Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez inaugurated the Tata Aircraft Complex in Vadodara, Gujarat. This facility will manufacture India's first privately built C-295 aircraft. It marks a significant step in 'Atmanirbharta' in defence. Sixteen aircraft will come assembled from Spain; the remaining 40 will be made in India by 2031.
IndiGo Airlines faced challenges in the second quarter with high fuel prices and grounded aircraft, leading to a Rs 987 crore loss despite a topline increase. Issues with Pratt & Whitney engines and hoax bomb threats further impacted operations. Despite setbacks, the airline is optimistic, planning to launch a business class and seeing favorable response to its new loyalty program.
Price of crude oil India imports averaged $74 per barrel in September, down from about $83-84 a barrel in March when petrol and diesel prices were last cut by ₹2 per litre
The new UN report reveals that despite efforts in renewable energy and EVs, the world remains on course for a 2.6°C temperature rise if national pledges are met, and 3.1°C with current policies. To meet the 1.5°C goal, global emissions need drastic reduction by 2030 and 2035.
A World Bank study finds replacing grey hydrogen with green at refineries barely affects fuel prices, supporting a switch. A 10% mandate raises costs by 0.5% and a 50% mandate by 2.5%. Green hydrogen cost parity with grey expected by 2029.
Cuba experienced a second nationwide blackout early on Saturday after an initial collapse of the electrical grid on Friday, affecting over 10 million people. The government attributed the outages to infrastructure issues, fuel shortages, and rising demand, while also blaming U.S. sanctions and reduced fuel supplies from key allies.
Engineering major L&T and US-based Clean Core Thorium Energy sign an MoU to provide clean energy solutions globally. Their partnership aims to accelerate nuclear power deployment, particularly in developing countries, using CCTE's patented Aneel fuel, which offers enhanced safety, reduced waste, and energy security.
HPCL is seeking an LNG cargo to commission its new 5 million tpy import terminal by December or January and is in talks with several companies for long-term supply. The terminal, crucial for meeting needs at HPCL's refineries and projects, had faced delays due to weather.
Road transport minister Nitin Gadkari stated that research on blending 15% ethanol in diesel is advanced, urging industry to prioritize biofuel production. Ethanol blending in India has risen significantly since 2014, targeting 20% in petrol by 2025, promising economic benefits and reduced fossil fuel dependency.
Speaking at the CII Bio Energy Summit 2024 on Monday, road minister Nitin Gadakri said it is essential to make India atma nirbhar in fuel production in the wake of fluctuating fuel prices and global uncertainty. Transition to large scale production of biofuel will increase farmers’ income, help in employment generation and will take up agricultural growth to beyond 20%, he said.
The International Energy Agency predicts that fossil fuel demand will peak by the end of the decade, leading to surplus supplies and potential investment in green energy. Surplus fossil fuels could lead to lower prices and enable more clean energy investments, despite uncertainties from geopolitical tensions and upcoming elections.
Petrol pump operators in Pune began an indefinite strike, claiming unmet demands from petroleum companies. They will halt tank dispatches to depots, potentially causing fuel shortages. The Petrol Dealers' Association cites faulty transportation tenders and demands their cancellation and reissuance. They also seek official suspensions for neglecting safety and request a police investigation into alleged fuel theft.
In a review meeting with representatives of the Society of Indian Automobile Manufacturers (Siam) on Tuesday, road transport and highways minister Nitin Gadkari assessed readiness of the automobile industry to launch flex engine vehicles that can run on ethanol in the coming months as the government gears up to increase the use of biofuels to cut down on emissions, reduce the import of fossil fuels and become self-reliant.
Union Minister Nitin Gadkari urged representatives from the Society of Indian Automobile Manufacturers (SIAM) to explore promoting ethanol and flex fuels in India. During a meeting, the discussion highlighted Brazil's success with flex fuels and how a shift to biofuels can reduce pollution and fossil fuel imports while supporting farmers.
Coal India Ltd has introduced online signing of fuel supply agreements for power and non-regulated sectors. This move replaces the physical document submission with an easier digital process. The shift aims to simplify operations and improve efficiency for clients. Nearly 700 FSAs for non-regulated sectors and 262 FSAs for the power sector have already been signed digitally.
