According to a study by The Print, the amount of petroleum that India exported to important European markets increased by an astounding 2,53,788% between 2018-2019 and 2023-2024. Logistics related to the pandemic first drove higher exports, which were subsequently maintained at extremely high levels after Russia invaded Ukraine in early 2022. In terms of value, India’s petroleum exports to key European markets saw 250% growth. Based on an assessment of trade data from the Ministry of Commerce and Industry, the top 100 countries to which India exports petroleum products annually included between 15 and 17 European nations. The total amount of petroleum products imported by these nations—the Netherlands leading the pack—was 9,740.51 MT in 2018–2019. By 2023–2024, that amount had skyrocketed to a staggering 24.73 million MT. The UK, France, Romania, Switzerland, Russia, Spain, Italy, Belgium, Norway, Poland, Bulgaria, Slovenia, Greece, Ukraine, Germany, and Portugal were among the other nations on the list.
India’s coal production increases 6.48% in FY25
The first five months of the fiscal year 2024–25 have seen a notable growth in India’s coal production, the Economic Times reported. According to the Ministry of Coal, the output increased by 6.48%, reaching 384.08 million tonnes (MT) by August 2024. Compared to the 360.71 MT produced over the same period in the previous fiscal year, this is a significant increase. The largest coal producer in the nation, Coal India Limited (CIL), supplied 290.39 MT to this total, a 3.17% increase over the 281.46 MT produced between April and August 2023. The production of captive and other entities increased sharply by 30.56% within the same period, from 52.84 MT to 68.99 MT.
Banks sending trillions to fossil fuel projects through tax havens: Study
According to a recent report, banks are channelling trillions of dollars to fossil fuel businesses through opaque financial hubs in a number of nations, including the Netherlands. The anti-tax haven Tax Justice Network analysed the opaque fundraising practices of energy companies. The study looked at the $6.9 trillion in syndicated financing of fossil fuel corporations, such shipping companies or coal miners, by 60 international banks between 2016 and 2023. This financing included bonds, credit lines, and loans. Although the study’s focus on syndicated finance amounts to a minor portion of bank credit extended to the fossil fuel industry overall, it illustrated how the true scope of financing for fossil fuels is concealed. Investors and environmental activists are putting more and more pressure on major banks to reduce their financing of fossil fuels.
Quitting Fossil Fuels: Volkswagen plans to close German plant to save billions
The car manufacturer Volkswagen (VW) is considering shutting down two of its factories in Germany “as it struggles with the transition away from fossil fuels”, the Guardian reported. The report claimed that this is the first time the automaker would close factories within its own nation. The Volkswagen plans highlighted the challenges that established European automakers face when attempting to make the transition from profitable, but highly polluting, petrol and diesel vehicles to cleaner, but currently less profitable, electric vehicles. Carmakers in the US and Europe are also facing more and more pressure, especially from Chinese producers of electric vehicles, who have larger profit margins and cheaper costs.
The Hague becomes first city to legally ban fossil fuel ads
The Hague in the Netherlands approved a locally binding law banning advertisements promoting fossil fuel items as well as high-carbon services like cruise ships and air travel — the first time a city has banned fossil fuel commercials through binding, local regulation. While other cities like Amsterdam, Edinburgh and Sydney have been ahead of the Hague in regulating and reducing fossil fuel advertising, they have introduced non-binding restrictions, based on voluntary agreements with advertising companies. France, too, enacted a country-wide ban on fossil fuel advertising two years back. Effectively, these weaker measures leave the law vulnerable to exploitation. Existing advertisement contracts can run until the end of their tenures, which can be years, and will not be stopped immediately, unlike in the Hague.
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