14, Jun 2023
TOEFL iBT® test approved for Canada’s student direct stream programme, empowering Indian students for higher education
New Delhi, June 14, 2023: Leading global educational assessment organisation ETS recently announced that their popular evaluation TOEFL iBT® test has been approved by the Immigration, Refugees and Citizenship Canada (IRCC) for use in Canada’s Student Direct Stream (SDS) programme. This significant development enables international students from India and 13 other countries to pursue their educational aspirations at renowned higher education institutions in Canada.
The TOEFL iBT® test, created by ETS, is a respected, accepted and preferred test of academic English-language proficiency, used for study, work and immigration. ETS is a strategic partner with leading global higher education management group MSM Unify, where they both are committed to transform the global education landscape. They are united in their mission to ensure that every student, regardless of their background, can access their dream education. This announcement is a concrete step in that direction and will greatly benefit Indian students. As per the IRCC records, over 2,26,450 Indian students went to study in Canada in 2022. With this record breaking number, Indian students formed the biggest group of international students to reach Canada for higher education purposes.
Earlier, students applying through the SDS route had only one English-language testing option. With the inclusion of the TOEFL iBT® test, students now have a wider range of choices to demonstrate their English-language proficiency.
“We are thrilled to celebrate this milestone in partnership with ETS,” said Avinav Sharma, Head of Strategy, MSM Unify. “The inclusion of the TOEFL iBT® test benefits the students who utilise the SDS route and also empowers educational institutions by diversifying their applicant pool” he added.
Starting from August 10, 2023, students from select countries can include their TOEFL iBT® test scores as part of their SDS application, streamlining the process and facilitating a smoother academic journey.
The TOEFL iBT® test is widely accepted by 100% of Canadian universities. This announcement reflects ETS’s commitment to offering students increased choices, transparency, and seamless access to educational opportunities.
Speaking about this development, Sachin Jain, Country Manager, ETS India and South Asia said “we are delighted that TOEFL iBT has been accepted for Canada’s Student Direct Stream. This move will immensely benefit Indian students who take this route each year to study in Canada. With this move, institutions in Canada will have a wider choice of selecting from a wider applicant base, enabling a more diverse cohort at their campuses”
More information about the TOEFL iBT® test and the SDS application process is available at www.ets.org/toefl
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- By Neel Achary
14, Jun 2023
Leading Kidswear Brand Miniklub opens a new store in Chennai
Miniklub – India’s leading babywear brand opens its 3rd flagship store in Chennai. Located in Anna Nagar, the store launch was graced by the Chief Guest- Shri G.K.Vasan, MP, President – Sri Thiyaga Brahma Mahotsava Sabha, Thiruvaiyaru. The newly launched store with a floor area of 2000+ sqft offers a wide range of safe and comfy apparel and non-apparel range for newborns to 8-year-olds.
After successfully operating in Nexus Vijaya Mall and Marina Mall the new store in Annanagar is ready host the parents with spaciously designed store offering latest New Born essentials, baby wear, footwear, toys, branded travel range, baby care products and much more all under one roof.
Incepted in 2013, MiniKlub, from the house of First Steps Babywear, has emerged as a fast-growing omni-channel brand with a presence in over 450 plus multi-brand outlets, leading e-retailers and exclusive brand stores – both physical and online. Having successfully marked its presence in 28 cities with 55 exclusive brand stores. Inspired by the childhood spirit, Miniklub takes utmost care while designing the products for comfort and safety of the babies. Miniklub also takes pride in following sustainable manufacturing process while bringing the best quality products to the market.
Miniklub also delivers across India through e-commerce platforms like Amazon, Myntra, Flipkart and Ajio and with their own D2C platform www.miniklub.in
Store Address: No: 208 Shanthi Colony Main Road, 4th Avenue, Anna Nagar,Chennai – 600040,
Landmark: Opposite to Shree Mithai
14, Jun 2023
My child has an Autoimmune Disease – What are the dos and don’ts?
Dr. Sagar Bhattad, Consultant – Paediatric Immunology & Rheumatology, Aster RV Hospital
Children fall sick regularly. As they grow up, start going to school and have exposure to other kids and new environments, sickness becomes a regular feature. The child falls sick, you take them to the doctor, follow the instructions and they get better. Sadly, it is not this simple for autoimmune diseases. Has your child been recently diagnosed with an autoimmune disease? Don’t know what to do or not do? Don’t worry, we’ve got you covered.
