India will need ‘at least $125bn’ to fund renewables dream, says official

India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, according to a government official. (AFP)
Updated 17 January 2018
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India will need ‘at least $125bn’ to fund renewables dream, says official

NEW DELHI: India will need at least $125 billion to fund its ambitious plan to increase the share of renewable power supply in the country’s grid by 2022, a top government official told Reuters, underlining the immense financing challenge ahead.
The South Asian nation is one of the world’s most important growth markets for renewable energy. Millions of Indians are not yet linked up to the power grid but as the country of more than a billion people prospers, it is experiencing surging demand.
To put India’s $125 billion requirement in context, global corporate funding for the solar industry — the world’s fastest-growing electricity source – was a tenth of that amount in 2017 at $12.8 billion, research firm Mercom says.
In 2015, India said investment of $100 billion in the seven years to 2022 would be needed to meet its renewable energy goals.
Installed renewable power capacity is currently about 60 gigawats (GW), and India plans to complete the bidding process by the end of 2019/20 to add a further 115 GW of installed renewable energy capacity by 2022.
To do that, Anand Kumar, secretary at the ministry of new and renewable energy, said investment of at least $125 billion would be needed.
India, which receives twice as much sunshine as European countries, wants to make solar central to its renewable expansion. It expects renewable energy to make up 40 percent of installed power capacity by 2030, compared with 18.2 percent at the end of 2017.
Kumar said that $125 billion was a “conservative estimate” and foreign capital would be central to achieving the goal.
Private equity firms, US banks including Goldman Sachs , JPMorgan and Morgan Stanley, and European utilities EDF and Engie are already investors or lenders in India’s renewable energy sector.
India will also require support from development banks, like the World Bank, Kumar said.
IREDA , a state-run financier for renewable energy, raised $300 million by selling rupee-denominated bonds, known as masala bonds, in the United Kingdom last year. The bonds were subscribed 1.7 times.
“We are also looking to raise another $500 million through IREDA through masala bonds early next financial year,” he said.
NOT ENOUGH
Most of the financing for India’s renewables drive so far has come from domestic banks, industry experts say, raising doubts about the level of support that can be expected from overseas investors.
Market consultant Jasmeet Khurana said Indian banks would have to account for the lion’s share of new renewable investments in the future.
“It is an uphill task, but Indian banks can find the appetite to fund these projects,” Khurana said.
Another challenge in achieving India’s renewable targets is the government’s “Make in India” initiative.
To protect itself from cheap solar panel imports, India’s directorate general of safeguards, an arm of the finance ministry, has proposed a 70 percent duty on imports of solar equipment from some countries including China, which so far provides the vast majority of India’s solar panels.
Kumar said “a duty at this stage could hamper our growth situation,” and “a realistic view” will be taken in consultation with other stakeholders.
The government was working on developing energy storage technologies and hydrogen-fuel cells and other batteries, he said.
“Renewables are the future. The only weak link is storage, and the day you crack storage, there is no looking back for renewables.”


Here’s how Robert F. Kennedy Jr. has promised to remake the US’ top health agencies

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Here’s how Robert F. Kennedy Jr. has promised to remake the US’ top health agencies

