Last coal financier China to stop building plants overseas

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BY VISHAL GULATI
New Delhi, Sep 22 |
Historically one of the major providers of finance to overseas coal power projects, China, in a major announcement at the UN General Assembly, said it will not build new coal fired power plants abroad.

This basically means the last coal financier of the world has now decided to stop financing overseas coal.

Also it marks a shift in policy around its sprawling Belt and Road infrastructure initiative, which had already begun to drawdown its coal projects, believe climate experts. But concerns remain over domestic emissions.

“China will step up support for other developing countries in developing green and low-carbon energy, and will not build new coal-fired power projects abroad,” Chinese President Xi Jinping said remotely.

The world’s largest carbon emitter China, which still hosts over half of the world’s operating coal fleet, on Tuesday joined Korea and Japan in putting an end to coal financing overseas.

The coal produces significant heat-trapping emissions.

Responding to a big announcement, UN Secretary-General Antonio Guterres on Wednesday hailed China’s announcement and a US commitment to increase climate financing for developing countries.

“I welcome @POTUS Joe Biden’s announcement to increase international public climate finance to $11.4 billion a year.

“I also welcome President Xi’s announcement that China will end financing of coal fired power plants abroad & redirect support to green & low carbon energy,” Guterres tweeted.

China financing the overwhelming majority of new coal plants and with a major shift now aims to eliminate about 75 per cent of plants in the design stage in 20 countries, UN climate change summit (COP26) President Alok Sharma says it is clear the writing is on the wall for coal power.

“I welcome President Xi’s commitment to stop building new coal projects abroad — a key topic of my discussions during my visit to China,” he tweeted, adding “At #COP26, we must consign coal to history.”

Warning that the Paris climate targets would go up in smoke, the UN chief this week reiterated “governments must shift subsidies away from fossil fuels and progressively phase out coal use”.

“If all planned coal power plants become operational, we will not only be clearly above 1.5 degrees, we will be well above 2 degrees. The Paris targets would go up in smoke,” the Secretary-General said, who is seeking phasing out coal by 2030.

Quoting the Intergovernmental Panel on Climate Change (IPCC) latest report that says the 1.5-degree goal is still in reach, Guterres said: “We need a dramatic improvement in Nationally Determined Contributions from most countries.”

In response, Kevin P. Gallagher, Director of the Boston University Global Development Policy Center and Professor of Global Development Policy at Boston University, told IANS: “It is time for the private sector –which finances 87 per cent of overseas coal — to follow suit. We will not meet our global climate and development goals if the private sector continues to finance overseas coal while leading governments have stopped.”

A report this month by climate change think tank E3G finds that China accounts for 55 per cent of the world’s pre-construction pipeline (163GW), in addition to hosting over half of the world’s operating coal fleet.

China has, however, seen a 74 per cent reduction in the scale of its project pipeline, with 484GW of cancellations since Paris. Project cancellations outnumber newly operational capacity by 2.4:1, a much lower figure than in the rest of the world.

Coal is the single largest contributor to climate change.

The recent UN report (IPCC) says the use of coal needs to fall 79 per cent by 2030 on 2019 levels to meet the pledges countries signed up to in the 2015 Paris Agreement.

E3G report’s author Chris Littlecott, Associate Director at E3G, said: “The collapse of the global coal pipeline and the rise of commitments to ‘no new coal’ are progressing hand in hand. Ahead of COP26, governments can collectively confirm their intention to move from coal to clean energy.

“The economics of coal have become increasingly uncompetitive in comparison to renewable energy, while the risk of stranded assets has increased. Governments can now act with confidence to commit to ‘no new coal’.”

India is home to 7 per cent (21GW) of the global pipeline, which is 56 per cent of South Asia’s total, with the country moving slowly away from coal at a national level, however considerable progress is being made at the state level.

E3G finds between 2019 and 2021 public officials from the states of Gujarat, Chhattisgarh, Maharashtra, and Karnataka announced their intention to not build new coal power plants.

According to the analysis by Ember and Climate Risk Horizons, 27 GW of pre-permit and permitted new coal power plant proposals in India are now superfluous to its electricity requirements.

These coal project proposals could jeopardise the achievement of India’s widely-praised renewable energy target of 450 GW by 2030.

These surplus ‘zombie’ plants, assets that would be neither dead nor alive, would require Rs 247,421 crore ($33 billion) of investment, yet are projected to lie idle or operate at uneconomic capacity factors due to surplus generation capacity in the system, says the analysis.

(Vishal Gulati can be contacted at vishal.g@ians.in)

Source: IANS

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7 Reasons Why You Should Purchase Italian Furniture

7 Reasons Why You Should Purchase Italian Furniture

Very often we see people speaking ever so highly of the Italian furniture they own, while we see others gushing over Italian furniture and expressing their deep desire to own at least one such piece of furniture. Italian design and decor are widely hailed across the world for their strong emphasis on quality and simple shapes that combine both tradition and modernity through the finest craftsmanship.

The way a person decorates their home is a reflection of their personal style and identity. Needless to say, tastes and preferences vary wildly, especially when it comes to items of furniture with regard to their size, shape, texture, and color.  However, regardless of the specific kind of design a person likes, Italian furniture is a dominant player in the furniture and home design industry.

For several centuries, Italy has been considered to be a hub for culture, literature, and the arts as well as architecture and design. Italian style interior design has been the preferred choice for an ever-increasing number of people, and this is not just a recent trend. Italy is a country that is synonymous with class, sophistication, and exceptionally high quality, and this shows in the sheer popularity of Italian furniture today. Italian sofa manufacturers take great pride in the quality and design of their sofa sets, and one need not look far to see that even the most discerning customers are duly pleased with Italian furniture.

