Carbon dioxide over-emitters owe India an annual compensation of $1,446 per capita till 2050, and a yearly compensation equivalent to 66 percent of its GDP in 2018, says a new study published in the science journal Nature Sustainability. Industrialised nations of the Global North, such as the US and Germany, are responsible for 90 percent of excessive levels of carbon dioxide emissions and could be liable to pay $170 trillion in compensation to low-emitters such as India to ensure climate change targets are met by 2050. The researchers obtained remaining global carbon budgets for 1.5 de
Benchmark indices ended on strong note on June 7 with Nifty closing above 18,700 due to buying across the sectors. The Nifty 50 Index hit the highest level in over six months during intraday trade, with shares of Britannia and Nestle India hitting record high. Both Sensex and Nifty advanced on June 7, led by consumer stocks, ahead of the Reserve Bank of India’s monetary policy decision and on hopes of an interest rate pause by other major central banks. All the 13 major sectoral indices logged gains, with high weightage financials and information technology rising 0.3 percent and 0.4 per
Tata Consultancy Services (TCS) has been awarded a 10-year mandate to administer and enhance customer experiences for the Teachers' Pension Scheme in England and Wales. The Teachers' Pension Scheme is the second-largest public sector pension scheme in the UK with over 2 million members. TCS has been chosen by the Department for Education (DfE) to administer and improve customer experiences for the scheme. It will manage the scheme administration services using its future-ready, digitally enabled, omnichannel platform powered by TCS BaNCS™. The TCS platform will facilitate accurate adm
Unified Payments Interface (UPI) transactions in India are expected to reach 1 billion per day by the financial year 2026-27, accounting for 90% of the retail digital payments, said a report by PwC India. Calling it the UPI a “game-changer” in India’s digital payments ecosystem, PwC says since its launch in 2016 has gained massive acceptance, thanks to features such as instant transactions and credit to beneficiaries in real time; seamless integration of multiple use cases; using application programming interfaces (APIs); convenience in making payments due to interoperability; secure
Saudi Arabia has said that it will cut down in July the amount of oil it sends to the global economy by one million barrels per day (bpd), as the OPEC+ alliance of major oil-producing countries tackle failing oil prices and a looming supply surplus. The kingdom said on June 4 that it would make these production cuts next month to support the sagging cost of crude after two earlier production cuts by OPEC+ members could not drive prices higher. OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, reached a deal on output policy after seven hours o
Countries raised a record $95 billion in 2022 by charging companies for emitting carbon dioxide, but prices are still tremendously low to drive changes necessary to meet the Paris Agreement, said the World Bank in a report released in May. In a statement, Jennifer Sara, Global Director, Climate Change Group, World Bank Group, said that even in difficult economic times, governments are prioritising direct carbon pricing policies to reduce emissions. However, to really drive change at the scale needed, the world needs to see big advances both in terms of coverage and price. Many countries
Deputy Prime Minister of Singapore Lawrence Wong has warned that the calls to “de-risk” – rather than “decouple” – from China could lead to a more fragmented and decoupled world economy, which in turn, will split the world into competing regional blocs. There will be less trade, less investments and less diffusion of ideas, driving the world, especially Asia – where millions were lifted out of poverty, thanks to globalisation and trade – will end up worse off than before. Addressing business leaders, academics and the media at the annual Nikkei forum Future of Asia in Tokyo
The Reserve Bank of India (RBI) plans to expand the pilot for the central bank digital currency (CBDC) in the fiscal year (FY) 2023-24, said the central bank’s annual report released on May 30. The CBDC, referred to as digital rupee or e₹, will now be taken to more banks and locations in this financial year. “RBI aims at expanding ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features,” the report said. On October 31, 2022, the central bank launched the first pilot of digital rupee in the wholesale segment and identified nine banks to pa
Global experts have agreed to produce a draft treaty to end plastic pollution. Environmental advocates welcomed the result of the five days of United Nations’ talks in Paris on plastic pollution recently, while expressing concern that the petroleum industry and some governments would water down the eventual treaty, as most plastic is made from fossil fuels. The UN delegates at the Intergovernmental Negotiating Committee for Plastics on June 2 agreed to produce an initial draft before their next meeting in Kenya in November. The committee is charged with developing the first international
India has extended the $1 billion credit facility to Sri Lanka for another year. The State Bank of India (SBI) and the Sri Lankan government signed an agreement in March last year at the height of the country's economic crisis. India on May 30 extended its $1 billion credit line to Sri Lanka to help the island nation hit hard by an extraordinary economic crisis to acquire food, medicine and other essential items. Since last year, the credit facility has been used for urgent procurement of fuel, medicine, food items and industrial raw materials, as per the requirements and priorities of Sri