Everyone falls sick. There is nothing new or alarming about that. It is concerning when the condition gets severe or has no cure. And when a child is diagnosed with something serious, the parents’ world comes crashing down. They don’t know what to do, what not to do, how to take care of the child, which doctor to see next and the list is never-ending, just like the disease itself.
What are Autoimmune Diseases?
An autoimmune disease is where the immune system malfunctions and attacks the body instead of protecting it. The immune system mistakes the healthy cells to be infections or foreign invaders and attacks them., So, the immune system keeps fighting the body and destroying the healthy cells, instead of protecting them.
The exact reason or cause for autoimmune diseases are still unknown. A lot of research is going into finding the cause behind the various autoimmune diseases. These diseases can either be genetic or due to environmental exposure. Sometimes, an environmental factor can trigger the underlying autoimmune disease if the child has inherited a defective gene.
As a parent, it is important to remember that autoimmune diseases are not communicable, meaning you cannot get them because someone you stay with or someone in contact with you has a disease.
What happens when a child has an autoimmune disease?
When a child is diagnosed with an autoimmune disease, the best possible treatment is started immediately. Autoimmune diseases can cause severe damage to the organs in the body, so treating them or controlling them at the earliest is very important. With proper treatment and constant monitoring, the child can live a regular life with minimal restrictions.
Who is at risk of Autoimmune Disease?
The autoimmune disease generally runs in families. There are cases where someone with absolutely no family history of the disease can be diagnosed with an autoimmune disease. Here are some risk factors which can increase the chances of an individual developing an autoimmune disease:
- Genes – Every human receives 2 sets of genes. When one of the parents or their parents has an autoimmune disease, there are high chances for them to pass down this defective gene. While one might have a defective gene, it is not necessary for them to have the disease. It only increases their risk.
- Weight – Your weight can sometimes play havoc with your system. It can add pressure to your joints, leading to chronic joint pains or arthritis, and can also cause some organs to malfunction.
- Age – Autoimmune diseases are prone to affect younger people than older people. It can affect children too.
- Race – Certain races and ethnicities are more prone to some autoimmune diseases than others. The reason is not very clear but it is connected to genetics.
- Gender – Many autoimmune diseases affect girls more than boys
- Medicines – Certain medications can trigger the underlying defective gene in the body. As a result, one might develop an autoimmune disease that has otherwise been dormant until the medicine interfered.
- Other Diseases – an existing autoimmune disease increases the risk of developing another related autoimmune disease.
Can Autoimmune Disease Be Prevented?
Sadly, no. An autoimmune disease is one where the cause is unknown. When you are not sure about the cause of a disease or when it can affect the child, you cannot prevent it effectively. It is not advisable to treat something that has not occurred yet.
Even in the case of genetic health issues where the chances of a child contracting an autoimmune disease are high, you cannot prevent it completely. Doctors might prescribe certain medicines or treatments for the mother-to-be, but this can only reduce the chances of the disease passing on to the child.
An autoimmune disease can be very difficult to live with. However, with the right diagnosis and timely treatment, you can work on reducing the impact of the disease and help the child lead a close to normal life. The advancement of science and technology has enabled children with autoimmune diseases to enjoy their childhood, without much of a compromise.
14, Jun 2023
EssentialDx Revolutionizes Organizational Diagnostics
Austin, TX, June 14, 2023 – EssentialDx, a business diagnostic solutions provider, is pleased to announce its launch, tapping into a new frontier of enterprise data to provide transformative insights that directly address the highest priorities of today’s c-suite.
In the face of one of the most dynamic and challenging business environments in history, leaders are actively seeking new solutions that enable their organizations to not only adapt to uncertainty and change, but to thrive in it. EssentialDx is at the forefront of this evolution, leveraging a proprietary methodology, advanced AI, and sophisticated analytics to unlock the transformative power of data-driven insights. By examining every facet of an organization, EssentialDx provides leaders with a comprehensive and nuanced view, empowering them to make informed decisions that drive organizational performance; talent acquisition, engagement and retention; and building adaptive cultures.
