Latest news with #CREA
ABC News
a day ago
- Business
- ABC News
Tanker believed to be carrying fuel processed in India from Russian oil docks in Western Australia
A tanker believed to be carrying fuel derived from Russian oil has docked in Western Australia, with question marks surrounding the cargo exposing glaring loopholes in government sanctions against Moscow. Seferis sails under a Greek flag and berthed in Kwinana, 40 kilometres south of Perth, about 3am on Wednesday after departing India on July 11. Australia sanctioned Russian oil soon after it invaded Ukraine in February 2022. But India did not and refines Russian crude oil into liquid fuels like diesel and petroleum. When Australia purchases those products from India, it could be inadvertently funding the war in Ukraine. The issue is, there is no real way to confirm the origins of the fuel on Seferis, let alone what is being pumped at the bowser. Russia's income from exporting oil is the backbone of its economy and has effectively bankrolled the nation's war machine in Ukraine for three-and-a--half years. While Australia has committed to starving that revenue, the involvement of third parties like India has muddied the waters. Director of national security at the Australian Strategic Policy Institute, John Coyne, said the majority of the country's imported liquid fuel does not come from India, but that does not clear up the issue at hand. "If Australia is to meet its full commitment of applying those sanctions, then it must also ensure that we don't contribute to a system that washes Russian oil through India," he said. Mr Coyne said Australia could follow the lead of the European Union, which applied sanctions to refineries that use Russian crude oil. "The first step here is making that very clear declaration that Australia will not take liquid fuels that find their origin in Russian oil and result in the transfer of money back into Russia that inevitably is used to prosecute and fund the campaign in Ukraine," he said. Ukrainian and Australian campaigners say Seferis is delivering fuel from the Jamnagar refinery in India. The Centre for Research on Energy and Clean Air (CREA) found in the first half of this year, almost half of Jamnagar's crude oil feedstock came from Russia. "This crude is refined into a variety of oil products — gasoline, diesel, jet fuel etc. Any country importing these products from this specific refinery can expect Russian molecules in them," CREA's EU-Russia analyst Vaibhav Raghunandan said. CREA estimated in the first four months of 2025 Australia bought more than $1 billion of oil from India that was derived from Russian crude. Earlier this month, two vessels carrying 175,000 tonnes of oil from the Jamnagar refinery berthed at Botany Bay in Sydney. The federal government said it had imposed more than 1,500 sanctions on Russia, including measures to restrict the import of oil that originated in Russia. In June, Foreign Minister Penny Wong announced Australia's first sanctions against Russia's shadow fleet, which employs a variety of murky tactics to conceal the origins of its cargo. "Regrettably, the mechanisms we would need to track and monitor all energy products via third countries are not in place in those countries," a spokesperson for Ms Wong said. "We are evaluating options to place further pressure on Russia's oil revenues." Speaking on Tuesday, WA's Defence Industries Minister Paul Papalia said the western world needed to be alert to the prospect of "Russia getting around sanctions and getting its oil to market … by sneaky means". "I think that is a real threat, anywhere in the world," Mr Papalia said. "Russia is still selling its oil around the world and they do it by third parties, things like refining in [third party] countries and then exporting." An international law expert said without mechanisms to oversee third party imports, the option to cut off India from Australia's supply is theoretically on the table. Australia introduced its autonomous sanctions laws, allowing it to impose sanctions independently of the United Nations, in 2011 and it has given flexibility to the government to target restrictions. "They can issue sanctions on a particular product and how we import that, which could include banning importing through a third-party state if it can be connected back to Russian oil," said Melanie O'Brien, an associate professor of international law at the University of Western Australia. Mr Coyne said the government would have to weigh up the implications of a drastic move like cutting ties with India. "At the pump, Australians want to pay the cheapest possible price for liquid fuel," he said. "There's [also] the pressure of our diplomatic relationship at a bilateral level with India. "All of these things play out."
