July 2023 was the hottest month in living history, and maybe in the past 120,000 years. This same month also saw scientists sound the alarm over the unprecedented retreat of Antarctic ice, and the potential collapse of the Atlantic Ocean’s climate-moderating currents. This was the backdrop under which G20 energy and climate ministers held a series of meetings across India, ahead of September’s G20 summit in New Delhi, as they attempted to forge an agreement on how to conduct the global energy transition away from fossil fuels.
One of the most important initiatives at these meetings was a push to end the commissioning of more traditional coal-fired power plants, given that coal is by far the most greenhouse gas-intensive of energy sources. This boils down to securing co-operation from India and China, which together account for 80 per cent of the world’s current active coal plant projects, and together burn 70 per cent of world’s coal. Beijing has shown little indication of changing course on coal, and New Delhi’s position in climate talks long matched that of China. But India broke that pattern in a very big way just before the G20 climate meetups.
India’s National Electricity Policy (NEP) released on June 1 dropped all plans for the construction of additional coal plants over its five-year span. The earlier draft of the NEP, released in 2021, had proposed an additional 8,000 MW in coal-powered energy production; this was replaced with 8,600 MW in battery-based energy storage systems, which will perform the same load-balancing function for the national grid when solar and wind are unable to meet the demand for power.
What accounts for this major change of direction? It is unlikely that external diplomatic considerations towards Washington or Brussels had much impact. Successive Indian governments have prioritised energy security far ahead of keeping Americans and Europeans happy. Nor have there been any major technical breakthroughs in the past two years in terms of the performance and reliability of energy storage systems. Instead, it seems that India’s deepening integration with global financial markets means the economics of coal are being transformed in ways that are making the fuel increasingly unattractive.
New Delhi’s position in climate talks long matched that of China, but it broke that pattern in a very big way just before the G20 climate meetups
The government of Prime Minister Narendra Modi has aggressively pursued economic growth since coming to office in 2014. This has been a core source of its legitimacy both with the business community and the general public, and expectations have not abated. Mr Modi has publicly promised that India, now the fifth-largest economy in the world, will rise to third place during his current term as prime minister.
Two of the pillars powering this growth programme are major investments in physical infrastructure, particularly transportation and energy, and attracting private capital – domestic and global – to participate in areas of the economy that the state had previously dominated. Coal was a place where both of these drivers intersected; 87 coal mines were auctioned off over the past three years, as part of a programme called “Unleashing Coal”. The idea was that private capital would be able to support the greater domestic energy production needed to keep up with growing energy demands. However, it appears that only four of these mines are functioning.
The chief problem, it seems, is that banks are increasingly reluctant to finance coal projects of any kind. In an era where environmental, social and governance guidelines have become a standard process within mainstream banking and finance, a highly polluting commodity like coal has become a liability that few in the private sector want to touch. Even India’s largest conglomerate, Reliance Industries, has been unable to turn a profit with its coal-powered plants. Renewables like wind and solar on the other hand have proven to be extremely attractive to operators and investors.
This growing reliance on private capital is the key difference from China. The Chinese energy and banking sectors both remain largely state-owned, and China’s energy sector continues to rely on domestic state-owned banks for financing. These banks in turn are insulated from global market trends and pressures, and instead largely respond to policy directives from Beijing. As long as Chinese decision-makers choose to favour coal, Chinese banks will continue to make capital available for such projects.
But the privatisation of the energy sector is not the only factor. India has weathered the economic pressures coming out of the Ukraine war better than its South Asian neighbours in part because of its consistent focus on energy security. Coal was supposed to offer greater security than oil and gas, but it, too, has proved vulnerable to external shocks.
Over 20 per cent of India’s coal consumption is met by imports, and it is the world’s second-largest coal importer by dollar value. Coal prices tripled in 2022, and India spent an eye-watering $49 billion on coal imports from Indonesia, Australia, Russia, South Africa and the US. In this light, further expansion of India’s coal-generating capacity is an expansion of its fiscal and energy liabilities, especially since domestic production cannot be easily ramped up.
It has often been argued by critics that capitalism is the single greatest driver of climate change; economic disasters like Covid-19 do more to curb emissions than any other measures. But India’s momentous policy shift is an example of just how the complexity of the real world defies simple explanations. India’s opening up to market forces have brought about a change in policy that no amount of state to state diplomacy was able to achieve.
Of course, we cannot count on the same process and the same outcome to be repeated everywhere. Given the catastrophic dangers that lie ahead and the limited amount of time left to avert them, a healthy amount of agnosticism about just how we achieve energy transition by the 2050 deadline is essential. As Deng Xiaoping, China’s former supreme leader, put it during the tumultuous debates over ideology after Mao’s passing: "Whether a cat is black or white makes no difference. As long as it catches mice, it is a good cat."
KILLING OF QASSEM SULEIMANI
More on animal trafficking
Killing of Qassem Suleimani
More on Quran memorisation:
Killing of Qassem Suleimani
THE%20SPECS
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Company%20profile
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The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mohammed bin Zayed Majlis
THE SPECS
Engine: 1.6-litre turbo
Transmission: six-speed automatic
Power: 165hp
Torque: 240Nm
Price: From Dh89,000 (Enjoy), Dh99,900 (Innovation)
On sale: Now
Killing of Qassem Suleimani
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
RESULTS
Main card
Bantamweight 56.4kg: Mehdi Eljamari (MAR) beat Abrorbek Madiminbekov (UZB), Split points decision
Super heavyweight 94 kg: Adnan Mohammad (IRN) beat Mohammed Ajaraam (MAR), Split points decision
Lightweight 60kg: Zakaria Eljamari (UAE) beat Faridoon Alik Zai (AFG), RSC round 3
Light heavyweight 81.4kg: Taha Marrouni (MAR) beat Mahmood Amin (EGY), Unanimous points decision
Light welterweight 64.5kg: Siyovush Gulmamadov (TJK) beat Nouredine Samir (UAE), Unanimous points decision
Light heavyweight 81.4kg: Ilyass Habibali (UAE) beat Haroun Baka (ALG), KO second round
KILLING OF QASSEM SULEIMANI
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
More from Neighbourhood Watch
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
More from Rashmee Roshan Lall
Mohammed bin Zayed Majlis
UAE currency: the story behind the money in your pockets
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
