding NDCs, net-zero targets, and other long-term objectives. This scenario yields the highest estimates for both emissions and warming, along with the largest degree of uncertainty.
By 2030, under Case A, it is projected to result in global emissions of approximately 58 gigatons (GT) of carbon dioxide equivalent per year. Beyond 2030, the ambiguity surrounding emissions pathways leads to projected global GHG emissions for 2100 ranging from close to zero to 90 GT of carbon dioxide per year, with a best estimate of around 50 GT of carbon dioxide per year. The level of global warming follows a similar pattern of uncertainty, with the best-estimate emissions corresponding to a median temperature projection of 2.6°C for the year 2100, ranging from 1.7°C to 3°C, depending on the assumed continuation of policies beyond 2030.
In the most lenient scenario, Case E, where all country commitments regarding NDCs and net-zero targets come to fruition, the emissions, warming, and associated uncertainties are significantly reduced. In this case, the best-estimate future emissions lead to a median peak warming of 1.7°C throughout the 21st century.
Need for Improvement
The study suggests that the lack of confidence in most net-zero targets should not undermine their significance in climate policy. It is crucial that target setting is followed by implementation, and decision-makers fully comprehend the potential consequences of global warming if implementation falls short.
The study demonstrates that even if only the net-zero targets with the highest confidence are met, it is still projected to exceed the limits set by the Paris Agreement. Therefore, it becomes imperative to incorporate net-zero targets into domestic legislation, develop comprehensive implementation plans, and translate those plans into policies and measures that drive significant emissions reductions in the near term.
Several countries, including the United Kingdom, Australia, Canada, Chile, Japan, Nigeria, and the European Union, have already enshrined their net-zero targets in law. However, many countries are yet to do so. When net-zero legislation accompanies target setting, national institutions are more likely to support implementation.
To enhance the credibility of their net-zero targets, countries should ensure that their long-term strategies outline a clear pathway to achieving net-zero emissions. Detailed domestic implementation plans should accompany these strategies.
Effective implementation plans should establish an emission trajectory leading to the target year, define measures for achieving net zero, and include details relevant to different sectors. It is important to note that neither legally binding targets nor implementation plans guarantee the achievement of targets, making it crucial for net-zero implementation plans to be translated into domestic policy targets.
In August last year, the Union Cabinet of India <a href="https://www.mercomindia.com/india-pledges-50-installed-power-non-fossil-2030" target="_blank" rel="noopener">approved</a> the Nationally Determined Contribution (NDC) as part of the global response toward climate change goals as agreed under the Paris Agreement. As per the updated NDC, India aims to reduce the emissions intensity of its GDP by 45% by 2030 from 2005 levels and achieve 50% of total installed power capacity from non-fossil fuel-based sources by 2030.
Europe will need to <a href="https://www.mercomindia.com/europe-32-trillion-investment-net-zero-2050" target="_blank" rel="noopener">invest</a> over $32 trillion in energy and related technologies to achieve a net-zero economy by 2050, according to BloombergNEF.

