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Low carbon energy sources are much more stable and are systematically and structurally lower cost and their price trajectory will fall over time, Harry Boyd-Carpenter, managing director, Green Economy and Climate Action at the European Bank for Reconstruction and Development (EBRD), told Anadolu Agency in an interview.
"If you invest in green projects, you are investing in something that reduces energy consumption and shifts consumption away from high carbon and high volatile cost fuels to low carbon and low volatile sources. Almost all green investments fit somehow into that sort of description," Boyd-Carpenter said, noting that hydrocarbons are now very expensive and they are also fundamentally cyclical and volatile.
"Not so long ago, hydrocarbons were cheap, and they will be cheap again at some point and expensive again. It is a cycle renew," he added.
The world is currently going through an energy crisis due to skyrocketing fossil fuel prices and supply shortages which have been exacerbated by Russia's war in Ukraine.
According to International Energy Agency (IEA), renewable energy has great potential to reduce prices and dependence on fossil fuels in the short and long term.
The International Renewable Energy Agency (IRENA) calculated that the cost of electricity generation from utility-scale solar photovoltaics (PV) fell by 85% while from onshore and offshore wind, it dropped by 56% and 48% respectively between 2010 and 2020.
According to the IEA, although costs for new solar PV and wind installations have increased, reversing a decade-long cost reduction trend, natural gas, oil and coal prices have risen much faster, therefore actually further improving the competitiveness of renewable electricity.
Last year, renewable capacity additions broke a new record with 265 gigawatts (GW), a 6% increase compared to the previous year, despite the pandemic-driven supply chain challenges, construction delays and record-level commodity prices for raw materials.
The price of PV-grade polysilicon more than quadrupled, steel increased by 50%, copper rose by 70%, aluminum doubled and freight costs rose almost fivefold by March 2022.
The IEA forecasts solar and wind costs to remain higher this year and in 2023 than pre-pandemic levels, but renewable capacity additions are expected to further increase by 8% this year, reaching almost 320 GW.
"Green investments are a combination of reducing consumption or increasing efficiency and switching from high carbon and high volatility to low carbon and low volatility. These investments are economically and commercially sensible things to do," Boyd-Carpenter noted.
He explained that the financing of existing green investments is doing well, but there are always particular projects, companies and countries that are having a tough time.
"There are two sorts of points working against each other in terms of green financing. On one hand, increased cost of capital and interest rates go up. They have higher risk aversion. There is a spike in prices because of supply chain disruptions and energy price rises. All these developments are damping investment, making people cautious and slowing down investment," Boyd-Carpenter said.
He noted that on the other hand, there is a perfect alignment of decarbonization, reducing cost, diversifying energy security and reducing dependence on particular energy sources.
"All of these things are, in the long or the medium run, encouraging renewable investment," he concluded./aa
Key points:
Leaders of prominent Islamic groups and mosques in India have appealed to fellow Muslims to suspend plans for protests against derogatory remarks about the Prophet Mohammed made by two members of the ruling Hindu-nationalist party.
The message to avoid big gatherings was circulated after demonstrations took a violent turn last week, leading to the death of two Muslim teenagers and the wounding of more than 30 people, including police.
Malik Aslam, a senior member of Muslim organisation Jamaat-e-Islami Hind, called for peace and unity among Islam in India to combat the disparaging remarks.
"It is the duty of every Muslim to stand together when anyone belittles Islam but at the same time it is critical to maintain peace," he said.
Early this month, two senior members of Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) made remarks that offended Muslims.
A party spokeswoman made the comment in a television debate and a party spokesman on social media.
The party suspended both of them and said it denounced any insult towards any religion.
Indian police have also filed cases against the two, but that did not stop enraged Muslims from taking to the streets in protest.
Police arrested at least 400 suspected rioters during unrest in several states, and curfews were imposed and internet services were suspended in some places.
Many Muslims in India have been questioning their place in society since Modi came to power in 2014, playing down his roots in a powerful Hindu-nationalist group to which his party is affiliated.
Critics have said his BJP has pursued a confrontational line, promoting the idea that India is a Hindu nation and rounded on "anti-national" opponents, which many Muslims see as an attempt to marginalise them.
