Karnataka and Gujarat continued to showcase their leadership in the progress toward the clean energy transition, a new joint report by the Institute for Energy Economics and Financial Analysis (IEEFA)
There may be a debate about the cause but there is no doubt about the effect: the world is on the verge of an energy crisis. The signs are everywhere. This week, Qantas boss Geoff Dixon said the airline would ground planes, cancel routes, slash jobs and freeze senior pay packets to combat rising jet fuel prices. Mr Dixon lamented that Qantas had "no control' over rising fuel costs - sentiments echoed by other airlines such as Air France KLM, which has flagged a sharp decline in operating profits.
The Hyatt Regency Hakone Resort & Spa will participate in Japan's "Carbon Dioxide Reduction Light-Down Campaign' by turning the lobby lights off for two hours on June 21 and July 7. The Hyatt will also be lighting its lobby fireplace with candles, instead of a fire, between June 21 and Aug 31. The "Carbon Dioxide Reduction Light-Down Campaign' was started by the Ministry of the Environment to help reduce carbon dioxide emissions and encourage thoughts about how to prevent global warming.
The economic analysts argue that there are many reasons; direct and indirect, behind the current oil price hike. They mainly attribute to the developments in China and India which had increased the consumption levels of the fuel per day. This situation had led the Organisation of Petroleum Exporting Countries (OPEC) to a problem since its output cannot match the increased demand from these two nations.
While the inflationary pressure has gone out of control from the government, commodity prices have been steadily increasing. During the week, price of fish jumped by 6%, fruits and vegetables by 3% and moong dal and spices by 2% and 1% respectively. Despite export bans, skimmed milk was costlier by 7% and imported edible oil by 1%. Furnace oil was costlier by 3% and light diesel oil by 2%.
As many as 91 projects in water sector were being implemented while 16 electricity supply schemes were underway in various parts of Balochistan, official sources told APP here on Sunday. These projects aimed at providing clean drinking water and electricity supply facilities to the people in the province, the sources said, adding that the government would construct 54 more small dams in different districts aimed at resolving water scarcity problems in the province.
The energy conservation drive by the Pakistan Electric Power Company (Pepco) turned out to be a 'partial success' on its first day (Sunday), with 60 per cent markets across the province voluntarily closing by 9pm. Pepco officials called it an encouraging sign as all these markets pulled their shutters down on their own because neither the Labour Department nor the district administration was on duty on Sunday. (Except for Lahore and Rawalpindi, markets do open in Punjab on Sundays as they follow the Friday closure)
India's oil subsidy may shoot up three times to 2.2% of the GDP this year even as the government dithers on raising fuel prices in step with the rise in input (crude oil) cost. The country paid $8.7 billion in oil subsidies in 2007 or 0.7% of the GDP. In 2008 when GDP is slated to grow to $1.34 trillion, the subsidy may jump to $18.1 billion at $100 a barrel crude price, and to $23.4 billion at $115. At current market price, it would rise to $29.2 billion, Credit Suisse said in its latest report on subsidies in Asia.
The energy saving drive of the government found little favour with traders in the city on Monday, as markets remained open beyond the stipulated time on the first working day of the week. While people have been suffering degenerating power supply with prolonged and nightlong power outages since Sunday night the situation was not so encouraging amid blazing heat in 34 degrees Celsius with 72 per cent humidity. Various residential areas across the city were hit by prolonged and unannounced power outages of up to 10 hours from late Sunday night till Monday evening.
Delhi Cabinet has given its nod to Pragati Phase-III Bawana Power Project to be commissioned at an estimated cost of Rs 5195.81 crore. Prime Minister Manmohan Singh had laid the foundation stone of the 1500 MW Gas Based Power Station on March 24 this year. The project would meet the growing demand of power in the city and cater to the requirements for Commonwealth Games 2010. The decision was taken on Monday in a Cabinet meeting presided over by chief minister Sheila Dikshit.
PM Manmohan Singh on Monday hinted that there may not be any alternative to raising fuel prices, even as the government continued to grapple with working out a consensus on measures to tackle high global crude prices. A decision can possibly be taken only by Thursday after a meeting of the Cabinet Committee on Political Affairs.