Uncertainty Looms Large Over Nations Meeting Net Zero Goals: Study

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_52237.mp3?version=1680602682">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>The Australian Renewable Energy Agency (<a href="https://arena.gov.au/" target="_blank" rel="noopener">ARENA</a>) has invited expressions of interest (EoI) for the first round of Community Batteries Funding of up to AU $120 million (~$81.2 million) to deploy community batteries across Australia.
The Community Batteries Funding Program is expected to facilitate the installation of community batteries nationwide to reduce energy costs and greenhouse gas emissions and alleviate strain on the power grid.
ARENA had invited proposals for the first round of the program, which involved a funding allocation of up to AU $20 million (~$13.5 million) to deploy at least five community batteries.
To qualify for funding, every community battery should have a capacity between 50 kW and 5 MW and be connected to the distribution network.
The first round of funding will be divided equally between two separate streams:
<ul>
<li>Stream A: This stream is designated for Distributed Network Service Providers (DNSPs), entities responsible for managing the local power distribution network.</li>
<li>Stream B: The second stream is for all eligible applicants other than DNSPs, such as community groups or businesses.</li>
</ul>
The federal budget announced in October 2022 included a A$200 million (~$134.98 million) allotment for the implementation of the Community Batteries for Household Solar initiative with the goal of installing 400 community batteries in Australia.
ARENA was allotted A$171 million (~$115.41 million) in funding to oversee the deployment of at least 342 of these batteries.
After completing the first round, the remainder of the funds will be utilized for a second round that would cater to projects with longer development timelines.
Australia’s Department of Climate Change, Energy, the Environment and Water (<a href="https://www.dcceew.gov.au/" target="_blank" rel="noopener">DCCEEW</a>), which conducted the first round of applications for a similar program under the Business Grants Hub, is expected to deliver the first set of 58 batteries. The department is currently assessing the applications received.
Community batteries are designed to store excess solar energy in the distribution network, which can be used later. By doing so, they help to reduce household electricity costs and alleviate pressure on the local electricity grid.
According to ARENA CEO Darren Miller, community batteries are crucial in continuously optimizing distributed energy resources in the electricity grid.
Deploying such batteries will reduce network costs and alleviate constraints in areas with high solar penetration, leading to lower electricity costs for all consumers.
According to the latest Australian Energy Market Operator (<a href="https://aemo.com.au/" target="_blank" rel="noopener">AEMO</a>) data, the total number of distributed energy resources is over 2.7 million. These resources include solar panels, batteries, wind turbines, and other technologies that generate or store electricity on a small scale, often for individual homes or businesses.
Over 190,527 new solar PV systems were registered across Australia in 2022, representing the largest share of new additions. Other technologies, such as batteries, wind turbines, and electric vehicles, also grew significantly.
As of the most recent update, the cumulative total of registered resources across Australia has reached over 12.8 million. Solar photovoltaic systems represent the largest share of cumulative registrations, followed by batteries, small wind turbines, and other technologies.
The data helps us understand the increasing adoption of distributed energy resources in Australia and the need for community batteries to support the integration of these resources into the grid.
In December last year, ARENA also <a href="https://www.mercomindia.com/australia-provide-118-million-battery-projects-country" target="_blank" rel="noopener">announced</a> A$176 million (~$118 million) in conditional funding to support eight grid-scale battery projects nationwide.
Recently, the agency also <a href="https://www.mercomindia.com/australia-au29-5-million-university-solar-research" target="_blank" rel="noopener">awarded</a> AU$29.5 million (~$19.5 million) to the University of New South Wales’ (UNSW) School of Photovoltaic and Renewable Energy Engineering (SPREE) for research in solar technologies.

Australia Announces $81 Million Funding for Community Battery Deployment

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/03/amazon_polly_52117.mp3?version=1680252178">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>Australia has passed the Safeguard Mechanism (Crediting) Amendment Bill 2023 to encourage its biggest carbon polluters to cut their greenhouse gas emissions or purchase carbon credits.
The mechanism places a legal obligation on companies that emit over 100,000 tons of carbon dioxide equivalent per year to keep their emissions below a set baseline determined by their historical emissions.
They must purchase carbon credits to offset their excess emissions if they exceed their baseline.
The legislation makes it easier for companies to purchase credits by allowing them to receive credits for activities that reduce emissions beyond what the law requires.
The program will allow companies to earn credits for reducing emissions through activities such as reforestation and soil carbon sequestration, which the Safeguard Mechanism does not currently cover.
The amendment to the existing legislation will come into effect on July 1, 2023. The Safeguard Mechanism was introduced in 2016 as part of Australia&#8217;s efforts to meet its emissions reduction targets under the Paris Agreement.
The law is intended to work alongside other emissions reduction measures, such as the Emissions Reduction Fund, which provides funding for projects that reduce emissions.
These credits can be sold to other companies to help them meet their obligations under the Safeguard Mechanism.
Australia has faced international criticism for its high levels of greenhouse gas emissions, particularly from coal-based electricity generation. The government has set a net-zero emissions target by 2050, but critics say that more is needed to achieve this goal.
The legislation represents a step towards reducing Australia&#8217;s greenhouse gas emissions by placing greater responsibility on the country&#8217;s largest emitters.
In the Budget for 2022-23, the Australian government <a href="https://www.mercomindia.com/australia-commits-16-billion-clean-energy-spending-2026" target="_blank" rel="noopener">committed</a> AU$25 billion (~$16.2 billion) in clean energy spending over the next four years.
Decarbonizing the global energy system will <a href="https://www.mercomindia.com/global-additional-investment-every-year" target="_blank" rel="noopener">need</a> over $1 trillion more every year, over and above the current level of capital financing, said UK-based asset manager Legal and General Investment Management.