Globe and Mail
2 days ago
- Business
- Globe and Mail
Real estate is not a financial slam dunk, Canadians are learning the hard way
Let's finally dispense with the idea that housing is a foolproof financial asset. The Canadian real estate free-for-all is over. The market hasn't collapsed, by any means. But some of the hottest pockets, including Toronto and Vancouver, are struggling. Condo sales have crashed. Nationally, average home prices are about 15 per cent off their peak, according to the Canadian Real Estate Association (CREA) data. The housing hangover should have lots of Canadians questioning their faith in real estate as an infallible asset incapable of depreciating. 'It seems like every generation has to put their hand on the stove and get burned before they realize that wasn't such a good idea,' said Mike Moffatt, an economist and founding director of the Missing Middle Initiative. The last Canadian housing bust coincided with the early-1990s recession and lasted nearly a decade. But memories are short for such things. Starting in the early 2000s, Canadian housing went on a run for the ages, with the average national price of a home rising fivefold. It was an era that converted masses of Canadians to real estate evangelists who poured their savings into the market and began treating their homes as retirement funds. The investment that has outperformed stocks and Canadian real estate so far this century A speculative mindset toward housing was reinforced by the market's incredible resilience over a two-decade streak. Unlike U.S. housing, Canada's market didn't go bust in the global financial crisis – an episode precipitated by U.S. subprime lending and vast mortgage securitization that we managed to mostly dodge. Canadian housing soon took on a global profile as one of the world's most overpriced markets. But the more the predictions of its demise didn't come true, the more Canadians were seduced by the fortunes that could be made in real estate. 'It led people to believe that maybe this is a permanent fixture,' Mr. Moffatt said. Beyond practicalities, there are lots of good reasons for owning a home. The security that you might not have as a renter. The forced savings of regular mortgage payments. And the upside of leverage, since you can benefit from the appreciation of the home's whole value, not just your down payment. But as a pure investment case, housing was never as strong as it seemed. Consider how the housing market has performed against the stock market over the long term. Since 1980, the average Canadian house has risen at an annualized pace of 5.5 per cent, using historical data from CREA. The S&P/TSX Composite Index over the same time generated a return of 8.9 per cent a year, after factoring in reinvested dividends. That's an enormous difference. In dollar terms, a $100,000 investment in the average Canadian home would have grown to $1.1-million over those 45 years. The same amount of money parked in the stock market would be worth $4.8-million today. This is a wildly generalized example that doesn't account for regional market differences, property type and host of other factors. Real estate agents are advising clients to delay listing as buyers drive negotiations There are also tax implications to consider. Profits earned from the sale of a primary residence in Canada are typically exempted from tax, whereas capital gains on stocks are usually taxable. On the other hand, real estate transactions are laden with fees and commissions, while a broad stock market index fund can be owned virtually for free these days. The point is not to make a case for stock investing in lieu of owning a home. But viewing property through an investment lens was always flawed and problematic. It encouraged people to spend more on housing than they should. To forsake other investments and overcommit to real estate. And to rely on home equity to finance their retirements. 'One of the most dangerous things in our economy is the retirement risk people are facing,' said Rob McLister, a mortgage strategist and editor for 'If real estate performance doesn't meet their expectations, that could be a serious problem for a lot of people.' A house can be a wonderful thing, not just a place to hold one's stuff. But neither is it the surefire investment it once appeared to be.