Traditional consulting engagements can cost upwards of a million dollars and take months or years to deliver results; EssentialDx offers a game-changing alternative with an accelerated timeline of 30-days or less and an affordable flat fee structure, providing leaders with highimpact results at a fraction of the time and cost.
“At EssentialDx, we believe that a high-performing, resilient and adaptable culture is within reach of every organization, and now we’ve made it so that it’s just 30 days away,” says Henry Nothhaft, Jr., President of EssentialDx. “Our platform enables leaders to unlock the full potential of their organization’s talent and culture. EssentialDx provides organizations with rapid, datadriven insights and actionable recommendations, positioning them to successfully navigate and thrive in the face of uncertainty.”
EssentialDx provides a more reliable and sophisticated view of an organization’s dynamics, opportunities and challenges, with solutions that go beyond stale data and subjective observation to uncover hidden insights that traditional approaches miss. These solutions include a range of diagnostic services, including OrgDx, SearchDx, and BrandDx.
OrgDx
A next-generation diagnostic solution that supports leaders during critical inflection points. It provides actionable recommendations based on data-driven insights, giving organizations the tools they need to succeed in today’s dynamic business landscape. By combining social science, methodology, and advanced analytics, OrgDx delivers a more reliable, efficient, and cost-effective solution compared to traditional management consulting firms and self-service software tools, with a focus on driving tangible business outcomes and a more engaged workforce.
SearchDx
SearchDx streamlines the talent acquisition process by generating key insights from stakeholders and influencers to align the organization and refine the search strategy. With a focus on increased efficiency, improved representation, and an optimized candidate experience, SearchDx positions organizations to hire the best possible candidate for the role, resulting in a successful and lasting match.
BrandDx
BrandDx helps companies understand and improve their brand perception and reputation. Through a unique combination of digital analysis and traditional brand audit methods, BrandDx provides a comprehensive view of the company’s brand, as seen through the eyes of employees, prospective hires, customers, and investors. This delivers actionable insights and recommendations to optimize public presence, address blind spots, mitigate risks, and prepare for tough questions. Companies can gain a competitive edge by enhancing every facet of their brand.
“With EssentialDx, we’re providing CEOs with the cheat code they’ve always wished for—a way to reveal the unseen and unlock the secrets to organizational success,” says Nothhaft. “Our platform equips leaders to level up their decision-making, optimize performance, and effectively attract and engage talent. It’s the game-changer CEOs have been waiting for, and now it’s a reality.”
EssentialDx was incubated by Alioth, a renowned life sciences executive search firm, and is backed by Polaris Partners. With over four years of R&D, EssentialDx has assisted numerous leadership teams in navigating the pandemic and ensuing environment. Today, EssentialDx is an independent provider of high-impact diagnostic services, uniquely positioned to empower leadership teams to navigate today’s unique challenges.
14, Jun 2023
Cash Treasury Trading in the Age of AI
By Shankar Narayanan, Head of Trading Research, Quantitative Brokers
The US Treasury market has long been renowned for its depth and liquidity, serving as a crucial pillar of the financial system. However, recent disruptions have exposed the need for modernization and increased efficiency. In the era of artificial intelligence, cash treasury trading presents a unique opportunity to integrate new technologies, enhance trading methodologies and meet the growing demands of a rapidly evolving market.
Photo by Burak The Weekender:
The rise of artificial intelligence and machine learning is reshaping financial markets, including the more complex fixed-income landscape. The advancements we now see enable more efficient trade execution, risk management, and data analysis, leading to improved decision-making and operational efficiency. Recognizing the need for progress, Quantitative Brokers (QB) has been at the forefront, modernizing fixed-income trading with broker-neutral algorithms for best execution across various markets, including cash treasuries for over a decade. Yet, we believe that this is just the beginning.
Electronic trading already offers improved efficiencies in fixed income. It continues gaining momentum in the cash treasury markets, offering benefits such as increased transparency, expanded liquidity access, and tighter spreads. According to a recent research study by Greenwich Coalition, roughly two-thirds of U.S. Treasury trading was traded electronically in 2022. In other words, over $400 billion of Treasury securities trade electronically on any given day, according to the paper by the Federal Reserve Bank of New York. However, some of the initial concerns about greater visibility and access still remain. Most solutions in the market need to be more focused on solving this. As a trader, it is still crucial to strike a balance between electronic trading and maintaining relationships with traditional market participants to ensure a seamless transition and continued market stability.
