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Making the climate change transition involves an unprecedented reallocation of capital – and the task is to build the financial architecture that can deliver these flows within deadline. COP-22 has to raise more, cheaper and better quality finance for climate action.
Courtesy: The Iran Project
OPEC’s announcement of a cut in oil production shows that Saudi Arabia is being affected by low oil prices even as Iran gains ground
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The sheen is coming off China’s state-owned oil companies, which have been hit by the country’s political churning and by their own excesses of buying assets at the peak of the cycle. Now with oil prices low, India has the chance to make well-priced acquisitions without Chinese competition.
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General (retd.) V.K. Singh, Minister of State of External Affairs, India, delivered the closing keynote address at India’s first Gateway of India Dialogue conference in Mumbai, organised in association with the Ministry of External Affairs. Singh's speech discussed India's changing geopolitical position and the role it seeks to play in the world in order to achieve its goals.
Courtesy: Gateway House
Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas, delivered the keynote during the Power Dialogue on The Geopolitics of New Energy at India’s first Gateway of India Dialogue conference in Mumbai, organised in association with the Ministry of External Affairs. Pradhan's speech discussed the changing trends of energy in the world and how India was positioning itself to have the advantage.
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India has applied to be a member of the Nuclear Suppliers Group, but its ambition is being thwarted by China. However, developments in renewable energy mean China’s veto will have little impact on India’s clean energy push.
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Saudi Arabia, Russia and other oil producers are trying to cap oil production to support prices. Such distortions are unlikely to work. India should be more concerned about the long term rise in oil prices due to falling investment in exploration and production – and should protect itself by acquiring oil and gas assets to cover its energy needs.
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India could save $80 billion annually if oil prices stay at the current 12-year low. Policy-makers must use this opportunity to lock-in energy prices for the long-term. Financial markets, through futures and options, offer a way to make these savings permanent, and the Ministry of Finance must formulate ground rules for hedging.
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COP21 could have spelled doom for India’s growth push if it had insisted on a peak emissions year for all participants, or spelled out explicit restrictions on coal. It has done neither, and continues to recognise the principle of differentiated responsibilities
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The GCC finds itself engulfed by a perfect storm – due to the oil price fall and the re-emergence of Iran on the world scene. While the GCC is forced to undertake politically challenging reforms and confront the regional challenge of Iran, there lies a great opportunity for India to strengthen their economic as well as security ties.