ABC News
4 days ago
- Business
- ABC News
China's carbon emissions may have peaked thanks to renewables push
Climate experts say China's carbon emissions may have peaked, which could affect global climate targets, the fight against global warming — and the Australian coal industry. China is currently the world's biggest emitter, accounting for some 30 per cent of global carbon emissions, but a report by the Center for Research on Energy and Clean Air (CREA) found that in the year to May 2025, China's CO2 emissions dropped 1.6 per cent. China policy expert at CREA Belinda Schäpe said the trend had also continued in the months since. Ms Schäpe told the ABC the finding was "really unique" because the only other times the country had recorded a year-on-year decline in CO2 emissions were during times of economic downturn, like the COVID-19 pandemic. "It's really quite a historic result," Ms Schäpe said. "It's due to a really rapid increase in renewables build-out in China that has translated into an increase in power generation coming from clean sources and driving down the coal share in the power mix, and with that, bringing down emissions." She said China led the world in green energy uptake. "In May [2025] alone, China built out 90 gigawatts of solar capacity, which is really huge. It translates to roughly 100 solar panels per second. "We are now at a point where solar and wind capacity is actually bigger than all thermal power capacity. So not only coal, but also including gas, oil and other fossil fuel sectors." Li Shuo, director of the China climate hub at the Asia Society Policy Institute, told the ABC he thought that despite previous emissions fluctuations, the country would continue to reduce its carbon output. "It certainly suggests that after three decades of very rapid economic growth, and also growth in China's emissions, the emission peak point for China has come very close, if it has not happened already," Mr Li said. "We have certainly entered into, if not yet an emission peak, a plateauing period for China's emissions. "We have entered a new phase of China's emissions, a phase that features a stabilisation of China's emissions and increasingly large-scale integration of China's renewable energy power, which, I hope, will actually make the country reduce its emissions from this point on." If the world is to keep global warming below 1.5 degrees Celsius, the amount of emissions released into the atmosphere needs to come down, not stabilise, according to the United Nations Intergovernmental Panel on Climate Change (IPCC). Climate experts say a failure to limit global warming below that figure will result in catastrophic consequences for people and the planet. Despite the rapid installation of renewable energy plants across the country, China is still building new coal-fired power plants. Beijing approved on average two coal-powered projects a week in 2022 and 2023, after power shortages in 2021. Belinda Schäpe said a backlog of these projects was now coming online, but they were using less coal. "There's been a significant drop in coal imports … in June, there was a 25 per cent year-on-year drop in coal imports," she said. "In June, China's power demand growth was actually 70 per cent higher than last year this time around, but solar and wind power generation met 89 per cent of that power demand growth. "That's what we've been seeing over the last six months, really, where renewables, or solar and wind in particular, accounted for 24 per cent of total electricity generation. Chinese President Xi Jinping has pledged to continue phasing down the country's coal consumption in the next five years, between 2026 and 2030. Jorrit Gosens, a climate change and energy policy fellow at the Australian National University, said Australia needed to rethink the future of coal mines. "The writing is on the wall a little bit in the future economic potential of that industry," he said. China imports roughly 30 per cent of Australian thermal coal exports, making it Australia's largest market. Dr Gosens said China's increasing wind and solar power generation, combined with increasing domestic supplies of coal, created a "double whammy" for Australian coal exports. "It should be expected that those export volumes will continue to decrease over the next few years." Other Asian markets of Australian coal, such as South Korea and Japan, would follow suit as they decarbonised, he said. Dr Gosens pointed to the Mt Arthur coal mine in NSW, for which BHP could not find a buyer because of the shrinking demand of coal and its liabilities, like rehabilitation costs. He said local community leaders and the federal government needed to transition communities historically reliant on coal mines into other industries. "Currently, we're still seeing more resistance to change than embracing of that transition, which I think is a risky strategy given the demand for our product is not going to be determined by those local communities or by the federal government," he said. "Our best bet really is to make sure that there are viable alternatives for when it does get to that point." US President Donald Trump's policy agenda has seen green energy subsidies replaced with coal subsidies. Li Shou said it was clear that the two countries were now on different paths. He said some conservative forces within China may use the US's withdrawal from clean energy as motivation "for domestic inaction", but he was confident that it would not change the country's policy direction. "China has over the last decade or so become the superpower when it comes to wind technology — deploying and manufacturing wind, solar batteries and electric vehicles," he said. "This will not change because of what is happening or not happening in the US and if anything, Beijing will just continue with this green path because doing these things is ultimately in the country's long-term economic interest. "There has been a realisation on the Chinese side that they should continue and double down on their climate and environmental agenda, not because of the global situation and the US situation, but just for their own sake, to clean up the skies in major Chinese cities." China is set to announce its new climate reduction targets as part of the Paris agreement later this year. He said that would tell the world a lot about where the global appetite to reduce emissions was at. "Whether China chooses to coordinate with some of the other geopolitical powers will also tell us a lot about where the global climate agenda stands and to what extent countries, including China and Australia and the European Union, can still engage," Mr Li said.