The Muslim community makes up 13 per cent of India's population.
Authorities in the northern state of Uttar Pradesh on Sunday demolished the home of a Muslim man linked to the riots, drawing the condemnation of the state government, led by the BJP, from constitutional experts and rights groups.
Muslims and rights groups interpreted the destruction of the house as punishment for the riots, but state authorities said it was because it was illegally built on public land.
"We are not demolishing houses to stop Muslims from protesting as they have all the right to take to the streets," an aide to the state's hardline Hindu leader said.
Mr Modi has not commented on the anti-Islam remarks that sparked the protests even as condemnation grew abroad.
Countries including Qatar, Saudi Arabia, the UAE, Oman and Iran, important trade partners for India, have lodged diplomatic protests.
Reuters
Pakistan contacted the Organization of Islamic Conference (OIC) on Sunday for discussion on the rising Islamophobia in India, as the National Assembly prepared to debate the insulting remarks of India’s ruling party spokesperson in its sitting on Monday (today).
Foreign Minister Bilawal Bhutto Zardari said that he spoke with OIC Secretary General Hissein Brahim Taha and told him that the issue of Islamophobia in India needed to be addressed through collective efforts.
Earlier in the day, Prime Minister Shehbaz Sharif asked the National Assembly Speaker Raja Pervez Ashraf to hold debate on a resolution to condemn the blasphemous remarks passed by the Bhartiya Janata Party (BJP) officials.
The prime minister, in a separate tweet, denounced the violation of Prophet Muhammad's (PBUH) honour and said that the sacrilegious remarks by the BJP leaders had hurt the sentiments of 1.25 billion Muslims across the world.
“We want to send out a clear message to the entire world by passing a resolution [in the National Assembly] that we are ready to render any sacrifice for the honour of Hazrat Muhammad (PBUH)," Shehbaz wrote.
Last week, two senior officials of India’s ruling party BJP issued derogatory remarks against the Holy Prophet (PBUH), inviting severe condemnation and backlash from Muslims in India and abroad.
Read more: Indian police kill two during protests against blasphemous remarks
Nearly two dozen Muslim countries summoned the Indian envoys to lodge protest. The Muslim states had asked New Delhi to apologise over the insulting remarks and take stringent action against those responsible.
At home, the Muslim community is fuming. There are protests in several cities, which the Indian government tried to crush with brute force. As a result, two Muslim protesters were killed in Ranchi, while a total of 227 people had been arrested so far in Uttar Pradesh alone.
The Foreign Office spokesperson, through a press release issued on Sunday, strongly condemned India’s heavy-handed treatment of Muslim, who were registering a peaceful protest after the Friday prayers.
The spokesperson said that the indiscriminate and widespread use of brute force by the Indian authorities across various states of India resulted in the killing of two innocent Muslim protesters and critical injuries to 13 others in Ranchi city.
“This is a new low in the Indian government’s repressive ‘Hindutva’-inspired majoritarian policy aimed at demonising and persecuting minorities, especially Muslims. “Pakistan denounces this shameful treatment of Indian Muslim citizens by the Indian government and expresses its solidarity with the Muslims of India in these testing times.”
The spokesperson once again urged India to ensure that demonstrable action was taken against those responsible for making derogatory remarks and attacking the dignity of the Holy Prophet Muhammad (PBUH).
Earlier on Saturday, President Dr Arif Alvi strongly condemned the disproportional use of force on Indian Muslim protestors in many cities across India on Friday. The president termed the brute use of force against Muslim protestors “unjust and highly condemnable”.
Alvi said in a statement that violence against Muslims on flimsy pretexts by various ‘Hindutva’ groups with complete impunity, and often under state patronage, highlighted the worsening trend of Islamophobia and extremism in India.
He called upon India to shun its Hindutva policies and stop targeting its minorities, hurting their religious sentiments and put an end to the rising incidents of violence and the spread of hate against Indian minorities, especially Muslims./
After several Indian nationals living in Arab countries were fired from their jobs for displaying and portraying Islamophobia through social media, Canada has also removed an Islamophobe from his job
Soon after several Indian nationals living in Arab countries were fired from their jobs for displaying and portraying Islamophobia through social media, Canada has also removed an Islamophobe from his job and terminating his contract with one of the leading real estate companies in the North American country, a report in Janta Ka Reporter said.
