Lord Kubera shows interest in Green Finance

 

(As usual  the post is humor in satire with no offences to anyone cited. And the story is not real)

Last week, YES Bank organized a Symposium on Opportunities in Green Finance in Mumbai in partnership with FMO, Proparco, KfW and DeG.

There was a lot of crowd as the Seminar was free and the venue was Grand Hyatt which has reputation to serve good food.

Mr. Rana Kapoor gave an awsome welcome speech that was more than the welcome as it narrated the pioneering work of the YES Bank in green financing, especially on the green bonds. He reeled off numbers that indicated the need for green investments in trillions of dollars for the attainment of the 17 Sustainable Development Goals (SDGs). From FMO, Linda Broekhuizen, Chief Investment Officer, echoed the need stressing the importance of partnerships and partnerships and partnerships.

“We must all come together and unleash innovative financial instruments/products to leverage and create desired impact” most speakers and delegates said this while standing in the queues. Even the waiters who were serving tea/coffee (and cookies) during the break said this.

I was at the registration counter to pick up the environmentally friendly cloth delegate bag and was astonished to see Lord Kubera standing in the queue.


Those who don’t know Lord Kubera

Kubera is the Lord of Wealth and the god-king of the semi-divine Yakshas in Hindu mythology. It is a misconception that Lakshmi is Goddess of wealth. Actually, Kubera is God of wealth while Lakhsmi is Goddess of fortune. As fortune is usually associated with wealth, a misconception has arisen. Kubera watches over the earth’s storehouse of gold, silver, jewels, pearls and nine NIDHIS (i.e. special treasures). He is the head of the treasury.


“Kubera” means “deformed or monstrous” or “ill-shaped one”; indicating his deformities. He is supposed to have three legs, only eight teeth and one eye. Lord Kubera was therefore in a disguise. He chose a plump body and was dressed like a businessman, with gold and diamond rings in all ten fingers, a thick gold chain around the neck. He was carrying an expensive leather briefcase (presumably consisting gold coins)

Lord Kubera

I went close to him and tapped on his shoulder “Lord Kubera, how come you are here for this Symposium”. Lord Kubera was shocked that I recognized him – “Shh Dr Modak, don’t say this so loudly. I am here to seek opportunities for green finance. It seems that the human race is looking for trillions of dollars for investments that are green. As I manage the treasury department of the Gods, I thought of coming over, network and look for potential opportunities. But Dr Modak, what is a green investment by the way? – is this something different than something everyone does?”

“Oh yes, it is different” I said this while ushering Lord Kubera to the round tables that had placards saying Reserved. “Green investments mean investments in renewable energy, low carbon transportation, sustainable waste management, climate smart agriculture etc. something that will combat our threats to the security of resources and improve our resilience to climate change”

“I don’t understand a bit of your jargon Dr Modak. Common sense is that we should invest in projects and programs that have a promise of good outcomes and importantly to the benefit of all. All investments we make, must be environmentally as well as socially green by default – isn’t it?. Will you call the “other types” of investments as brown or red?” Lord Kubera said this while picking up a lemon candy from the bowl.

I told the Lord that common sense is uncommon and he should speak to President Trump. Perhaps Trump’s  idea of building a wall between United States and Mexico with solar panels may give him another perspective of so called Green but irrelevant investment. Lord Kuber asked whether President Trump will apply for grants from the Green Climate Fund (GCF) for this solar powered wall. I kept shut.

After the opening ceremony, my good friend Mr. Santosh Jayaram from KPMG was moderating the panel speaking on Green Investments – Experience and Expectations. When Lord Kubera heard the expectations, he whispered to me – Oh the requirements are pretty large and I am quite excited to offer cheap finance – but why don’t the governments and businesses simply “re-appropriate” and “re-prioritize” the existing program of investments so as to free up the finance for a better cause. It will be foolish to continue the dumb, irrelevant and damaging investments and look for a special finance for green investments. Has this perspective been studied?”.

I thought Lord Kubera made a valid point. Such studies are perhaps not yet done and should be carried out. I decided to let Santosh Jayaram know so that he could perhaps bag a consultancy assignment from Lord Kubera. This could be an important takeaway for KPMG from the Symposium.

There was a lunch break post the panels. The speakers and organizers were taken to a separate room so that they could eat in peace and network amongst each other. I decided to take Lord Kubera to this special lunch room.

I introduced Lord Kubera to respected Mr. Rana Kapoor.

“Oh, so you are the one, Kubera – the God of Wealth!” exclaimed Mr. Rana. “We are so honored to have you with us”. Mr. Rana said this while passing Lord Kubera a bowl of lentil soup with cream. “And Thank you so much Dr Modak for getting him here”

Mr. Rana announced Lord Kubera’s presence to all the speakers and organizers. He told the international visitors from FMO, Proparco, KfW and DeG more about Lord Kubera and the role played by him in financing the world for the past 5000 years or so. The representatives of the mighty State Bank of India and Housing Development and Finance Corporation (HDFC) also praised his presence.

