Archive for the tag “Bhamy V. Shenoy”

Paris Climate Summit: A success? A failure? Or a fraud?

Bhamy Shenoy writes in Deccan Herald: There is a comforting thought that the fall in solar energy and wind energy prices, and their greater adaption will provide solution to reduce the use of fossil fuels. Often ignored or overlooked reality is the difficulty in reforming the existing energy scenario both in the developed and developing countries.

Initial media reporting on the conclusion of the Paris Summit was euphoric -a history making agreement, a tipping point in fighting climate change, unprecedented international cooperation among 195 nations, first time 186 nations willingly and voluntarily submitting their intentions to reduce greenhouse gases. However within a day some activists including some leading scientists who have been involved in promoting policies to reduce GHGs started to draw attention to the half finished job of negotiators. James Hansen, a retired NASA scientist and often considered as father of creating climate change awareness has referred to Paris summit as a fraud.
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The IMF’s “shocking” estimate of fossil fuel costs: There’s more to the story

Sajai Jose

Credit: CGP Grey/Flickr, CC-BY 2.0
Credit: CGP Grey/FlickrCC-BY 2.0

Recently, when an International Monetary Fund research paper revealed that the actual cost of fossil fuel usage for 2015 was a staggering US$ 5.3 trillion (approx. 340 lakh crore rupees), it made headlines worldwide, though it went largely unreported in India.

What accounts for the bulk of this figure are the hidden costs of fossil fuel use – referred to as ‘externalities’ in economics calculated in monetary value. Most of it consists of damages inflicted by fossil fuel use on public health (for eg. deaths from air pollution) and the environment (global warming). Read more…

Bhamy Shenoy: Do we really know where oil prices will go?

(This article was first published in Industrial Economist)

Brent crude oil price after reaching a high of $110 per barrel in June of 2014, seems to have reached a floor price of $45/b this January. It has gone above $60/b. Despite earlier failure to predict oil prices, oil experts are again at it to predict where oil prices will go. Common person may get the impression that the oil experts can really forecast how the oil prices will behave.

When Brent was above $100/b at the end of 2013, most experts predicted only a small drop of $2 to $5 from the 2013 price of $109/b. There were some experts though very few- predicted more than $10 to $20 per barrel. Not more than very few had anticipated a drop like the one in 2009 when brent had fallen below $50. Industrial Economist was one exception, and the article of March, 2014 had discussed the possibility of why it can fall below $50.

bhamy graph Read more…

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