Indian Express
6 days ago
- Health
- Indian Express
Daily subject-wise quiz : Environment and Geography MCQs on Etalin hydel project, UNFCCC secretariat, biostimulants and more (Week 120)
UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Attempt today's subject quiz on Environment and Geography to check your progress. 🚨 Click Here to read the UPSC Essentials magazine for July 2025. Share your views and suggestions in the comment box or at Consider the following statements: 1. When SO2 is released into the atmosphere, it usually reacts with oxygen to produce ammonium sulfate. 2. Exposure to PM2.5 can lead to chronic diseases. 3. Direct exposure to high levels of SO2 can increase the risk of heart attacks. 4. Carbon monoxide contributes to the formation of acid rain. How many of the statements given above are correct? (a) Only one (b) Only two (c) Only three (d) All four Explanation — The Environment Ministry exempted the majority of India's coal-based thermal plants from installing systems that are designed to remove sulphur dioxide (SO2) emissions, a key contributor to air pollution. — Once released into the atmosphere, SO2 usually reacts with ammonia (NH3) to produce ammonium sulfate, which is responsible for roughly one-third of India's fine particulate matter (PM2.5) pollution, according to recent research by the Centre for Research on Energy and Clean Air (CREA). Hence, statement 1 is not correct. — PM2.5 is injurious to human health as it can lead to chronic diseases such as asthma, heart attack, bronchitis, and other respiratory problems. Hence, statement 2 is correct. — Direct exposure to high levels of SO2 can irritate the eyes, throat, and lungs. Long-term exposure can result in increased risk of heart attacks, strokes, and premature death, according to CREA. Hence, statement 3 is correct. — SO2 also affects the environment as it contributes to the formation of acid rain, which can damage ecosystems. Carbon monoxide (CO) does not contribute to the formation of acid rain. Hence, statement 4 is not correct. Therefore, option (b) is the correct answer. Consider the following statements: 1. India aims to install 500 GW of non-fossil fuel-based electricity capacity by 2040. 2. Presently, India has more than 10 operating nuclear reactors. 3. In 2024, almost 10 GW of renewable energy was installed in India, which was less than in 2023. Which of the statements given above are correct? (a) 1 and 2 only (b) 2 only (c) 1, 2 and 3 (d) 3 only Explanation — India aims to install 500 GW of non-fossil fuel-based electricity capacity by 2030. Hence, statement 1 is not correct. — Many of India's ten nuclear reactors are projected to be active during this timeframe, tripling the current capacity to around 17 GW by 2030. The Bharat Small Modular Reactors, which India is developing, are unlikely to succeed at this time. — The operation phase of a nuclear power station is typically the longest stage of its life cycle. Currently, India has 22 operational reactors with an installed capacity of 6780 MWe. Eighteen of these reactors are Pressurised Heavy Water Reactors (PHWRs), while four are Light Water Reactors (LWRs). Hence, statement 2 is correct. — In 2024, almost 30 GW of renewable energy was installed, the maximum for any year. Of this, solar energy stood at nearly 24 GW. Hence, statement 3 is not correct. Therefore, option (b) is the correct answer. (Other Source: Karewa formations are associated with: (a) Valley of Flowers (b) Western Ghats (c) Patkai Range (d) Kashmir Valley Explanation — According to a new study, the natural upliftment of the Pir Panjal ranges about four million years ago contributed to the Kashmir valley's current Mediterranean-type climate. — Kashmir, nicknamed the 'Switzerland of the East,' has warm summers and harsh, rainy winters. The main source of groundwater and waterbody replenishment in the Valley is snow or rainfall during the winter, which is related with passing streams of western disturbances. Winter in the Valley peaks between mid-December and January. — The elevation of the Pir Panjal range, commonly known as the Lesser Himalayas, formed an orographic barrier, preventing moisture-laden summer monsoon winds from reaching the Valley. It eventually led to the formation of a Mediterranean-type climate. — Researchers from the Birbal Sahni Institute of Palaeosciences (BSIP) and the University of Kashmir's Department of Earth Sciences recreated the Valley's palaeoclimatic history using leaf sediments from the Karewa formations. — Karewa formations are distinctive high tablelands found in the India's Kashmir Valley. Therefore, option (d) is the correct answer. With reference to the proposed Etalin hydel project in Dibang valley, consider the following statements: 1. It has been proposed as a run-of-the-river project on the Dri and Talo rivers. 2. The project will be constructed in Assam. 