Over eight million deaths in 2021 were attributed to air pollution, affecting both children and adults alike.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
India and China are associate partner countries of IEA.
India may see a structural shift in supplies of crude oil with Russia emerging as a key source of fuels, a development that reduces New Delhi's dependence on West Asian oil, gives Indian refiners better bargaining power with price-setter Saudi Arabia, and improves overall energy security. The unexpected surge in supplies of Russian crude in the last few months, unthinkable until the war in Ukraine, may also deliver other unforeseen gains such as boosting exports of refined fuels to Europe, which historically has counted on Russian shipments. India has jumped on to the bandwagon of opportunistic buying of Russian crude but if calibrated carefully, Urals crude can be a long-term asset for India refiners.
Pradhan met Energy Secretary Rick Perry during an unscheduled trip to the US Capitol and discussed energy cooperation between India and the US, Indian investment in Liquefied natural gas and shale sectors, and the possibility of the US exporting LNG to India from early next year.
India's jugalbandhi with coal and clean energy is coming unstuck, neither achieving adequate renewable generation nor ensuring sufficient coal-fired power in the quest to become a $5-trillion economy. Six months have elapsed since Prime Minister Narendra Modi announced an ambitious climate agenda for India at COP26 at Glasgow. The net zero emissions target by 2070 is a distant one, but there are nearer-term plans to meet 50 per cent of energy demand with renewables by 2030 by increasing capacity to 450 Gw. A cursory look at the balance sheet of India's climate progress since November reveals ponderous progress towards meeting the renewables target even as the country is scrambling to expand coal-fired generation in the face of a power crisis.
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.
Global supply is staying in excess of demand.
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