New credit card rules: ICICI Bank has recently made several changes to its credit card rules, following similar moves by HDFC Bank and SBI Card.
Brent crude oil futures settled down 36 cents, or 0.45 Percent , at $79.04 a barrel. EDT. U.S. West Texas Intermediate crude futures settled down 29 cents, 0.38 Percent , to $75.56 per barrel.
Chief Minister Himanta Biswa Sarma launched an initiative to distribute Soil Health Cards and farm machinery in Assam, aiming for 10 lakh SHCs. The government has increased soil labs from 5 to 22 and has set up 816 village-level farm machinery banks with 95% subsidy from the Centre.
Amitabh Kant emphasizes India's goal to achieve 750 GW of renewable energy capacity and become a clean energy exporter by 2030. He suggests establishing strong financial systems and leveraging international funds to meet renewable energy targets, focusing on green hydrogen and decarbonizing sectors like steel and transport.
Oil prices increased on supply concerns in the Middle East and higher fuel demand due to a major storm in Florida. Israel is planning to strike Iran. U.S. President Biden discussed the issue with Israeli Prime Minister Netanyahu. A recent storm has raised demand for gasoline in Florida, contributing to higher crude prices.
France and India are collaborating to establish an aeronautics cluster and an Indo-French campus for professional training in aeronautics and space. This initiative aims to boost their long-term strategic partnership, particularly in defence and aerospace, and includes efforts to develop a sustainable aviation fuel supply chain.
Maruti Suzuki has announced the Grand Vitara Dominion Limited Edition, available from October in Alpha, Zeta, and Delta variants. The model offers upgrades and accessory kits for both exterior and interior enhancements. This edition aims to build on the success of the Grand Vitara by meeting evolving customer preferences for styling and a premium in-cabin experience.
Researchers report that 25 out of 35 planetary vital signs have hit record levels, indicating worsening climate change. Key indicators include increased surface temperatures, ocean heat, and rising sea levels. Fossil fuel emissions are at an all-time high. Calls for transformative change stress reducing overconsumption and human population growth to prevent irrecoverable climate disaster.
The state government is extending its generator subsidy for another five years for polluting industries in NCR districts. This aims to help them switch to cleaner fuel. The scheme provides a subsidy of up to 50% on the cost of generators using cleaner fuels like LPG and natural gas, to reduce winter pollution.
India could produce 8-10 million tonnes of Sustainable Aviation Fuel (SAF) by 2040, requiring $70-85 billion in investments, according to a Deloitte India report. SAF aims to propel aviation sector decarbonisation, with the potential to reduce carbon emissions by 20-25 million tonnes annually. These initiatives are expected to create 1.1-1.4 million jobs and lower crude oil import bills by $5-7 billion yearly.
BPCL partners with Mumbai Port Authority and Mumbai Port Sustainability Foundation to set up EV charging stations and convert diesel vessels to cleaner fuels, aiming for sustainable maritime operations. The collaboration includes waste management initiatives to enhance environmental responsibility and reduce the port’s carbon footprint.
BPCL, Mumbai Port Authority, and Mumbai Port Sustainability Foundation have partnered to create a green fuel ecosystem at Mumbai Port. This initiative includes setting up EV charging stations, converting diesel vessels to cleaner fuels, and enhancing waste management. The collaboration aims to support India’s environmental goals by reducing greenhouse gas emissions.
Rapper Sean 'P Diddy' Combs faces serious accusations of sexually abusing 120 individuals, including 25 minors, with a boy as young as nine. Allegations involve drugging victims with horse tranquilizers. He was indicted on multiple counts of abuse and coercion and remains jailed in New York, while his lawyers seek bail ahead of trial.
Several companies are canceling and scaling back green hydrogen projects due to high costs and slower-than-expected market development.
EET Fuels, owner of the Stanlow refinery in the UK, has secured $650 million in financing and trade credit, bolstering its efforts to reduce emissions by 95% by decade-end through industrial carbon capture and blue hydrogen. This funding reflects strong market confidence in the company's decarbonization strategy.