Australia to Enforce Emission Cuts on Biggest Polluters with New Law

PepsiCo has unveiled its ambitious goal to cut carbon emissions by more than 40% by 2030 (against a 2015 baseline) — more than doubling the previous climate objective of a 20% reduction in absolute greenhouse gas emissions by 2030.
In the face of an escalating climate crisis, the move is expected to reduce over 26 million metric tons of greenhouse gas emissions, equivalent to taking five million-plus cars off the road for a full year.
Last year, <a href="https://www.pepsico.com/" target="_blank" rel="noopener noreferrer">PepsiCo</a> had <a href="https://mercomindia.com/coca-cola-pepsico-green-energy/" target="_blank" rel="noopener noreferrer">announced</a> it would source 100% renewable electricity across all company-owned and controlled operations globally by 2030, across its franchises and third-party operators by 2040.
PepsiCo chairman and CEO Ramon Laguarta said that moving up the company’s timeline is crucial, considering the dire consequences of waiting. “The severe impacts from climate change are worsening, and we must accelerate the urgent systemic changes needed to address it. There is simply no other option but immediate and aggressive action. There is simply no other option but immediate and aggressive action,” Laguarta says.
PepsiCo aims to have a significant impact with opportunities at every point in the production cycle to reduce and remove greenhouse gas emissions. The company’s goal is to achieve net-zero emissions by 2040, one full decade earlier than called for in the Paris Agreement.
“It’s long overdue that companies move beyond just minimizing their environmental impact. They must actively work to improve and regenerate the planet. Climate action is core to our business as a global food and beverage leader and propels our PepsiCo Positive journey to deliver positive outcomes for the planet and people,” says Jim Andrew, PepsiCo Chief Sustainability Officer.
PepsiCo’s strategy targets the company’s most significant opportunities for impact, starting with farming.
In Illinois, farmers are already working with the company to use cover crops to improve soil health and limit the need for fertilizer, which reduces greenhouse gas emissions and captures carbon in the soil. Through the company’s network of ‘demonstration farms’ in Mexico, Argentina, Brazil, India, and Vietnam, sustainability programs have increased potato yields while lowering carbon emissions.
Building on programs such as these also has the benefits of better yields, improved soil health, decreased deforestation, and increased productivity for farmers. The company’s progress extends to packaging, factory floors, and delivery vehicles. Areas of focus include reducing virgin plastic and finding new ways to use recycled plastic in packaging.
PepsiCo is also advancing zero and near-zero emission technologies, utilizing electric and natural gas power in warehousing, transportation, and distribution facilities, which is modeled after the electric fleet and solar-powered buildings at the Frito-Lay North America site in Modesto, CA.
In 2020, PepsiCo achieved its goal to source 100% renewable electricity for its operations in the U.S. More than 400 solar panels help power the Quaker plant in Rotterdam, Netherlands. Installation of a single windmill at the Tropicana plant in Zeebrugge, Belgium, will generate approximately 40% of that site’s total electricity consumption.
Wind projects in Texas and Nebraska break ground this year, and by the end of 2021, 15 countries in PepsiCo’s direct operations will be fully sourcing renewable electricity. This means that more than 60% of all of the company’s direct global electricity needs will be met through renewable sources.
The Solar Energy Industries Association (SEIA) had <a href="https://mercomindia.com/apple-amazon-walmart-lead-solar-us/" target="_blank" rel="noopener noreferrer">released</a> its latest &#8211; Solar Means Business – report, which tracks U.S. solar installations that support commercial activities. As per the report, Apple remained at the top spot for the second year in a row, with 398.3 MW (on-site and off-site) installed. Amazon grabbed the second spot with 369 MW installed. Walmart rounded off the top three with 331 MW of solar installations.

greenhouse-gas-emissions

Get the most relevant India solar and clean energy news.

RECENT POSTS