Solutions are being proposed by The Federal Reserve Bank of NY, which recently suggested introducing “all-to-all” trading to enhance access and innovation in US Cash Treasuries. This approach allows market participants to engage directly in transactions, regardless of trading venues. While this presents promising opportunities for market resilience, liquidity improvement, and fairer pricing, challenges such as market fragmentation, regulatory considerations, and technological infrastructure still need to be addressed for widespread adoption. This solution could also take many years to adopt and fundamentally change the microstructure of the cash markets.
Source: Federal Reserve Bank of New York
That is why we believe complex problems demand modern solutions. Neutral vendors such as Quantitative Brokers play a crucial role in aggregating liquidity in a fragmented market. By connecting to all venues, central limit order books (CLOBs), and private streams, QB has built solutions that address the specific needs of market participants. Our smart order routing technology, PRISM, minimizes market impact and improves execution quality when combined with the Algo Suite. Together they optimize for the best execution of treasuries and leverage all available liquidity sources.
Driving change in the treasury market is a significant responsibility. Ensuring the presence of all relevant market makers and managing flow toxicity is vital. Quantitative Brokers access the required venues and adapt to future changes, such as the potential adoption of all-to-all trading. Our technology solutions enable participants to navigate the market effectively, leveraging AI-powered technologies to optimize execution and achieve workflow efficiencies.
Given the fragmentation in the cash treasury market, venue selection for execution is critical. We want to look for the size, price, and toxicity, typically measured by the post-trade adverse selection. While AI is a generic and broad category, there are specific deep-learning algorithms that effectively tackle cross-venue impact and toxicity. The real-time implementation of these algorithms can be challenging, but one still gets a huge advantage in using machine learning algorithms for post-trade fills, leading to real-time changes.
There are also improvements in the liquidity of the cash treasury markets on account of macro changes. Post the 2008 financial crisis and a decade of low-interest rates, cash treasury is more in demand than ever, especially given the recent fallout of equity markets. The higher demand in cash treasury will result in more competition, necessitating better AI models with superior technological infrastructure.
The US cash treasury market stands on the cusp of transformation in the age of AI. Leveraging intelligent solutions, liquidity profiling, optimized order placement, and smart order routing can revolutionize fragmented markets. By adopting AI-powered technologies, such as smart order routers and algorithmic trading, market participants can enhance efficiency, navigate complexities, and achieve optimal execution in cash treasury trading.
Cash treasury traders can embrace the potential for improvements as the financial landscape evolves. By leveraging technological advancements and intelligent solutions, the market can overcome challenges, improve liquidity access, and optimize execution quality. Quantitative Brokers is focused on innovation and efficiency, using PRISM and the Algo Suite to empower market participants to thrive in the age of AI.
13, Jun 2023
AutoFlight Reveals Interior Design of World-Record Holding Prosperity I EVTOL
Augsburg, Germany (13/06/2023) – AutoFlight, the global electric Vertical Take Off and Landing (eVTOL) pioneer, is thrilled to unveil the interior design of its world-record holding Prosperity I EVTOL. Designed by legendary automotive industry designer Frank Stephenson, known for his iconic works with brands such as Ferrari, Maserati, McLaren, and MINI, Prosperity I represents a fusion of style, science, and sustainable urban mobility. The full-scale aircraft type will be showcased at the highly anticipated Le Bourget Paris Air Show (19-25 June 2023).
Frank Stephenson’s expertise and creative vision have been instrumental in bringing Prosperity I to life. With a career spanning over three decades, Stephenson has consistently delivered designs that marry form and function, while incorporating the latest eco-friendly technologies. Leveraging his experience, Prosperity I embraces a sleek and elegant aesthetic that exemplifies the perfect blend of performance and beauty.
Tian Yu, CEO of AutoFlight, expressed his enthusiasm for the collaboration, stating, “We are delighted to have Frank Stephenson, a true industry pioneer, lending his remarkable talent to our Prosperity I eVTOL. His unparalleled design expertise has added a new dimension to our aircraft, elevating it to a whole new level. With Frank’s touch, Prosperity I truly embodies the future of urban air mobility.”
