Cyrus Rustomjee, Senior Fellow, Global Economy Program, Centre for International Governance Innovation, Canada, spoke to Gateway House on how the Blue Economy offers exciting opportunities to even the poorest developing countries to eradicate poverty
India has benefited from three years of low petroleum prices. The tide is now turning, with oil moving from a benign $50 to $70 a barrel. This is a good time for it to start using financial instruments and asset purchases, as other countries do, to protect itself against further price rises
The WTO judgment on the India-U.S. dispute on solar panels shows how rules across different international regimes – climate change, trade and nuclear power – favor the countries which set those rules. India must deepen its participation in such multilateral fora to protect its interests.
COP21 is a reality check for those who like to believe that geopolitical power is shifting from West to East. The just-concluded Paris Climate Summit was essentially about the early-to-develop Western powers continuing to exercise almost complete control over global governance structures, largely through the dominance of markets.
An unspoken war has been waged between India and the U.S. at the COP21 Summit in Paris. If the West wants India to opt for more expensive energy options, then they must also reciprocate by sharing technology.
Developments in electric vehicles, battery technology, and renewable energy can make oil, coal, nuclear power interchangeable, if the appropriate technology is developed and marketed well. And since the benefits include a permanent cap on energy prices, India must promote its own industries in these areas and not remain a passive beneficiary.
The World Bank report highlighting the need for far-reaching reforms in the power sector underlines the necessity for the centre and state governments to arrive at a political consensus. The model of cooperative federalism advocated by Prime Minister Modi has the potential to transform the electricity scenario