3. The project is based on the Teesta River. How many of the statements given above are correct? (a) Only one (b) Only two (c) All three (d) None Explanation — An expert panel of the Union environment ministry is slated to consider next week environmental clearance for the 3,087-MW Etalin hydel project in Dibang valley, Arunachal Pradesh, days after China officially kick-started work on the world's largest hydroelectric project (of 60 gigawatt) on the Yarlung Zangbo river upstream of India. Hence, statements 2 and 3 are not correct. — Etalin has been proposed as a run-of-the-river project on the Dri and Talo rivers, involving the construction of concrete gravity dams to divert water through two separate waterway systems. A run-of-the-river project involves negligible or no water storage. Hence, statement 1 is correct. — The Dri and Talo rivers are tributaries of the Dibang river, which feeds into Brahmaputra's waters. China's project has raised concerns that it will affect the water regime and security in the Brahmaputra basin downstream. Therefore, option (a) is the correct answer. With reference to the Pradhan Mantri Matsya Sampada Yojana (PMMSY), consider the following statements: 1. The scheme was launched by the Ministry of Fisheries, Animal Husbandry, and Dairying in 2016. 2. The scheme focuses on enhancing aquaculture productivity and improving fisheries management. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Explanation — With stagnant revenues from the typical wheat-paddy cycle and rising inflation, many Punjab farmers are diversifying into fish farming in addition to conventional agriculture, and reaping significant rewards. Fish farming in Punjab, once thought to be a marginal activity, has undergone a quiet revolution in the last five years, emerging not only as a key pillar of agricultural diversification but also as a lucrative alternative source of income for thousands of farmers. — The government is also supporting this shift by providing subsidies under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) launched in 2020. Since 2020-21, Punjab's fish production has increased by over 35,000 tonnes, worth around Rs 500 crore, in the past five years, while the total production amounts to over 2 lakh tonnes, now worth Rs 2,600 crore to Rs 3,000 crore. Pradhan Mantri Matsya Sampada Yojana (PMMSY) — The Pradhan Mantri Matsya Sampada Yojana (PMMSY), which began in May 2020, is a major effort aimed at reforming India's fisheries sector. Hence, statement 1 is not correct. — The program aims to increase aquaculture productivity, improve fisheries management, and create 55 lakh new employment in the sector, as well as make significant infrastructure improvements by developing five integrated aquaparks. Hence, statement 2 is correct. — It also plans to double fisheries exports to 1 lakh crores. One of the primary goals of PMMSY is to raise aquaculture productivity from 3 to 5 tonnes per hectare. — It also intends to improve fish farming infrastructure and minimise seafood production waste. In addition, the scheme places a heavy emphasis on sustainable practices, ensuring that the sector's growth does not jeopardise the environment. Therefore, option (b) is the correct answer. (Other Source: With reference to the United Nations Framework Convention on Climate Change (UNFCCC) secretariat, consider the following statements: 1. The UNFCCC secretariat was established in 1992 and is currently located in Geneva, Switzerland. 2. It supports the implementation of the UNFCCC, the Kyoto Protocol, and the Paris Agreement. 3. It maintains the registry for Nationally Determined Contributions (NDCs) under the Paris Agreement. 4. It only works with governments and does not engage with non-Party stakeholders like businesses and civil society. Which of the statements given above is/are correct? (a) 1 and 2 only (b) 3 and 4 only (c) 2 and 3 only (d) 2, 3, and 4 only Explanation — UNFCCC secretariat was established in 1992, it is currently located in Bonn, Germany, not Geneva (it was originally in Geneva until 1996). Hence, statement 1 is not correct. — The secretariat indeed supports the implementation of the Convention, the Kyoto Protocol, and the Paris Agreement, as stated in the passage. Hence, statement 2 is correct. — The secretariat maintains the registry for Nationally Determined Contributions (NDCs), which is a core aspect of implementing the Paris Agreement. Hence, statement 3 is correct. — The secretariat does work with non-Party stakeholders, including businesses, cities, and civil society groups, especially through the Marrakech Partnership for Global Climate Action and regional Climate Weeks. Hence, statement 4 is not correct. Therefore, option (c) is the correct answer. With reference to biostimulants in agriculture, consider the following statements: 1. Biostimulants are substances that provide essential nutrients like nitrogen, phosphorus, and potassium to crops. 