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United News of India
2 days ago
- Business
- United News of India
ISA's Sixth Regional Committee Meeting in Brussels Calls for Collective Action
Belgium, [Western Europe], June 19: The Sixth Meeting of the ISA Regional Committee for Europe and the Others Region was convened today in Brussels under the chairmanship of the Federal Republic of Germany as the Regional Vice President. The Meeting brought together 20 countries from the Region and partners to review progress, align on strategic priorities, and advance collaborative action to further the International Solar Alliance (ISA) mission and strengthen ongoing engagements with countries in the Region. In his opening address, Director General of ISA, Mr Ashish Khanna, thanked everyone for their presence and noted, 'Your presence here today reflects our shared commitment to advancing the global transition to solar energy. Our focus must now turn to ensuring these advancements translate into jobs, equity, and climate resilience.' Highlighting the importance of the Meeting, he added, 'At the same time, we face critical contradictions and concerns regarding solar energy. Data states that nearly $2 trillion was invested in clean energy in the last fiscal year alone, with solar photovoltaics leading the way and holding the largest share of these investments. Despite this growth, the distribution remains unequal. Only 15% of these investments are reaching low- and middle-income countries, and less than 2% is going to Africa, a region with some of the world's best solar radiation potential.' Focussing on the issue of energy access, he said, 'With 600 million people in Africa still living without access to electricity—and across the Global South, where 70% of the world's population resides—there is an urgent need for nearly $200 billion in investments. ISA is mobilising $200 million to leverage more than 30 times the private investment in Distributed Renewable Energy in Africa while connecting 16 Centres of Excellence with digitalisation support from Global Capability Centres (GCC's); providing technology and policy roadmaps while engaging in-depth across select countries.' Mr Tobias Rinke, Deputy Head of Division, Federal Ministry for Economic Affairs and Energy, Germany, in his opening statement as the Chair of the Meeting reaffirmed the collective commitment to advancing solar energy and ensuring its benefits are equitably distributed across the world. He highlighted the International Solar Alliance's evolution into a truly global platform, now comprising 123 Member and Signatory countries, and noted the doubling of active engagements since 2022. He emphasised that the meeting presents a timely opportunity to shape the next phase of ISA's global agenda. He further emphasised the global consensus reached at COP28 in Dubai, where countries agreed to triple renewable energy capacity, enhance energy efficiency by 2030, and transition away from fossil fuels. He underscored the critical role of solar energy in achieving these goals—not only as a key solution in the fight against climate change, but also as a means to enhance energy security, reduce dependence on fossil fuel imports, drive economic growth, and create quality jobs. Highlighting the leadership potential of the Europe and Others region, he pointed out that the region comprises some of the world's most advanced economies, innovation leaders, and green technology pioneers. He stressed that with its strong technological capabilities, financial resources, and institutional strength, the region is well-positioned to drive and inspire the global energy transition. He also noted Germany's readiness, during its vice presidency, to work ollaboratively with regional partners to shape a shared vision for the International Solar Alliance. Ms Laura Cozzi, Director of Sustainability, Technology, and Outlooks at the International Energy Agency (IEA), in a conversation with Mr Ashish Khanna, Director General, ISA, addressed the rise of artificial intelligence in rapidly reshaping global energy systems. The conversation underscored critical insights on AI's dual impact and transformative potential in enhancing grid efficiency and accelerating solar deployment. She noted that artificial intelligence is fundamentally transforming the energy sector, simultaneously driving up electricity demand—particularly through data centres—and offering innovative solutions for grid management and the integration of renewable energy. She highlighted projections indicating that AI-related infrastructure could add electricity demand equivalent to that of a 'new Japan' by 2030. Despite this surge, AI holds immense potential to optimise grid operations, accelerate solar deployment, and improve energy access, particularly in the Global South. To monitor these trends and promote practical applications, she also informed about the launch of a new Energy and AI Observatory by the International Energy Agency. In the second fireside chat, themed, 'Changing Paradigm', the Director General of the International Solar Alliance engaged in a wide-ranging conversation with Ms Kate Hampton, CEO of the Children's Investment Fund Foundation (CIFF), exploring the shifting role of philanthropy in climate finance. Against the backdrop of declining aid flows and rising urgency for sustainable investment, the dialogue delved into catalytic finance, solar deployment, and the systemic reforms needed to unlock meaningful progress across the Global South. Kate Hampton emphasised that accelerating solar deployment is essential for advancing both human development and climate goals, as it significantly contributes to productivity gains and emissions reductions. She pointed out that the key financial