• Governments can align immediate economic stimulus needs with medium to long-term decarbonisation and sustainable development objectives by targeting policy measures and public spending towards energy transformation, a report by the International Renewable Energy Agency (IRENA) said. The report shows that on an annual basis, scaling-up public and private energy spending to $4.5 trillion per year would boost the world economy by an additional 1.3%, creating 19 million additional energy transition-related jobs by 2030.
  • Coal India’s exploration arm has added 7.8 billion tonnes of coal to India’s proven reserves base in 2019-20, the largest addition in a year so far, it said in a report. It also added 9.75 billion tonnes of reserves to new resource category, which is a rough estimate based on preliminary exploration.
  • Coal India’s fuel allocation under the exclusive e-auction scheme for non-power consumers like steel and cement jumped five-fold to 6.10 million tonnes in the last two months. The company had allocated 1.20 million tonnes of coal to non-power consumers under the scheme in April-May 2019, as per latest government data.
  • The country’s crude steel output fell 39% to 5.76 million tonne (MT) in May. The country had produced 9.46 MT of crude steel during the same month a year ago, worldsteel said in its latest report.
  • In line with the ‘Aatmanirbhar Bharat’ vision, the Centre proposes to make major changes in the import policy for power equipment in a bid to promote domestic manufacturing and reduce import content in large infrastructure projects. As part of the ‘Aatmanirbhar Bharat Abhiyan‘, the Power Ministry has asked all power developers to completely stop imports of items where domestic capabilities are existing.
  • Moody’s Investor Service further downgraded its growth forecast for India to -3.1% this calendar year compared to 0.2% in April. The June 2020 update of its Global Macro Outlook, expected a marginally stronger rebound at 6.9% in 2021, as opposed to 6.2% in the April update. The global rating agency lowered  it’s estimates for almost all major economies. For the G20 advanced economies, the report projected a contraction of 6.4% in 2020 followed by a 4.8% recovery in the coming year.