The Islamophobe identified as Ravi Hooda was a member of ‘School Council Chair’ in Peel District School in Brampton.
Several Toronto municipalities granted permissions to local mosques to call for prayer (azaan) on loudspeakers during Ramzan. This move by the municipalities were widely appreciated by Muslims as they cannot gather in mosques due to Novel Coronavirus outbreak.
On the other hand the move by Toronto municipalities was not accepted by Ravi Hooda and he posted a tirade mocking Muslims and their faith.
He wrote, “What’s next? Separate lanes for camel & goat riders, allowing slaughter of animals at home in the name of sacrifice, bylaw requiring all women to cover themselves from head to toe in tents to appease the piece fools for votes.”
Canada which is globally known for its liberal approach received shockwaves by Hooda’s remarks.
Peel District School Board in Brampton announced that it had removed Hooda as ‘School Council Chair’ and investigation was underway against him.
The Principal has begun an investigation. The individual is being removed from their role as School Council Chair and won’t be able to participate on council in any other capacity. Islamophobia is not acceptable and a clear violation of our Safe and Accepting Schools Policy, tweeted the school.
Canada’s top real estate marketing websites, ReMax too terminated Hooda’s contract.
We do not share nor support the views of Mr. Hooda. We can confirm he has been terminated and is no longer affiliated with RE/MAX. Multiculturalism & diversity are some of the best qualities in our communities, and we are committed to upholding these values in all that we do, ReMax tweeted.
Brampton Mayor Patrick Brown also condemned Ravi Hooda’s post and views and said Canada will not tolerate Islamophobia.
Our noise by law originally passed in 1984 only included an exemption for Church bells. It will now include all faiths within the permitted hours & decibel levels. The Muslim community can proceed with the sunset azan because it’s 2020 & we treat all faiths equally. #Ramadan, he tweeted./ nationalheraldindia
State-owned Kuwait Oil Company (KOC) on Monday cited the movement of tectonic plates as the trigger of a magnitude 5 earthquake that struck the country earlier this month, ruling out that the tremor was man-made. Hydraulic fracturing to produce oil and gas has often been mentioned as a possible cause of the quake, said a KOC statement, underling that such a production method is seldom linked to seismic activity.
Citing a preliminary analysis by the company’s geological experts, it said the vast majority of tremors in the region, including the one that shook Kuwait in the wee hours of June 4, occur when tectonic plates rub up against each other.
In the wake of the tremor, social media was abuzz with theories over what might have been behind the earthquake, added the statement, while the use of hydraulic fracturing has been closely associated with seismic activity, a notion KOC moved quick to dispel due to the method’s rare nature. On June 4, Kuwait’s national seismic network recorded an earthquake measuring 5 on the Richter scale, with no serious damage or injuries reported./agencies
His Highness the Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah received at Bayan Palace Monday Minister of Municipal Affairs and State Minister for Communications and Information Technology Dr Rana Al-Fares. Minister Fares presented His Highness the Crown Prince with Head of Municipal Council Abdullah Al-Mehri and the newly elected and appointed Municipal Council members. His Highness Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah congratulated them and encouraged them to put forth more efforts and work to achieve further development, wishing them success in their endeavors. – KUNA
Over 100 million people across the US are being impacted by a sweeping heat wave that is expected to break records in many parts of the country as it moves east.
The National Weather Service (NWS) said the heat wave would continue through the week as it expands "from the Plains into the Midwest and Southeast."
"Much above normal record tying and record breaking high and low temperatures are forecast. The warm lows will provide little relief from the heat overnight," the NWS said on Sunday.
It said in a separate weather alert that "dangerous heat" is expected to extend from the Mississippi Valley to the Southeast through the middle of the week, and "critical fire weather conditions" would be present in the southwest and central Rockies through the Monday night.
High temperatures are expected to hit the 90s and 100s Fahrenheit "with heat indices likely to be in the upper 90s and 100s."
