Latest news with #ShantanuSrivastava
Time of India
7 days ago
- Business
- Time of India
Why Jharkhand's small steelmakers risk missing the green bus — despite India's decarbonisation drive
New Delhi: As India's steel giants announce mega decarbonisation plans, a quieter crisis is brewing in Jharkhand's steel belt. Thousands of small and medium enterprises (MSMEs) that form the backbone of the state's secondary steel production are struggling to keep up with the country's green transition — and without support, they risk being left out of India's clean energy future, warns a new report by the Institute for Energy Economics and Financial Analysis (IEEFA). The report — Financing the MSME Transition in Jharkhand's Steel Sector — paints a stark picture. Jharkhand's steel sector emits nearly 3.9 million tonnes of carbon dioxide every year, largely from coal-based direct reduced iron (DRI) units and older induction furnaces. These MSMEs, critical to local employment and supply chains, currently have no viable path to decarbonise, with limited access to finance, technology or government incentives. India's steel output touched 150 million tonnes in 2024 and is expected to jump to 255 million tonnes by 2030. While large players like Tata Steel and JSW Steel are ramping up investments — JSW has committed ₹86,000 crore to cut its emission intensity to 1.95 tonnes CO₂ per tonne of crude steel by 2030 — the MSME segment is falling behind. 'Steel is one of the most energy and emissions intensive industrial subsectors. Without targeted support, MSMEs risk being excluded from India's low-carbon transition, threatening jobs and deepening regional disparities,' said Labanya Prakash Jena, co-author of the report and Sustainable Finance Consultant at IEEFA. In Jharkhand, MSMEs account for 3.6 MT per annum of coal-based DRI capacity, operating alongside 19 MT of hot metal production by larger integrated steel producers like Tata Steel and SAIL. Despite the state's strong steel legacy, most small units are stuck with outdated technologies and cannot easily transition to low-emission alternatives like green hydrogen or electric arc furnaces. The report notes that most MSMEs still treat energy efficiency and renewable energy as 'non-core' investments, with long payback periods and unclear returns. Even Energy Service Companies (ESCOs), which could support these transitions, face their own challenges — from weak balance sheets to lack of access to working capital. To address this financing gap, IEEFA has proposed the creation of a Green Financing Facility for Just Transition (GFF-JT) in Jharkhand. This would be a dedicated project preparation facility designed to help MSMEs and ESCOs access early-stage capital for feasibility studies, financial structuring, and legal support — essentially enabling them to structure bankable green projects that public and private investors can fund. 'By providing early-stage funding for essential services such as technical and commercial feasibility studies, financial structuring, GFF-JT can help advance economically viable projects to a stage that allows public and private investment,' said Shantanu Srivastava, Sustainable Finance and Climate Risk Lead at IEEFA. The proposed facility would be anchored by the Government of Jharkhand, supported by donor agencies, public finance institutions and philanthropies. It could also integrate with existing government schemes such as SIDBI's Green Finance programme, the MSE-GIFT scheme, and the Rooftop Solar Subsidy. The report outlines three practical ways in which MSMEs can reduce emissions: improving energy efficiency, adopting renewable energy, and switching to material-efficient practices. Energy efficiency alone could reduce coal use by up to 25 per cent and increase productivity by 20 per cent. Rooftop solar and open-access power procurement could also help cut costs and emissions. The report also warns that without support, India's green steel journey could deepen inequality within the sector. While Tata and JSW adopt low-carbon technologies, smaller firms risk becoming uncompetitive or shutting down entirely — impacting jobs, supply chains, and regional economies. IEEFA recommends that the GFF-JT be eventually expanded to other key steel-producing states like Odisha, Chhattisgarh and West Bengal, where similar challenges exist. For Jharkhand's steel MSMEs, the report signals a crucial turning point. Without a dedicated financing mechanism, the green transition could bypass the very workers and entrepreneurs who have kept the state's steel furnaces running for decades.>
Time of India
10-07-2025
- Business
- Time of India
SBI Card Chief Risk Officer Shantanu Srivastava steps down
SBI Cards and Payment Services Ltd (SBI Card) on Thursday announced that its Chief Risk Officer, Shantanu Srivastava, has resigned from his post, citing personal reasons. His resignation will be effective from the close of business hours on October 6, 2025, the company informed in a regulatory filing. 'In accordance with Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the RBI's Master Direction for NBFCs under Scale Based Regulation, we wish to inform that Mr. Shantanu Srivastava… has tendered his resignation from the services of the Company owing to personal reasons,' SBI Card said in the filing to exchanges. A copy of Srivastava's resignation letter was also attached to the filing. In it, he wrote:'I tender my resignation from the position of Chief Risk Officer… with effect from the close of business hours on October 6, 2025, due to personal reasons. I request you to accept the same and relieve me accordingly.' Play Video Play Skip Backward Skip Forward Mute Current Time 0:00 / Duration 0:00 Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions and subtitles off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. He also thanked the management and extended his best wishes to the company. 'I take this opportunity to thank you for your continued support and guidance during my tenure with SBI Card. My best wishes to the company for continued success and I am sure that the Company will scale new heights in the times ahead," Srivastava was quoted as saying. Live Events Srivastava's successor has not yet been announced.