2. Biostimulants help improve plant growth, yield, and stress tolerance. 3. Biostimulants are now regulated under the Fertiliser (Control) Order, 1985. Which of the statements given above is/are correct? (a) 1 and 2 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3 Explanation — Biostimulants are substances or microorganisms that stimulate natural processes in plants to enhance nutrient uptake, growth, yield, and stress tolerance. Hence, statement 2 is correct. — They do not supply nutrients directly like traditional fertilisers (e.g., NPK), but instead support plant physiology. Hence, statement 1 is not correct. — Biostimulants are now covered under the Fertiliser Control Order 1985 bringing them under the same legal framework as fertilisers. Hence, statement 3 is correct. Therefore, option (b) is the correct answer. Who received the Tyler Prize for Environmental Achievement in 2025? (a) Madhav Gadgil (b) Rashid Sumaila (c) Gretchen C. Daily and Pavan Sukhdev (d) Sandra Díaz and Eduardo Brondízio Explanation — The Tyler Prize for Environmental Achievement 2025 was awarded to Sandra Díaz and Eduardo Brondizio. According to — The Tyler Prize is the world's most prestigious annual environmental prize. Often referred to as the 'green Nobel Prize', it was the first prize of its kind to be awarded in the field of environmental science. It is administered by The University of Southern California, Los Angeles, USA. Therefore, option (d) is the correct answer. Daily Subject-wise quiz — History, Culture, and Social Issues (Week 118) Daily subject-wise quiz — Polity and Governance (Week 120) Daily subject-wise quiz — Science and Technology (Week 120) Daily subject-wise quiz — Economy (Week 120) Daily subject-wise quiz — Environment and Geography (Week 119) Daily subject-wise quiz – International Relations (Week 119) Subscribe to our UPSC newsletter and stay updated with the news cues from the past week. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. Manas Srivastava is currently working as Senior Copy Editor with The Indian Express (digital) and leads a unique initiative of IE - UPSC Essentials. He majorly writes on UPSC, other competitive exams and education-related projects. In the past, Manas has represented India at the G-20 Youth Summit in Mexico. He is a former member of the Youth Council, GOI. A two-time topper/gold medallist in History (both in graduation and post-graduation) from Delhi University, he has mentored and taught UPSC aspirants for more than five years. His diverse role in The Indian Express consists of writing, editing, anchoring/ hosting, interviewing experts, and curating and simplifying news for the benefit of students. He hosts the YouTube talk show called 'Art and Culture with Devdutt Pattanaik' and a LIVE series on Instagram and YouTube called 'LIVE with Manas'.His talks on 'How to read a newspaper' focus on newspaper reading as an essential habit for students. His articles and videos aim at finding solutions to the general queries of students and hence he believes in being students' editor, preparing them not just for any exam but helping them to become informed citizens. This is where he makes his teaching profession meet journalism. He is also the editor of UPSC Essentials' monthly magazine for the aspirants. He is a recipient of the Dip Chand Memorial Award, the Lala Ram Mohan Prize and Prof. Papiya Ghosh Memorial Prize for academic excellence. He was also awarded the University's Post-Graduate Scholarship for pursuing M.A. in History where he chose to specialise in Ancient India due to his keen interest in Archaeology. He has also successfully completed a Certificate course on Women's Studies by the Women's Studies Development Centre, DU. As a part of N.S.S in the past, Manas has worked with national and international organisations and has shown keen interest and active participation in Social Service. He has led and been a part of projects involving areas such as gender sensitisation, persons with disability, helping slum dwellers, environment, adopting our heritage programme. He has also presented a case study on 'Psychological stress among students' at ICSQCC- Sri Lanka. As a compere for seminars and other events he likes to keep his orating hobby alive. His interests also lie in International Relations, Governance, Social issues, Essays and poetry. ... Read More
Time of India
6 days ago
- Business
- Time of India
Clean tech exports hit ₹54,000 crore; green jobs projected to touch 35 million by 2047