Frank Stephenson, Chief Designer of Prosperity I, shared his thoughts on the design process, saying, “Designing the interior of the Prosperity I has been a phenomenal journey. Our aim was to create an environment that evokes a sense of safety, comfort and innovation. With this as our goal, the passengers will feel relaxed, living a new sensation of wonder as they travel to their destinations. The welcoming interior has been achieved through the innovative application of natural organic shapes, new soft touch materials and a clever system of interior mood lighting. Meticulous attention to all details ensures that Prosperity I is bound to provide our passengers with a truly exceptional in-flight experience.“
AutoFlight is committed to sustainability and is actively working on selecting sustainable, recycled, and reusable materials for Prosperity I ahead of mass production. Aligning with its vision of sustainable urban mobility, the company aims to deliver a cutting-edge aircraft that not only revolutionizes air transportation but also minimizes its environmental impact.
With the longest eVTOL flight on record (250km / 155mi), Prosperity I is leading the pack in achieving sustainable advanced air mobility (AAM) at scale. Its interior design features demonstrate AutoFlight’s dedication to providing a remarkable passenger experience in mass individual transportation. The sleek lines and angle-free sculpted interior create a feeling of spaciousness, while curated lighting adds an ambiance of elegance and tranquility. The use of performance materials not only ensures a lightweight structure but also reflects AutoFlight’s unwavering commitment to efficiency and sustainability.
AutoFlight invites industry professionals and aviation enthusiasts to visit their exhibition stand, Chalet #200, at Le Bourget Paris Air Show, where the full-scale Prosperity I will be showcased.
For media inquiries, please contact:
Jules Tipler
Email: jules@influenceemobility.com
13, Jun 2023
Tumble Dry goes on an aggressive expansion plan
New Delhi, 13th June 2023: Tumbledry, a leading provider of laundry and dry clean services, is making significant strides towards its ambitious goal of opening 2000 stores by the year 2025. The company’s rapid growth presents a significant opportunity for emerging entrepreneurs in tier 1 and tier 2 cities.
As a franchise-based business model, Tumbledry has successfully captured 56% of the organized laundry market, offering entrepreneurs an opportunity to tap into the growing demand for laundry services. Tumbledry provides comprehensive support to its franchisees, including training, guidance on operations, marketing assistance, and promotional activities. This support system has enabled franchisees to set up thriving stores and achieve business growth in collaboration with Tumbledry.
Since December 2022, Tumbledry has launched an impressive 189 stores, setting a new standard in the industry by opening one store per day over the past six months. This extraordinary pace of expansion demonstrates Tumbledry’s commitment to pushing boundaries and consistently expanding its footprint. Notably, in the months of March, April, and May 2023 alone, Tumbledry introduced an impressive total of 25, 35, and 30 stores, respectively.
Tumbledry currently has over 70 stores in the works, scheduled to go live in June and July 2023. These new store openings will span a wide range of cities across India, including Bangalore, Hyderabad, Mumbai, Pune, Nagpur, Patna, Jammu, Ranchi, Kolkata, Kashipur, Barpeta, Sonari, Silvassa, Shimla, Giridih, Bokaro, Gulbarga, Hubli, Kozhikode, Kollam, Barmati, Erode, Jaunpur, and Sodepur. By expanding its presence to these diverse locations, Tumbledry aims to make its exceptional laundry services more accessible and efficient for people across different regions.
Tumbledry’s growth has been fueled by its quarter-on-quarter expansion. The company has achieved remarkable success, operating 604 stores in 198 cities in just 48 months. Data shows that out of the total franchise partners on-boarded by Tumbledry, a significant 40% are from Tier 2 and Tier 3 regions, highlighting the company’s commitment to reaching customers beyond major metropolitan areas.
“We are incredibly proud of our rapid growth and expansion efforts,” said Mr. Gaurav Nigam, Founder at Tumbledry. “By opening one store per day, we are determined to make our high-quality laundry services accessible to more customers throughout the country. Our expansion reflects our commitment to revolutionizing the laundry industry and providing exceptional growth in the industry.”