Time of India
17-06-2025
- Business
- Time of India
Can emerging markets balance climate goals and jobs? IEEFA says it's time for co-investment push
New Delhi: What happens to coal workers when the last mine shuts down? How will small rural livelihoods survive the shift to clean energy? A new report by the Institute for Energy Economics and Financial Analysis ( IEEFA ) warns that as emerging economies transition away from fossil fuels, millions of workers and communities face the risk of being left behind—unless targeted co-financing models and just transition strategies are adopted. According to the report, ensuring vulnerable workers and communities are not excluded during the energy transition is one of the biggest challenges for emerging markets and developing economies (EMDEs). At the same time, the shift opens up new job opportunities and avenues for economic growth if planned with social equity in mind. 'Combining climate action with social equity can facilitate the energy transition in emerging markets and developing economies (EMDEs) without disrupting sectors that rely solely on fossil fuels,' said Shantanu Srivastava, IEEFA's research lead, sustainable finance and climate risk. 'A Just Transition aims to manage this change fairly by protecting affected workers and communities, creating opportunities for economic growth and ensuring the benefits of the transition are shared widely,' Srivastava said. While fossil fuel industries face the risk of stranded assets, large companies often have the resources and access to capital to adapt. The report noted that the greater risk for governments lies in the potential economic disruption to entire communities dependent on fossil operations. The report proposes a 'co-investment' approach to support asset closures and community resilience. This includes combining investments in renewable energy with Just Transition activities such as labour reskilling, social support, and micro-enterprise development. These programmes often require concessional or grant-based finance. 'Just Transition activities encompass a mix of hard energy transition assets, such as renewable energy, climate smart agriculture, and climate-resilient infrastructure, and 'softer' Just Transition aspects like responsible coal asset closures, stakeholder capacity building, labour reskilling, support for micro, small and medium enterprises (MSMEs), and community resilience,' said Soni Tiwari, energy finance analyst at IEEFA. The report draws on case studies from India, the Philippines, Ethiopia and South Africa to illustrate how targeted planning and coordinated intervention can enable a socially inclusive energy transition. In the Philippines, the Accelerating Coal Transition (ACT) investment plan demonstrates how securing early-stage grant commitments for Just Transition support helped mobilise concessional and commercial capital for fossil fuel asset closure and repurposing. South Africa's Just Energy Transition Investment Plan (JET-IP) highlights the importance of institutional coordination, governance frameworks, and dedicated platforms that link funders with project developers. In India, a targeted programme for MSMEs enabled coordination among domestic, multilateral, and philanthropic investors to drive clean energy adoption. Another programme, Zero-Budget Natural Farming (ZBNF), focused on capacity-building to create self-sustaining, low-carbon agricultural models for vulnerable communities. In Ethiopia, a rural water programme financed by the United Nations Green Climate Fund (GCF) demonstrated the role of grant-based funding in fragile contexts and the importance of empowering local institutions. 'With fiscal pressures mounting and fossil fuel revenues expected to decline, EMDE governments should look beyond their own budgets to a diverse set of capital providers, including multilateral development agencies, private investors, development banks and philanthropies,' Tiwari said. 'The financing challenge is not only about scale, but also about targeting suitable forms of capital for the right activities based on their risk-return profiles and developmental impact,' Srivastava added. The report concludes that by strengthening monitoring systems, aligning national schemes and fostering partnerships, EMDEs can mobilise funding more effectively and advance a just and inclusive transition to clean energy.
