Climate change?: Coal India ranks No 1, Adani No 3 in carbon emission worldwide, says Fossil Fuel Indexes report

By Our Representative
In an astonishing revelation, several top Indian companies -- Government of India-owned Coal India, Gujarat's powerful Adani Group, Tata Steel, National Thermal Power Corporation (NTPC), Tata Power, and Steel Authority of India Ltd (SAIL) -- have found their way into top 100 CO2 emitting coal companies worldwide.
A recent high-profile report by Fossil Free Indexes LLC has, in fact, ranked Coal India, a listed company, as the worst carbon emitter in the world with 57.722 gigatons (Gt) of CO2, ranking it No 1. Following Coal India’s carbon dioxide emission is China Shenhua with 36.807 Gt, ranking No 2, and then comes the turn of Adani Group with 25.383 Gt ranking No 3.
As for others, their CO2 emission is Tata Steel, ranking 31st, with an emission of 2.709 Gt; NTPC, ranking 48th, with an emission of 1.740 Gt; Tata Power, ranking 58th, with an emission of 1,062 Gt; and SAIL, ranking 91st, with an amission of 0.307 Gt of CO2.
The report, titled "The Carbon Underground 200TM", identifies the top 100 public coal companies and as many public oil and gas companies globally, ranking them by the potential carbon emissions content of their reported reserves.
As for oil and gas emission, Oil and Natural Gas Commission (ONGC) ranks No 14th worldwide, with a CO2 emission of 2.457 Gt, and Oil India ranks 34th, with an emission of 0.113 Gt.
Pointing towards the danger posed by these 200 listed pubic companies, the report, the report states, "The reserves of these companies total 555 gigatons (Gt) of potential CO2 emissions, almost five times more than can be burned for the world to have an 80% chance of limiting global temperature rise to 2°C (3.6° F)."
The report adds, the CO2 emissions potential of the coal, oil and gas reserves of these "largest public fossil fuel companies continues to grow", despite the "dwindling carbon emissions budget implied by a broad government policy agreement to avoid excessive global warming."
"The trends evidenced in this report demonstrate that reserve growth continues to be the norm for both the oil and gas and the coal sectors as a whole. The 555 Gt CO2 emissions potential estimated to be embedded in the reported reserves of the 200 firms – The Carbon Underground 200 – represents over 400% of the firms’ carbon budget allocation, based on their share of carbon emissions potential of global reserves", the underlines.
According to the report, it "estimates an updated carbon budget based on the only IPCC climate scenario with a future less than 2° C above pre-industrial levels with >66% probability. These estimates broadly confirm growing research on the exposure of public fossil fuel companies, especially those in the coal sector, to potential constraints and revaluation based on stranded assets.
The report further says, "Companies on the list are investable as of January 31, 2015. Subsidiaries with their own exchange listings that report reserves separately from their parent are eligible for inclusion. Companies that publicly trade only a portion of their overall shares are also eligible for inclusion."
It adds, "The rankings are based on calculated carbon emissions data using reserves reported as of October 31, 2014. The ranking are adjusted for company mergers and acquisitions through January 31, 2015."
Pointing towards its methodology, the report says, "Rankings are constructed using a reserves-based methodology with the underlying core data based on 'reported' reserves. Coal reserves are the sum of proven and probable reserves based on the last reported reserves amount by mine.”
It adds, “Reserves are allocated to listed companies based on percentage ownership of individual mines. Oil and gas companies are ranked on proven reserves (1P) net of royalty payments."
The report says, "The Carbon Underground 200 relies on the IPCC Revised 1996 Guidelines for National Greenhouse Gas Inventories as a methodological framework. The calculation of CO2 emission potential requires several conversions to the raw reserves figures."
However, there is a disclaimer in the report: "Fossil Free Indexes LLC and its third-party data providers and licensors do not guarantee the accuracy, completeness, timeliness or availability of the information contained herein".

Comments

Clive Lloyd legacy reminds us of the golden era that reshaped cricket

By Harsh Thakor* As August 31 marked the 80th birthday of cricketing icon Clive Lloyd, it also heralds the impending 50th anniversary of his ascension to the captaincy of the West Indies team. Under his leadership, a collection of extraordinary talents coalesced to create one of the most formidable teams in cricket history. The roots of West Indian cricket dominance trace back to a colonial past.

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah* The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual.

Impact of water anxiety, stress and trauma on women: World Water Week 2024 talkshow

By Mansee Bal Bhargava, Durga Das, Garbhit Naik, Sromona Burman* A newly formed no bet-for-profit organization, WODER , dedicated and motivated to work towards water security for all for all the time, was at the World Water Week (WWW) 2024 organized by the Stockholm International Water Institute (SIWI) from August 25 to 29th. The WWW2024 theme was, ‘Bridging Borders: Water for a Peaceful and Sustainable Future’ and centered around water cooperation for peace and security. The event underscored the collaborative effort needed to achieve a peaceful and sustainable future.

Damaging signal sent to various levels of judiciary? Modi at religious function at CJI's residence

Counterview Desk The civil rights group, National Alliance for Justice, Accountability and Rights (NAJAR), has expressed its "grave concern" over the Prime Minister’s recent presence at a religious event at the Chief Justice of India's residence, underlining, "Independence of Judiciary from Executive must be ensured in all circumstances".

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Unwavering source of ideological inspiration in politics, life: Personal tribute to Yechury

By Bhabani Shankar Nayak Sitaram Yechury was everyone's comrade. He lived his life in public like an open book of praxis. Everyone was familiar with his family background, student life, many talents, achievements, and political journey that defines his everyday life as a committed communist.

Trailblazer in literary innovation, critic of Indian mythology, including Ramayana

By Harsh Thakor* Ranganayakamma, commonly known as RN, stands out as a transformative figure in promoting Marxist thought, democratic ideals, and anti-caste principles through her remarkably clear and engaging writing style. A trailblazer in literary innovation, her works span a broad array of topics, from critiques of Indian mythology and revivalism to discussions on civil liberties, the Indian Communist Movement, and Maoism in China.

'Void in Leftist landscape': Loss of Sitaram Yechury who had helped form INDIA bloc

By Vikas Meshram* The passing of Sitaram Yechury has cast a profound stillness over leftist organizations across India. Renowned as a distinguished politician, columnist, economist, and social activist, Yechury was a staunch advocate for student rights and movements. His leadership skills became apparent early in his academic career, as he was elected three times as the president of Jawaharlal Nehru University (JNU). Yechury also endured imprisonment during the Emergency period, underscoring his commitment to political activism.

Will Bangladesh go Egypt way, where military ruler is in power for a decade?

By Vijay Prashad* The day after former Bangladeshi Prime Minister Sheikh Hasina left Dhaka, I was on the phone with a friend who had spent some time on the streets that day. He told me about the atmosphere in Dhaka, how people with little previous political experience had joined in the large protests alongside the students—who seemed to be leading the agitation. I asked him about the political infrastructure of the students and about their political orientation. He said that the protests seemed well-organized and that the students had escalated their demands from an end to certain quotas for government jobs to an end to the government of Sheikh Hasina. Even hours before she left the country, it did not seem that this would be the outcome.

Search This Blog