Tumbledry differentiates itself from other service providers by prioritizing transparency, high-quality service, and customer convenience. The company utilizes state-of-the-art machinery and chemicals sourced from Sweden, America, and Germany. It also boasts an in-house academy to train its washermen and pressmen, ensuring clothes are handled with the utmost care. With a focus on hygiene, Tumbledry processes each customer’s clothes separately and guarantees 99% stain removal with specially developed chemicals. Customers can witness the cleaning process in live stores and track orders through the mobile app, which includes free home pickup and delivery. These unique features set Tumbledry apart from other laundry service providers.
The laundry service market in India is vast, with a value of USD 35.83 billion in 2020 and an estimated worth of INR 2.2 Lakh Cr. Despite this, 96% of the Indian laundry industry remains unorganized. Tumbledry aims to tap into this growing market by offering franchise opportunities, providing a chance to be part of a rapidly growing industry with a high return on investment. The company’s franchise model has enabled it to penetrate smaller cities and towns, where the demand for quality laundry and dry cleaning services is growing.
Tumbledry is working diligently towards addressing the laundry and dry cleaning needs of half a billion urban Indians by launching 2000 live stores by 2026. The company’s goal is to cover all Tier 1, Tier 2, and Tier 3 cities and establish a hyper-local presence by having one Tumbledry store within every 3 km radius. This strategic expansion plan aims to ensure that everyone, regardless of their location, has access to high-quality laundry and dry cleaning services.
13, Jun 2023
Saudi and French Ministers Explore Opportunities to Enhance Industrial Cooperation
Paris, France, 13: His Excellency, the Saudi Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, held discussions with his French counterpart, the French Minister of Industry, Mr. Roland Lescure, during an official visit to the Republic of France. The meeting took place in Paris and focused on exploring opportunities to strengthen industrial cooperation between the two countries, as well as addressing matters of shared interest.
The ministers reviewed the progress of joint projects and agreements, and examined promising investment opportunities in various industrial sectors. They also discussed strategies to boost trade exchange and facilitate non-oil exports.
Highlighting the depth of bilateral relations between the two friendly nations, the meeting emphasized the importance of reciprocal visits to broaden mutual ties, particularly in the industrial and mining sectors.
It is worth noting that the official visit of the Saudi Minister of Industry and Mineral Resources to the Republic of France commenced yesterday. This visit aligns with the Kingdom’s commitment to bolster the industrial and mining sectors within its national economy, and to foster advancements in several promising industries. The visit also seeks to attract high-quality investments and expand the access of Saudi non-oil exports to the French and European markets.
13, Jun 2023
New Report shows that renewable electricity has reached a record 30% share
Renewable electricity registers record growth, but renewable heat and fuels lag far behind, hindering a shift away from fossil fuels
With a record 30% share, renewable electricity is driving the energy transition. However, renewable-based electricity needs to more than double. Renewable-based heat and fuels need to grow much faster to ensure equitable access and security of supply.
Renewable energy growth is most noticeable in the power sector (electricity generation), whereas critical energy carriers such as renewable heat and renewable-based fuels remain neglected.
Solar photovoltaics (PV) had another record year of growth in 2022, with a 37% increase in additional installed capacity.
Grid-connected wind energy additions fell 17% relative to 2021, due to delays in permitting, disruption in supply chains, and rising material and shipping costs.
China was home to 44% of renewable energy deployment and also represented 55% of total investments in renewables. Renewable investments in Europe reached 11% and in the United States 10%, while Africa and the Middle East received the lowest share by region, at only 1.6%.
PARIS – Wide-ranging barriers are preventing renewable energy from contributing effectively to meeting the world’s climate and development goals, according to the Renewables in Energy Supply module, launched today as part of the annual Renewables 2023 Global Status Report (GSR) collection. These barriers include a lack of attention to all energy carriers, a failure to diversify renewable energy technologies beyond wind and solar power, deficiencies in policies, bottlenecks in permitting and grid connections, unequal investment levels in different regions, and continued large investments in fossil fuels.