barrier is not the availability of debt, but the lack of catalytic or patient equity—an instrument crucial for mobilising private investment. She highlighted the unique role of philanthropy in addressing this gap by supporting country platforms through technical assistance, policy engagement, and junior equity. Additionally, she stressed that a major constraint lies in the availability of skilled professionals capable of navigating the complexities of delivery, policy, and finance—an area where philanthropic support can be instrumental in breaking bottlenecks and advancing projects. In his keynote address, H.E. Dan Jørgensen, Commissioner for Energy and Housing at the European Commission, emphasised the urgency of Europe's response to rising energy costs and the escalating climate crisis. He highlighted solar energy as central to the solution, noting its role in reducing fossil fuel dependency, enhancing competitiveness, and lowering emissions. He pointed out that at the EU level, the cost of solar power has fallen by 82% over the past decade, with an additional 12% global decline in 2023 alone—making solar not only the fastest-growing but also the most affordable clean energy source available today. The Meeting will also feature focused discussions on the following themes: Catalytic Finance in Africa; integrated institutional strengthening through ISA's capacity building initiative STAR-Cs and Global Capability Centre; Digital Transformation and AI in the Energy Sector; and a Roundtable on Energy Storage and Green Hydrogen. About the ISA Regional Committee for Europe and the Others Region Meeting The Regional Committees of the ISA meet annually, chaired by two Vice Presidents from the Region, and aim to assess and discuss progress, challenges, and opportunities related to ISA's programmatic support, flagship initiatives, partnerships, private sector engagements, and work plan for the Region. A significant goal of the Regional Committee Meetings is seamless coordination among the Region's Member Countries. The Europe and the Others Region currently includes 15 Member Countries, 4 Signatory Countries, and 32 Prospective Countries. About the International Solar Alliance The International Solar Alliance is a global initiative launched in 2015 by India and France at COP21 in Paris. It has 123 Member and Signatory Countries. The Alliance works with governments to improve energy access and security worldwide and promotes solar power as a sustainable transition to a clean energy future. ISA's mission is to unlock investments in solar energy while reducing the cost of technology and financing it. It promotes the use of solar energy in agriculture, health, transport, and power generation sectors. ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified, designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries; and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers. With its advocacy for solar-powered solutions, ISA aims to transform lives, bring clean, reliable, and affordable energy to communities worldwide, fuel sustainable growth, and improve quality of life. On 6 December 2017, 15 countries signed and ratified the ISA Framework Agreement, making ISA the first international intergovernmental organisation headquartered in India. ISA is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational solutions through solar energy, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).
The Hindu
2 days ago
- Business
- The Hindu
CII lays road map to enhance Karnataka's competitiveness in global market
The Confederation of Indian Industry (CII), Karnataka, on Thursday unveiled its new road map to enhance the State's competitiveness on the global stage. As part of the road map, which is named 'Accelerating Karnataka's Competitiveness: Globalisation, Inclusivity, Sustainability, Trust', the CII would focus on AI-led transformation, sunrise sectors, and capacity building for MSMEs. Other priorities will include simplifying GST and taxation, easing regulatory compliance to strengthen 'Ease of Doing Business', and improving infrastructure and connectivity for balanced industrial development, the trade body said in a press conference. According to the office-bearers, the CII's 2025–26 agenda placed a strong focus on empowering MSMEs through digitisation, ESG adoption, and cluster-based support. Key priorities include emerging sectors like semiconductors, aerospace, and electric mobility, along with energy transition and alternative fuels and Industry 4.0 skills. To drive impact across sectors, the CII plans to strengthen collaborations with the academia, startups, the government and global partners to catalyse investment, foster deep-tech capabilities, and fast-track industrial transformation. Rabindra Srikantan, chairman of CII, 'As we move towards Viksit Bharat, the State has an opportunity to shape India's industrial future through innovation, technology leadership, and sustainability.'' The trade body's focus was to create a resilient and agile ecosystem that empowered industries to lead in strategic areas like semiconductors, design-led manufacturing, AI-powered production, and clean energy. A key pillar of this journey was the expansion of Global Capability Centres (GCCs), which were rapidly evolving from support hubs to strategic innovation engines across sectors, he added. Guruprasad Mudlapur, vice-chairman of CII, said, 'We are committed to accelerating inclusive and future-ready growth by strengthening competitiveness, ease of doing business, and building trust to enable MSMEs across the State.' He said the CII's new roadmap was aligned to Viksit Bharat, and focused on infrastructure, policy simplification, and technology adoption to drive industrial resilience across the State.