WASHINGTON: Robert F. Kennedy Jr., an anti-vaccine activist and environmentalist, for years gained a loyal and fierce following with his biting condemnations of how the nation’s public health agencies do business.
And that’s put him on a direct collision course with some of the 80,000 scientists, researchers, doctors and other officials who work for the Department of Health and Human Services, especially with President-elect Donald Trump tapping him to head the agency.
If confirmed, Kennedy will control the world’s largest public health agency, and its $1.7 trillion budget.
The agency’s reach is massive. It provides health insurance for nearly half of the country — poor, disabled and older Americans. It oversees research of vaccines, diseases and cures. It regulates the medications found in medicine cabinets and inspects the foods that end up in cupboards.
A look at Kennedy’s comments about some of the agencies that fall within the HHS arena, and how he has said he plans to shake them up:
Food and Drug Administration
— “FDA’s war on public health is about to end,” he wrote on X in late October. “If you work for the FDA and are part of this corrupt system, I have two messages for you: 1. Preserve your records, and 2. Pack your bags.”
The FDA’s 18,000 staffers include career scientists, researchers, and inspectors responsible for the safety and effectiveness of prescription drugs, vaccines and other medical products. The agency also has broad oversight of a swath of consumer goods, including cosmetics, electronic cigarettes and most foods.
HHS has legal authority to reorganize the agency without congressional approval to maintain the safety of food, drugs, medical devices and other products.
And Kennedy has long railed against the FDA’s work on vaccines. During the COVID-19 epidemic, his nonprofit group, Children’s Health Defense, petitioned the FDA to halt the use of all COVID vaccines. The group has alleged that FDA is beholden to “big pharma” because it receives much of its budget from industry fees and some employees who have departed the agency have gone on to work for drugmakers.
His attacks have grown more sweeping, with Kennedy suggesting he will clear out “entire departments” at FDA, including the agency’s food and nutrition center. The program is responsible for preventing foodborne illness, promoting health and wellness, reducing diet-related chronic disease and ensuring chemicals in food are safe.
Last month, Kennedy threatened on social media to fire FDA employees for “aggressive suppression” of a host of unsubstantiated products and therapies, including stem cells, raw milk, psychedelics and discredited COVID-era treatments like ivermectin and hydroxychloroquine.
In the case of hydroxychloroquine, for example, the agency halted its emergency use after determining it wasn’t effective in treating COVID and raised the risk of potentially fatal heart events.
Consuming raw milk has long been regarded as risky by the FDA because it contains a host of bacteria that can make people sick and has been linked to hundreds of illness outbreaks.
If confirmed, Kennedy in principle could overturn almost any FDA decision. There have been rare cases of such decisions in previous administrations. Under both George W. Bush and Barack Obama, HHS overruled FDA approval decisions on the availability of emergency contraceptives.
Unwinding FDA regulations or revoking approval of longstanding vaccines and drugs would likely be more challenging. FDA has lengthy requirements for removing medicines from the market, which are based on federal laws passed by Congress. If the process is not followed, drugmakers could bring lawsuits that would need to work their way through the courts.
Centers for Disease Control and Prevention
— “On January 20, the Trump White House will advise all US water systems to remove fluoride from public water,” Kennedy wrote on social media in November.
The CDC’s fluoride guidance is just one recommendation the agency has made as part of its mission to protect Americans from disease outbreaks and public health threats.
The agency has a $9.2 billion core budget and more than 13,000 employees
Days before Trump’s victory, Kennedy said he would reverse the agency’s recommendations around fluoride in drinking water, which the CDC currently recommends be at 0.7 milligrams per liter of water.
The recommendations have strengthened teeth and reduced cavities by replacing minerals lost during normal wear and tear. Splotchy teeth patterns have occurred with higher levels of fluoride, prompting the US government to lower its recommendations from 1.2 milligrams per liter of water in 2015.
Local and state governments control the water supply, with some states mandating fluoride levels through state law.
Kennedy, who has said “there’s no vaccine that is safe and effective,” would be in charge of appointments to the committee of influential panel experts who help set vaccine recommendations to doctors and the general public. Those include polio and measles given to infants and toddlers to protect against debilitating diseases to inoculations given to older adults to protect against threats like shingles and bacterial pneumonia as well as shots against more exotic dangers for international travelers or laboratory workers.
National Institutes of Health
— “We need to act fast,” Kennedy was reported to have said during an a Scottsdale, Arizona event over the weekend. “So that on Jan. 21, 600 people are going to walk into offices at NIH and 600 people are going to leave.”
The agency’s $48 billion budget funds medical research on cancers, vaccines and other diseases through competitive grants to researchers at institutions throughout the nation. The agency also conducts its own research with thousands of scientists working at NIH labs in Bethesda, Maryland.
Among advances that were supported by NIH money are a medication for opioid addiction, a vaccine to prevent cervical cancer, many new cancer drugs and the speedy development of mRNA COVID-19 vaccines.
In the past, Kennedy has criticized NIH for not doing enough to study the role of vaccines in autism.
Kennedy wants half of the NIH budget to go toward “preventive, alternative and holistic approaches to health,” he wrote in the Wall Street Journal in September. “In the current system, researchers don’t have enough incentive to study generic drugs and root-cause therapies that look at things like diet.”
Kennedy wants to prevent NIH from funding researchers with financial conflicts of interest, citing a 2019 ProPublica investigation that found more than 8,000 federally funded health researchers reported significant conflicts such as taking equity stakes in biotech companies or licensing patents to drugmakers.
Centers for Medicare and Medicaid Services
— “If a doctor’s patient has diabetes or obesity, the doctor ought to be able to say, I’m going to recommend gym membership, and I’m going to recommend, good food and Medicaid ought to be able to finance those things the same as they would Ozempic,” Kennedy said during a Sept. 30 town hall in Philadelphia.
Kennedy has not focused as much on the agency that spends more than $1.5 trillion yearly to provide health care coverage for more than half of the country through Medicaid, Medicare or the Affordable Care Act.
Even as Trump and other Republicans have threatened some of that coverage, Kennedy has remained mum.
Instead, he’s been an outspoken opponent of Medicare or Medicaid covering expensive drugs that were developed to treat diabetes, like Ozempic, now also sold for weight loss as Wegovy. Those drugs are not widely covered by either program, but there’s some bipartisan support in Congress to change that.
Speaking during a congressional roundtable in September, Kennedy admonished some for supporting that effort, noting it could cost the US government trillions of dollars. An exact price tag for the US government to cover those drugs has not been determined.
Kennedy has said Medicare and Medicaid should, instead, provide gym memberships and pay for healthier foods for those enrollees.
“For half the price of Ozempic, we could purchase regeneratively raised, organic food for every American, three meals a day and a gym membership, for every obese American,” Kennedy said.