The Renewables in Energy Supply module covers the way final energy is distributed among heat, fuel and electricity, geographies and technologies (bioenergy, geothermal power and heat, heat pumps, hydrogen, hydropower, solar PV, concentrated solar power (CSP), solar thermal heat, ocean power and wind power). Renewables in Energy Supply follows the release of the GSR 2023 Demand Modules, which explored renewable energy use in the key energy-consuming sectors of buildings, industry, transport and agriculture.
Energy carriers include electricity and heat as well as solid, liquid and gaseous fuels. Currently, the global energy supply is split mostly among heat (49%) and fuel (29%), with electricity having the lowest share (22%). In 2022, the share of renewables in the power sector reached 30%, mainly because the sector has received long-term policy attention that enabled market and technology development and drove down costs. Across all sectors, renewables cover only 12.7% of the total energy system, a relatively low share in the larger scheme of things.
“The record growth of renewables in the electricity sector is positive news. However, we need to more than double this growth and to achieve deep electrification of the heat and transport sectors. We also need to invest heavily in grid infrastructure to address climate change and to provide access to over 700 million people living without electricity, mainly in Africa and Asia,” said REN21 Executive Director Rana Adib.
Meanwhile, the other energy carriers – fuels and heat, which provide most of the world’s energy – have only dismal renewable energy shares of 3.6% and 9.2% respectively. This indicates that efforts are narrowly focused on transitioning the power supply. This limited focus is ultimately slowing the shift to a renewables-based system, delaying efforts to reach the Sustainable Development Goals and maintaining the status quo of energy insecurity.
Greater attention must be paid to renewable heat and renewable-based fuels and to the diversification of renewable energy technologies. While electricity is expected to play an increasingly important role in the global energy supply, the International Energy Agency (IEA) net-zero scenario and the International Renewable Energy Agency (IRENA) 1.5 degree Celsius scenario indicate that electricity will supply only half of the world’s total final energy in 2050.
“This clearly means that we cannot continue to neglect the other carriers – renewable heat and fuels – if we are serious about cutting emissions and addressing the climate, energy and poverty crises. It took time, investment and policy attention to expand to 30% renewable power. We now need to award heat and fuels similar policy attention to achieve the critical shift we need,” said Adib.
Efforts in renewable electricity need to be accelerated as well. Despite the strong focus on the power sector, the ongoing failure to build and extend electrical grids and to speed permitting processes are creating bottlenecks that are slowing the shift to a renewable-based power system. More than 1 terawatt of renewable energy projects are still waiting to be constructed and connected to the grid globally due to delays in permitting and lack of investment in grid infrastructure. The status of Energy Systems and Infrastructure will be addressed in an upcoming module to be released as part of the GSR 2023 collection.
“Even in the power sector, we are still not taking a systemic approach that builds renewable energy as a healthy economic sector and industry by investing in manufacturing capacities, and skilling people. We focus on a few technologies like solar PV and wind and their generation capacity, neglecting distribution and connection to grids,” said Adib. “Electricity generation from renewables means attention to infrastructure. It´s like you manufacture cars and wait for roads. When we built cars, we did it with confidence that roads will accompany the process. The same thought and action process must apply to renewables.”
Momentum has been building for the creation of a worldwide target for renewable energy in the power sector, to be announced at the United Nations Climate Conference (COP 28) in Dubai in November. Recently, leaders of the G7 countries made a historic pledge to collectively increase the world’s offshore wind power capacity by 150 gigawatts and its solar capacity to more than 1 terawatt by 2030.
“These announcements are welcome signals for both countries and renewable energy markets; however, science and experience tell us that to be effective, these targets need to be urgently translated into concrete actions that will speed the energy transition in all countries – including through national policies, technology development and sharing, equitable investments in all regions, fossil fuel phase-outs, and the removal of barriers and bottlenecks”, said Adib.
The limited approach to the carriers has also been mirrored in the technologies and geographies. Solar and wind power currently dominate the annual additions of renewable power – together contributing 92% – with only 8% coming from other renewables such as hydropower, geothermal, bioenergy, CSP and ocean power.
“The energy crisis, which resulted from the Russian Federation invasion of Ukraine, has shown the importance of security of supply. To shield us from new crises, policy makers must immediately ramp up efforts in all renewable energy technologies, including hydropower, geothermal, ocean, CSP and bioenergy. If we don´t quickly evolve these alongside solar PV and wind, we will still need to depend on coal, oil and gas, and nuclear for our energy supply well into the future,” said Adib.