India's clean energy economy has created over 5.1 million jobs by the end of 2022-23, up from 3.2 million in 2017-18, reflecting an increase of nearly 1.9 million jobs over five years, a new study by Climate Trends and the Centre for Research on Energy and Clean Air (CREA) has found. The report also states that India's clean energy exports touched ₹54,000 crore in 2022-23, supported by rising shipments in electric vehicles, solar modules, electrolysers and energy efficiency products. The study, titled 'How Green is India's Economy?', is among the first to provide a comprehensive estimate of green job creation and export activity across sectors including solar, electric mobility, green hydrogen, energy efficiency and bioenergy. Solar and green hydrogen sectors account for bulk of clean jobs The solar energy sector accounted for 1.76 million jobs in FY23, the largest share among the five tracked clean energy segments. Green hydrogen, which has grown significantly over the last two years, employed 1.17 million people, overtaking energy efficiency (0.87 million jobs), bioenergy (0.57 million jobs), and electric mobility (0.51 million jobs). The report attributes the growth in solar employment to expanding utility-scale solar installations and the increasing footprint of rooftop solar in residential and commercial sectors. Employment in green hydrogen has grown as a result of new projects, expansion of R&D, and the ramp-up of domestic electrolyser manufacturing. Despite being in early stages, the hydrogen sector now comprises a fifth of all green employment in India. CREA and Climate Trends note that these employment figures include direct and indirect jobs—covering roles in installation, maintenance, manufacturing, logistics, supply chains, administration, and training. Exports of clean technologies cross ₹54,000 crore India's clean energy export economy has grown substantially, with total estimated exports across the five major sectors reaching ₹54,000 crore in FY23. Solar exports, comprising solar PV cells and modules, were valued at ₹9,300 crore in FY23, up from ₹6,400 crore the previous year. Exports of electric vehicles and related components amounted to ₹11,000 crore. Energy efficiency appliances, including smart meters, contributed ₹5,300 crore, while green hydrogen-related products, including electrolysers and green ammonia derivatives, accounted for ₹1,600 crore. The report estimates that energy storage systems and advanced batteries added ₹4,000 crore to India's export earnings in the same period. Bioenergy technologies, such as biomass boilers and pellet machines, were also exported, generating ₹2,300 crore in revenue. Cross-cutting products and services associated with clean technology value chains accounted for ₹20,000 crore in additional exports. Key destinations for clean tech exports Indian clean energy products were exported to a wide range of destinations, including the United States, European Union, Australia, Middle Eastern countries, and Southeast Asian markets. Indian solar modules found markets in Africa and Latin America, while hydrogen-related technologies and services were directed toward Southeast Asia and the Gulf region. EV components and batteries were primarily exported to Europe and North America. Green jobs projected to reach 35 million by 2047 The report projects that with the right policy push and sustained investments, green employment could rise to a cumulative 35 million jobs by 2047. The projection is based on India meeting its net-zero emissions goal by 2070 and aligning with decarbonisation targets through greater electrification, clean fuel transitions, and domestic manufacturing. The study argues that the fastest growth in jobs is expected in green hydrogen, EVs, battery storage, and related digital and recycling services. Jobs are also expected to grow in services that support clean energy adoption—such as grid balancing, installation, software, maintenance and repair. Employment in fossil fuel-linked sectors remains static While clean energy jobs grew 56 per cent from 2018 to 2023, employment in fossil fuel-based power generation remained nearly stagnant during the same period. The report places fossil fuel power generation jobs at around 1.1 million in FY23, nearly the same as in 2017-18. The report estimates an additional 1 million people were engaged in fossil fuel transportation and distribution (including coal logistics, fuel delivery, and OMC retail), mostly in informal or contract-based roles. Policy alignment critical for scaling up The authors of the report underline that India's climate and energy policies—such as PLI schemes, the National Green Hydrogen Mission, domestic manufacturing targets, and EV incentives—will be instrumental in furthering job creation. They also point to the need for improved job tracking, skills development and employment quality data across clean energy segments. The report was released days ahead of expected policy announcements related to India's energy transition and coincides with growing global attention on clean job creation and just transition financing in emerging economies.