Zelensky says Ukraine war will end ‘sooner’ with Trump in office

Updated 56 min 9 sec ago
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Zelensky says Ukraine war will end ‘sooner’ with Trump in office

KYIV: Ukrainian President Voldymyr Zelensky said Friday that Russia’s war against his country will “end sooner” than it otherwise would have done once Donald Trump becomes US president next year.
“It is certain that the war will end sooner with the policies of the team that will now lead the White House. This is their approach, their promise to their citizens,” Zelensky said in an interview with Ukrainian media outlet Suspilne.

Russian air defenses down Ukrainian drones in different regions

Updated 16 November 2024
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Russian air defenses down Ukrainian drones in different regions

Russian air defense units intercepted a series of Ukrainian drones in several Russian regions, officials said, many of them in Kursk region, where Ukrainian troops launched a major incursion in August.
Russia’s Defense Ministry said air defenses downed 15 drones in Kursk region on the Ukrainian border. It said units downed one drone each in Bryansk region, also on the border, and in Lipetsk region, further north.
The ministry said one drone was downed in central Oryol region.
And the governor of Belgorod region, a frequent target on the Ukrainian border, said a series of attacks had smashed windows in an apartment building and caused other damage, but no casualties were reported.


The daughters of Malcolm X sue the CIA, FBI and NYPD over the civil rights leader’s assassination

Updated 16 November 2024
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The daughters of Malcolm X sue the CIA, FBI and NYPD over the civil rights leader’s assassination

  • The NYPD and CIA did not immediately respond to requests for comment. Nicholas Biase, a spokesperson for the Department of Justice, which was also sued, declined comment