Excessive heat warnings have been issued for at least 11 states spanning the Midwest, South and eastern sea board while heat advisories have been issued for about a dozen other states.
Multiple reports said the number of people that are being affected surpasses 100 million./agencies
A port in northwestern Spain received its first shipment of Ukrainian corn on Monday via a new shipping route that avoids the Russian blockade in the Black Sea.
The 18,000 tons of corn traveled from Ukraine by truck across the borders of Poland and Romania to the Polish port of Swinoujscie.
On May 27, it was loaded into a cargo ship that traveled through the Baltic Sea, stopped at two German ports and then sailed south through the Atlantic to reach the city of A Coruna in the Spanish region of Galicia.
The corn was purchased by Agafac, a Galician regional animal feed producer.
However, Agafac Director Bruno Beade compared the shipment to “a grain of sand on the beach” since Galicia goes through 95,000 tons every month.
“In the first half of the year, we usually bring in grain from Ukraine, but it was totally cut off by the war and we had to bring it from Canada, Romania and even some from France,” he told the Spanish news agency EFE. “It’s been enough to get to this point, and now it’s the season to start importing from southern hemisphere countries like Brazil.”
While he said he never grappled with a supply shortage, he complained that the prices of materials for animal feed have gone through the roof.
“Farmers are already dealing with high energy prices, fertilizer prices and now animal feed prices as well,” he explained. “Producing one liter of milk or one kilo of meat costs twice as much today as it did a year and a half ago.”/agencies
Roughly 14.4 million people in Myanmar, or about a quarter of the country's population, "urgently require humanitarian assistance," UN Secretary-General Antonio Guterres' envoy said on Monday.
Addressing the General Assembly, Noeleen Heyzer said the military junta's ouster of the democratically-elected government in February 2021 "has opened new frontlines that had long been at peace," warning of spiraling ethnic violence and mass displacement, including over 1 million people who are now internally displaced.
"This crisis has resulted in collapsing state institutions, significantly disrupting critical social and economic infrastructures such as health, education, banking and finance, food security and employment, while increasing criminality and illicit activities," Heyzer said.
"The people of Myanmar are facing intense suffering from this multidimensional crisis," she added.
The military's coup was met by mass civil unrest as people protested the restoration of military rule in Myanmar. The junta cracked down violently on protests as the UN repeatedly warned the country has descended into civil war.
Junta forces have since killed nearly 2,000 people in a crackdown on dissent, according to the Assistance Association for Political Prisoners, a local monitoring group.
The unrest and mass suffering have led many in Myanmar to resort to violence, said Heyzer.
"A generation that benefitted from the democratic transition is now disillusioned, facing chronic hardship and, tragically, many feel they have no choice left but to take up arms," she said.
"Armed conflict has now become the norm, and distrust among stakeholders has only deepened. In this zero-sum setting, there is a “missing middle” with little space to advocate for the de-escalation of violence or to engage in 'talks about talks," she added./agencies
Britain’s Court of Appeal dismissed on Monday an appeal against a High Court decision that asylum seekers can be flown to Rwanda in a controversial scheme.
The decision means the first deportation flight to Rwanda can go ahead on Tuesday.
In April, the UK announced plans to send some of the people who seek asylum in the UK to Rwanda. The scheme drew criticism from lawmakers, both within and outside the ruling Conservative Party, as well as charities and even the Church of England.
Critics say the plan is immoral, but the Home Office argues it is necessary to break up international people-smuggling gangs, and stop cross-Channel illegal migration.
The Court of Appeal said it “cannot interfere” with the original High Court decision, and also refused permission for an appeal to the Supreme Court.
It said the High Court judge “produced a detailed and careful judgement” in this “urgent and important case.”
The case was brought forward by the Public and Commercial Services Union, which represents around 80% of the UK’s Border Force staff, as well as the charities Care4Calais and Detention Action.
"We certainly intend for there to be a flight tomorrow. That still remains the plan," said a spokesperson of Prime Minister Boris Johnson.
According to local media, 11 asylum seekers will be put on the plane tomorrow shortly before midday, though the number of deportees may drop to single figures.
Overall, around 130 people have so far been told they could be deported to the East African country./aa