Last year, US greenhouse gas emissions increased by 6.2 percent beyond 2020 levels, owing to a 17 percent increase in coal-fired electricity use.
The estimated increase in emissions indicates that the US has fallen further behind the Biden administration’s goal of reducing emissions by 50-52 percent below 2005 levels by 2030 under the Paris climate agreement.
According to the Rhodium Group, a research company, US greenhouse gas emissions were 17.4 percent below 2005 levels in 2021, up from 22.2 percent below 2005 levels in 2020.
Using estimates of GDP growth of 5.7 percent year over year, it discovered that emissions growth exceeded economic recovery.
The transportation and electric power sectors drove the increase in emissions, with 10 percent and 6.6 percent increases in greenhouse gas emissions in 2021, respectively.
The executive commission of the 27-nation European Union has proposed phasing out imports of Russian oil within six months. It is part of Europe’s strategy to hit the Kremlin’s finances over its invasion of Ukraine.
The EU sends $450 million a day to Russia for oil and $400 million per day for natural gas, according to calculations by a Brussels think tank. This foreign currency is helping Russia partly make up for Western sanctions.
Europe is the biggest purchaser of Russian crude, receiving 138 million tons in 2020 out of Russia’s total exports of 260 million tons — or 53%. Europe imports almost all of its crude; it gets a quarter of its needs from Russia.
It would be easier to find other sources for oil, which mostly moves by tanker and is traded globally. It’s harder to find alternative sources of natural gas because it comes mainly by pipeline.
Europe imported 3.8 million barrels a day from Russia before the war. European customers could replace those barrels from suppliers in the Middle East, the US, Latin America etc. It’s not very easy.
The Income Tax Department has sent notices to dozens of foreign portfolio investors (FPIs) and alternative investment funds (AIFs), flagging discrepancies in their tax returns.
Japanese beverages group Kirin Holdings has increased its stake in B9 Beverages, the maker of Bira 91 beer, close to 20% from 10% by investing an additional ₹570 crore in the company, valuing the beer maker at $550-600 million post the fundraise, two executives directly aware of the development said.
The Insolvency and Bankruptcy Board of India (IBBI) is set to propose two key amendments to the law governing bankruptcies to enable quicker debt resolutions and distribution of recovery proceeds despite continuation of litigation.
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