NEW YORK: Three daughters of Malcolm X have accused the CIA, FBI, the New York Police Department and others in a $100 million lawsuit Friday of playing roles in the 1965 assassination of the civil rights leader.
In the lawsuit filed in Manhattan federal court, the daughters — along with the Malcolm X estate — claimed that the agencies were aware of and were involved in the assassination plot and failed to stop the killing.
At a morning news conference, attorney Ben Crump stood with family members as he described the lawsuit, saying he hoped federal and city officials would read it “and learn all the dastardly deeds that were done by their predecessors and try to right these historic wrongs.”
The NYPD and CIA did not immediately respond to requests for comment. Nicholas Biase, a spokesperson for the Department of Justice, which was also sued, declined comment. The FBI said in an email that it was its “standard practice” not to comment on litigation.
For decades, more questions than answers have arisen over who was to blame for the death of Malcolm X, who was 39 years old when he was slain on Feb. 21, 1965, at the Audubon Ballroom on West 165th Street in Manhattan as he spoke to several hundred people. Born Malcolm Little in Omaha, Nebraska, Malcolm X later changed his name to El-Hajj Malik El-Shabazz.
Three men were convicted of crimes in the death but two of them were exonerated in 2021 after investigators took a fresh look at the case and concluded some evidence was shaky and authorities had held back some information.
In the lawsuit, the family said the prosecution team suppressed the government’s role in the assassination.
The lawsuit alleges that there was a “corrupt, unlawful, and unconstitutional” relationship between law enforcement and “ruthless killers that went unchecked for many years and was actively concealed, condoned, protected, and facilitated by government agents,” leading up to the murder of Malcolm X.
According to the lawsuit, the NYPD, coordinating with federal law enforcement agencies, arrested the activist’s security detail days before the assassination and intentionally removed their officers from inside the ballroom where Malcolm X was killed. Meanwhile, it adds, federal agencies had personnel, including undercover agents, in the ballroom but failed to protect him.
The lawsuit was not brought sooner because the defendants withheld information from the family, including the identities of undercover “informants, agents and provocateurs” and what they knew about the planning that preceded the attack.
Malcolm X’s wife, Betty Shabazz, the plaintiffs, “and their entire family have suffered the pain of the unknown” for decades, the lawsuit states.
“They did not know who murdered Malcolm X, why he was murdered, the level of NYPD, FBI and CIA orchestration, the identity of the governmental agents who conspired to ensure his demise, or who fraudulently covered-up their role,” it states. “The damage caused to the Shabazz family is unimaginable, immense, and irreparable.”
The family announced its intention to sue the law enforcement agencies early last year.

 


Japan marks modern-day adventurer’s final stop on 46,000 km trek across Asia

Updated 16 November 2024
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Japan marks modern-day adventurer’s final stop on 46,000 km trek across Asia

  • Omar Nok traveled the farthest he could in Asia without getting on a plane

TOKYO: Japan is seeing a record boom in tourism, but one recent visitor traveled more than the circumference of the earth to get there, using boats, trains, camels, and even hitchhiking.
Modern-day adventurer Omar Nok became a social media celebrity, attracting more than 750,000 Instagram followers, as he documented his circuitous 46,239 kilometer (28,732 miles) route from Egypt across a dozen countries without once boarding a plane.
“From when I was a little kid, before realizing what travel is, I already wanted to come to Japan,” Cairo native Nok, 30, said in an interview in Tokyo. “But for me, I don’t want to miss anything in between...so that’s the motivation to just go without flying to see as much as I can.”
The sharp weakening of the yen has made Japan a bargain travel destination, attracting nearly 27 million visitors in the nine months to September. It’s been an economic boon as well, with tourists spending 5.86 trillion yen ($37.58 billion) so far, a record.
For Nok, the country represented the furthest he could travel in Asia without getting a plane. He arrived by ferry in the southwestern city of Fukuoka last month and then meandered his way to Tokyo on Nov. 7, 274 days after leaving home. By comparison, a direct flight from Cairo to Tokyo takes about 12 hours.
The veteran traveler previously logged lengthy trips through Europe and the Americas, but nothing like this. The first day was the hardest, Nok said, when his father dropped him off at Red Sea port of Safaga to board a cargo boat for Saudi Arabia.
He was nervous about stepping into the unknown, venturing into central Asian countries where he didn’t speak the language and where few tourists tread. But armed with words of encouragement from his father, he stepped onto the ship, and his nerves melted away.
On his trek, he hitchhiked to Islam’s holy city of Makkah, sandboarded the dunes of Iran, broke down in the Tajikistan mountains in a purple Dodge Challenger driven by another adventurer, and crossed parts of Kyrgyzstan and Kazakhstan riding horses and camels.
Previously a financial analyst for Amazon in Germany and Luxembourg, Nok funded his journey through savings and extremely frugal spending. His daily expenses came to about $25, although his entire two-week run through Afghanistan cost just $88, he said.
Throughout it all, Nok said he never felt in danger because generous strangers looked out for him wherever he found himself. That message resounded among his online fans as a welcome spark of hope at a time of war and political strife in much of the world.
“I’m always just moving around like locals would, and being in situations where locals would step in to help,” Nok said. “I think people wanted to see that positive side to all the countries that they only hear negative things about.”