The Print
3 days ago
- Business
- The Print
Will focus on AI-led transformation, sunrise sectors, MSMEs capacity building: CII
He was addressing a press briefing organised to discuss CII's roadmap to the future. 'Our focus is to create a resilient and agile ecosystem that empowers industries to lead in strategic areas like semiconductors, design-led manufacturing, AI-powered production, and clean energy,' said Rabindra Srikantan, Chairman of CII Karnataka and Founder and Managing Director, ASM Technologies Ltd. Bengaluru, Jun 19 (PTI) The Confederation of Indian Industry (CII), Karnataka announced on Thursday that it will focus on AI led transformation, sunrise sectors and MSMEs capacity building to enhance the state's competitiveness on the global stage. 'A key pillar of this journey is the expansion of Global Capability Centres (GCCs), which are rapidly evolving from support hubs to strategic innovation engines across sectors,' he added. According to him, CII Karnataka is working closely with government, academia, startups, and global partners to catalyse investment, foster deep-tech capabilities, and fast-track industrial transformation. Guruprasad Mudlapur, Vice Chairman of CII and President, Bosch Group in India & Managing Director Bosch Limited said CII is working to expand competitiveness across regions — Beyond Bengaluru — and deepen collaboration between government, industry, and academia. 'CII Karnataka is committed to accelerating inclusive and future-ready growth by strengthening competitiveness, ease of doing business, building trust, and enabling MSMEs across the state. We will be focusing on infrastructure, policy simplification, and technology adoption to drive industrial resilience,' he added. The plan, he added, is to equip businesses, especially MSMEs in Tier 2 and 3 cities through structured mentoring, sustainability initiatives, and skilling platforms. PTI JR ROH This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
3 days ago
- Business
- Business Standard
CII Karnataka to drive AI-led growth, boost MSME and sunrise sectors
A key pillar of this journey is the expansion of Global Capability Centres (GCCs), which are rapidly evolving from support hubs to strategic innovation engines across sectors Press Trust of India Bengaluru The Confederation of Indian Industry (CII), Karnataka announced on Thursday that it will focus on AI led transformation, sunrise sectors and MSMEs capacity building to enhance the state's competitiveness on the global stage. Our focus is to create a resilient and agile ecosystem that empowers industries to lead in strategic areas like semiconductors, design-led manufacturing, AI-powered production, and clean energy, said Rabindra Srikantan, Chairman of CII Karnataka and Founder and Managing Director, ASM Technologies Ltd. He was addressing a press briefing organised to discuss CII's roadmap to the future. A key pillar of this journey is the expansion of Global Capability Centres (GCCs), which are rapidly evolving from support hubs to strategic innovation engines across sectors, he added. According to him, CII Karnataka is working closely with government, academia, startups, and global partners to catalyse investment, foster deep-tech capabilities, and fast-track industrial transformation. Guruprasad Mudlapur, Vice Chairman of CII and President, Bosch Group in India & Managing Director Bosch Limited said CII is working to expand competitiveness across regions -- Beyond Bengaluru -- and deepen collaboration between government, industry, and academia. CII Karnataka is committed to accelerating inclusive and future-ready growth by strengthening competitiveness, ease of doing business, building trust, and enabling MSMEs across the state. We will be focusing on infrastructure, policy simplification, and technology adoption to drive industrial resilience, he added. The plan, he added, is to equip businesses, especially MSMEs in Tier 2 and 3 cities through structured mentoring, sustainability initiatives, and skilling platforms. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Print
3 days ago
- Business
- The Print
ICAI to complete review of fin statements of IndusInd Bank, Gensol in 6 months
'(FRRB) will take at least six months or more to come to a conclusion on what is happening. It is a long drawn process…,' ICAI President Charanjot Singh Nanda said while responding to a query on IndusInd Bank and Gensol. ICAI's Financial Reporting Review Board (FRRB) has started reviewing the financial statements of the two entities and depending on the findings, disciplinary action will be initiated against the auditors concerned. New Delhi, Jun 18 (PTI) Chartered accountants' apex body ICAI on Wednesday said it will take at least six months to complete the review of the financial statements of fraud-hit IndusInd Bank and Gensol Engineering and ascertain whether there were audit lapses at the two entities. FRRB is reviewing the IndusInd Bank's financial statements for 2023-24 and 2024-25 and that of Gensol Engineering and BluSmart Mobility for 2023-24. If the FRRB finds that the books of the entities were not true and fair, the matter will be referred to ICAI's disciplinary committee for further action. Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding that Rs 674 crore was incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. Nanda also informed that ICAI will host the GCC Summit Series on the theme 'From Ledger to Global Leadership: Chartered Accountants Shaping Global Capability Centres'. In this series, the first summit will be held in New Delhi on June 27–28, 2025, with regional editions to follow in Ahmedabad (GIFT City), Mumbai and Hyderabad. The initiative aims to reinforce India's growing leadership in the Global Capability Centres (GCC) ecosystem, highlighting the critical and evolving role of Indian Chartered Accountants in the global services landscape. The summit series will bring together industry stalwarts, policymakers, academicians and global stakeholders to discuss emerging trends, foster strategic partnerships and catalyse innovation in the GCC space. ICAI said several government bodies have extended their support to the GCC Summit Series as Eco Partners, including the Ministry of External Affairs (MEA), Ministry of Electronics and Information Technology (MeitY), IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. With over 1,800 GCCs currently operating in India and employing more than 1.9 million professionals, the country has firmly positioned itself as a global hub for finance, innovation, and business operations. 'India is uniquely positioned to lead the next phase of the GCC evolution. Chartered Accountants are central to driving digital finance, regulatory integrity and global governance,' Nanda said. ICAI, this year, has constituted a dedicated group under its Directorate of International Trade, Services & WTO to promote India as a global hub for accounting and finance-focused GCCs. This initiative seeks to strengthen the contribution of Chartered Accountants in finance leadership and global operations, leveraging Bharat's skilled talent pool to build a GCC-ready workforce. Chartered accountants, Nanda said, are playing a pivotal role in delivering strategic and operational excellence in areas like finance, compliance, taxation, risk management, governance, and business analytics. Their growing presence and influence within GCCs underscore their importance in navigating today's complex global business environment. PTI NKD NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
