New Delhi: The Indian government here on Friday urged Iran for the release of nine Indian sailors detained in that country for two years.
External Affairs Minister Sushma Swaraj made the request during a meeting with her visiting Iranian counterpart Javed Zarid.
“I had a good meeting with Foreign Minister of Iran HE @JZarif today. I raised the issue of nine Indian sailors detained in Iran,” Sushma Swaraj tweeted.
Sushma Swaraj said she asked Zarif to ensure that the $2.9-million fine imposed on the nine sailors was waived and they were released early.
The nine sailors were arrested in late 2013 after their ship, belonging to a Dubai-based firm, was seized by the Iranian government on charges of smuggling oil.
The Indian minister also said she met the family of Sushil Kapoor, one of the nine sailors, here “and apprised them of my meeting with the foreign minister of Iran”.
“I have advised our Ambassador designate to Iran, Mr Saurabh Kumar, to follow this up on priority and secure their release at the earliest,” Sushma Swaraj said in another tweet.
Coal consumption forecasts have already been downgraded significantly from 2013 projections, and major shifts in energy policy like Modi’s are likely to add significant weight to the idea that India might well become a much bigger player in renewable energy production in the next 20 to 30 years
When Prime Minister Narendra Modi’s government announced its target to increase India’s renewable energy capacity to an equivalent of 40% of the nation’s total green energy output, it raised eyebrows. Could this mean an end to India’s coking coal industry?
Is there investment for green energy?
For any alternative to coal to be a serious consideration, there must be investment sources. Already India’s renewable target has attracted investors like Japan’s SoftBank, which agreed to a deal to sell power generated from a Northern Indian solar bank at 2.4 rupees per unit – below that of coal power, which currently costs over 3 rupees per unit.
Contrary to the enormous investment in the production of solar panels being manufactured by China, which has made them cheap enough to encourage this Indian growth in solar renewable energy, there has been relatively little investment in Indian coal.
For instance, state-run NTPC has cancelled several large coal mining projects, including a huge plant in Andhra Pradesh. Meanwhile, the private sector has continued investing in renewables. Adani Power has over $600 million invested in solar panels in the southern state of Tamil Nadu.
That Modi has made an investment of $42 billion in the renewable energy sector over the past four years and his renewables plan is likely to generate a further $80 billion in the green energy sector in the next four years is good news for the Rupee. External investment in India is likely a sign of increased currency transaction in forex trading signalling the Rupee gaining strength against other pairs. Like the Indian economy, millions of dollars are traded on currencies every day, and increased interest in the Rupee helps cement India’s economic and investment potential.
How reliant is India on coal power?
Not so long ago the Indian government had a target to connect 40 million households to the national grid by the end of 2018. It even tasked CIL, the state coal monopoly, to produce over a billion tonnes of coal per year by 2020, an increase of almost 100% from 2016. It’s an ambitious goal, notwithstanding the environmental impacts of mining for such an unprecedented amount of coal. This is the same coal that already generates 70% of India’s primary commercial energy requirement; compare that figure to the UK’s 11%, Germany’s 38%, and China’s 68%, while France has practically shut all of its coal power stations. This means that India’s shift from coal could have important implications for the global climate, and any investors looking towards coal would be making a very brave and risky decision.
The increasing problem with relying on coal
Environmentally, coal isn’t a sustainable source of power, certainly not in current quotas. Clean-up costs could make coal an out-of-date power source sooner rather than later. A report by Oxford University estimated that investors in coal power may lose upwards of half a trillion dollars because assets cannot be profitably run or retired early due to global temperature rises and agreed carbon emission reductions.
Coal consumption forecasts have already been downgraded significantly from 2013 projections, and major shifts in energy policy like Modi’s are likely to add significant weight to the idea that India might well become a much bigger player in renewable energy production in the next 20 to 30 years – although it’s difficult not to see coal remaining an important power source considering India’s significantly large coal reserves still available in Eastern India.