So what is it that makes Italian furniture so popular? Let’s take a closer look!

Timeless charm and appeal

Italian sofas, chairs, tables, and other pieces of furniture have a charm that is impossible to compete with, leave alone outdo. Not only are Italian furniture pieces renowned across the world for their quality and appeal, but they are also items whose aesthetic value appreciates over time. Italian furniture has an inimitably characteristic beauty and these furniture pieces only tend to look even better as the years’ pass. The fact that only the best quality materials are used for their manufacture is what makes Italian furniture so sought after.

Strong and durable

While many prospective customers will tend to get deterred or even discouraged by the fact that Italian furniture costs a fair amount of money, these furniture pieces are made with the best quality materials and are guaranteed to last for decades if not centuries. That being said, purchasing Italian furniture should be best viewed as an investment and not just an expenditure, as the elegance, durability, and comfort that these furniture pieces will offer you are their own reward.

Unbeatable quality and elegance

Italian artisans and craftsmen are famous across the world for their dedication, patience, and attention to detail. It goes without saying that Italian products, in general, are synonymous with high quality, and one only needs to look at history to see how true this is. Since time immemorial, Italian manufactures have strived for excellence and have always made sure that the products they make are nothing short of the best. Therefore, Italian furniture is a symbol of Italian perfection, sophistication, and class.

Exquisitely comfortable

The very purpose of furniture pieces such as sofas, chairs, and couches is to provide comfort to people. Italian furniture will not just provide unmatched comfort but will also give any person the feeling of being in exquisite and opulent surroundings. There is no doubt that a handcrafted piece of Italian furniture will convey a feeling of elegance and sophistication.

Wide variety of furniture designs

Many people are under the wrong impression that Italian furniture is available only in very specific parts of the world and that they are few in number. The good news is that this is not true. Artyz offers you a wide assortment of Italian furniture, and you are sure to find something that perfectly suits the design and aesthetics of your home. Not only will you be able to choose from sofas, ottomans, tables, beds, tables, and much more, you will also have the choice of selecting from a wide variety of designs. Given the fact that a lot of hard work and craftsmanship goes into making Italian furniture, you can make your living space truly unique by purchasing one or more exquisite furniture pieces.

High caliber craftsmanship

Italy is a world leader in manufacturing for a number of reasons. To begin with, only the highest quality of materials are used, and this, coupled with the unique and unparalleled skill sets that Italian artisans have, you can be assured of nothing less than the best. Italy has long been hailed for its contributions to several fields of the arts, such as painting, sculpture, music as well as design. That being said, painstaking hard work, unbridled dedication, and sharp attention to detail have made Italian craftsmanship an ideal in and of itself.

Novelty and inimitability

Unlike cheaper, mass-produced furniture that is readily available and most often delivered in a cardboard box, Italian furniture pieces are meticulously handcrafted and made with immense dedication and focus on the details. Italian furniture is very eye-catching and will without a doubt convey a sense of luxury and opulence to both residents and guests alike. Such furniture pieces will have a direct effect on the mindset and mood of residents as they will notice how the furniture pieces enhance and enrich the home.

Before you rush off to purchase Italian furniture pieces for your home, do check out Artyz. Artyz is a renowned furniture showroom in Kolkata that offers you a vast range of furniture choices that can suit the requirements of any living space and can accommodate any budget. As a leading furniture showroom, the focus remains entirely on providing top-quality furniture at affordable and reasonable prices. Simply take your pick from the diverse furniture selection and let Artyz handle the rest. By having Italian furniture in your home, you will be able to liven up your living space in unimaginable ways. The sheer elegance of Italian furniture is what creates a statement like no other style.

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Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Inspiring Journey of Rajasthan’s Deependra Singh Shekhawat From Monthly Salaries to Founder of Fifteen Crore Turnovers Company

Guy Kawasaki has rightly said that pursuing your passions makes you more interesting, and interesting people are enchanting. Passion is an underrated term as people believe more in hard work and dedication. We often forget that passion is what guides us to success. Deependra Singh Shekhawat is one of the few who proved that hurdles are hidden opportunities, and when utilized appropriately, they will lead you to victory.

Deependra Singh Shekhawat, being the son of a farmer, has the background of a middle-class family. He belongs to a small village of Udaipurwati, district Jhunjhunu of Rajasthan. However, his status never deterred him from dreaming. Dreams full of his passion gave him the strength to fight the battles in his life. After graduation, he initially started from a regular job. However, he was not content with his occupation. He sensed stagnancy in his career. Soon, he started thinking and strategizing about business. This thought process led him to join a renewable energy company, Adani Renewable Energy, to learn about business as the next step in his professional journey. From then on, there was no stopping him; he was on a roll. In 2015, he established Vertex Solution Company and became one of the top vendors of Adani Solar Energy. He went the extra mile by working with India’s well-known renewable energy organizations as Avada Sola, Tata Solar, O2 Power, and many more.

Deependra says that his passion for renewable energy spawns from the fact that renewable energy is one of the significant contributors to boosting the country’s economy and generating jobs. He further adds that adopting renewable sources of energy is a healthier option. He claims it is high time we start living peacefully with nature for the sanity of itself and humankind. Additionally, he has provided with job opportunities for the youth of his village Sarai and has become the Youth icon of Rajasthan. Despite belonging to a middle-class family, he left no stones unturned to achieve success and rose from the bottom of the pit to flying like an eagle. From having big dreams to making others’ dreams come true, he has come a long way.

His journey is inspiring hundreds and thousands of youngsters of middle-class families throughout the country. People are burning with passion after witnessing the change in his life. His life journey is constantly changing the lives of many for the best. He is igniting the fire of eagerness for victory in them.

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