Geographically, China led the world in renewable energy investments in 2022, with 55% of the global total energy, followed by Europe with 11% and the United States with 10%. Africa and the Middle East together received the lowest share of renewable investments, at only 1.6%. Most of the worldwide deployment in renewables was in China, which accounted for 44% of all solar capacity additions and 38% of all wind capacity additions, pointing to the high geographic concentration of renewable energy additions.
“Within Africa, a continent blessed with an abundance of renewable energy, a silent storm rages on – the prolonged energy crisis, an ignoble plight that the world regrettably chooses to disregard. It is our moral imperative to accelerate the deployment of a sufficient quantity of renewable energy and to ensure that this transition uplifts the most vulnerable, improving livelihoods and fostering sustainable development that reaches far beyond economic gains”, said Joel Nana from Sustainable Energy Africa.
Financial flows are still not shifting fast enough towards renewables and away from fossil fuels. Of the USD 640 billion in global power investments in 2022, 26% still went to fossil fuels and nuclear power, even though renewable electricity is the least-cost option. This means that we continue to lock in more emissions in the atmosphere by investing in fossil fuel technologies that will soon become obsolete – depriving people and the planet of the sustainability, development, health and jobs benefits of the energy transition.
“Renewable energy is now recognised as the necessary backbone for all energy systems. However, it also needs to be developed as an economic sector, with clear and strategic focus on building a profitable industry. Investment in manufacturing and skilled labour are now crucial to deliver a secure, sustainable and thriving sector,” said Chief Executive Officer of the Global Renewables Alliance Bruce Douglas.
13, Jun 2023
White Rivers Media’s research based service, ‘Capital Z’ facilitates brands to decode Gen Z better
WRM’s ‘Capital Z’ is a research-based service lab to help build brand intelligence by structured decoding of Gen Z’s social and commercial sensibilities.
Mumbai, 13th June 2023: White Rivers Media recently rolled out its proprietary generation-focused research service lab ‘Capital Z’, which leverages its up to the minute knowledge reserve for brand-generation alignment. As a think tank to C-suite decision-makers, its findings will be pivotal in designing offerings that are a seamless fit for both the evolved values and needs of the next-gen power buyers, that is Gen Z.
https://www.instagram.com/p/CtOFqMVyO4F/
Accounting for about 27% of India’s total population, Gen Z is one of the dominant drivers of the digital economy at present. Most industry verticals have already outlined the shift in their consumption and contribution patterns but are yet to derive long-term actionable intelligence.
A more systematic understanding of this dynamic demographic is critical, now more than ever, to build generation-focused brand solutions that serve the dynamic interests of zoomers.
Capital Z and its bouquet of primary and secondary research services aim to strengthen impact across multiple sectors including Media/Entertainment, Banking, Insurance & Finance, Real Estate, Sports & Fitness, D2C to name a few. Capital Z has already onboarded some initial sets of key brands.
Shrenik Gandhi, Co-founder and Chief Executive Officer, White Rivers Media, said, “At WRM, we believe in ‘being the most’, and to make the most of the crest of Gen Z in the digital world, our new venture ‘Capital Z’ joins in. With an overwhelming supply of information at their fingertips, Gen Z is malleable regarding brand choices and quick to switch interests. It’s a walk on thin ice for brands to position themselves in this landscape—a problem that our new lab will resourcefully solve.”
Team Capital Z works closely with the stakeholders at the business end to identify trends, insights and behavioural patterns to curate a Gen Z first brand strategy.
“Today, Gen Z makes decisions under the influence of their peers, opinion leaders, current fads, and pop culture. They believe in a two-way communication approach and value sustainable concepts. Considering this generation’s exponentially growing role in redefining the digital economy, it is the need of the hour that brands take a revolutionary, methodical approach to make a meaningful difference,” said Mitesh Kothari, Co-founder, and Chief Creative Officer, White Rivers Media on the launch of Capital Z.
The research lab is spearheaded by Keren Benjamin and Swejal Gangan and led by a dedicated team of in-house researchers. One can know more about these services here –
https://www.whiteriversmedia.com/CapitalZ/