“The presence of Lord Kubera here must be told to the Press” Mr. Rana instructed Ms. Namita Vikas Group President & Global Head, Climate Strategy & Responsible Banking of the YES Bank. “This will be yet another laurel adding to the list of the YES Bank” he said this while clicking a photograph from his smartphone.

Lord Kubera explained the purpose of his presence at the Symposium “We are genuinely interested to finance – I mean the green investments” he said this while looking at me.

Linda Broekhuizen of FMO came straight to the point. “Mr. Kubera, what are your terms and conditions please?”

“Oh, really nothing – there will be no interest. The loan repayment period will be what you choose” Lord Kubera said this while sipping the soup.

“Wow” said Linda – “This sounds rather heavenly”

Mr. Xavier Echasseriau of Proparco asked “What is the currency you will be dealing with? And who will take the forex risk?” (I was wondering what is forex risk in Lord’s context)

Well Mr. Xavier, we finance using gold coins.” Lord Kubera answered and opened his expensive leather bag. He displayed the gold coins he was carrying. These are only samples – you can check the purity. We have unlimited reserve.”

Mr. Xavier was shocked.

Lord Kubera continued

“On Dr Modak’s advice, I am proposing to route the moneys through financing intermediaries and special purpose funds. Please help me in their identification and the criteria I should be considering”

Mr. Rana Kapoor said “This is real easy. You start with the YES Bank as we are the first in Environmental and Social Governance (ESG) in this country in all the respects – be it policy or  operations or even the publicity. There are a few others you may like to consider too. Just ensure that they have signed up for UNEP Finance Initiative (costs only 5000 USD a year with no major obligations except echoing the aspirations). In addition, they must have a document on Environmental and Social Management Framework (ESMF)”

I thought of butting in here – “Lord Kubera, Mr. Rana is right. But I will recommend that you talk to the World Bank (WB) and Asian Development Bank (ADB). Both these development financing institutions have forced several financing intermediaries to prepare the ESMF documentation. It has now become a template. The best part is that it does not majorly transform the actual investment operations. It’s a great facade however to show-case”

Most present agreed with me and told Lord Kubera that they will sign up UNEP FI and produce a document on ESMF. “These two requirements will drive the Green Finance” said the waiter serving deserts.

There was one person sitting in the room who was not comfortable with the discussions. I think he was new to the club.

“Lord Kubera – your financing terms are crazy. I don’t know how your treasury survived last 5000 years following this practice of zero interest and long-term lending. Have you ever carried out any due diligence or impact assessment”

“Good question sir” said Lord Kubera “We have been essentially investing on creation, conservation and enhancement of natural assets. Because of poor management of these assets by the mankind, we have landed into Non-Performing Assets (NPA) on the earth. Nothing seems to be performing. I am consulting Hon Union Finance Minister Arun Jaitley on how to write off these NPAs. He has the wisdom and the right experience.”


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Eating With

We go and eat out often. In most cases, we do this to be with friends. Well, eating something special (e.g. a different cuisine) and being in a different ambience is also an idea. But what matters is the people we eat with. This makes the occasion memorable. You see pictures on the Facebook where we see more photos of friends sitting on the dining table and very rarely photos of the dishes we eat!

Most of us visit some of the famous restaurants in the cities we travel to. Each city has a list of iconic restaurants that are recommended as a must (like you see on TripAdvisor). We make appointments or book tables at these restaurants to experience the eating and then talk about it on WhatsApp.

And there is also a “hidden” list of little restaurants that are tugged in the narrow by lanes – generally in the old quarters of the city. Owners of these restaurants are there for generations, they don’t change even the furniture and so forget changing the menu! They follow the traditions and that’s why you love them.

I have been patronizing many such restaurants. These restaurants were introduced to me by my friends because of their cuisine, ambience and uniqueness. A concoction of all the three added with friendliness and generosity of the host made the lunches and dinners at these restaurants rather memorable. But above all, as I earlier said, you always remember the people you ate with, the conversations you enjoyed and the friendship that gets brewed. I simply hate business dinners. Informal sessions with friends are the best.

I remember dining at a little restaurant in Paris. The restaurant was close to Eifel tower. There was a deal. You could book Chef’s time (at some extra cost) to have him dine with you. The Chef would customize the dinner and the wines to everybody’s taste and discuss French cuisine with stories to give you a true gastronomical experience.

Six of us went to the restaurant on a Friday evening. My local host booked for Chef Andre. Andre set up our tables on the street outside the restaurant with cane chairs having a round base (like the Irani restaurants in Mumbai). Andre had a stocky and large body with chubby cheeks and a moustache similar to the Bar Tender in the movie Irma la deuce. He had a happy face and was full of life. He spoke broken English. But his daughter Noel who served the dishes could speak much better.  She was a very pretty and witty girl.

The dinner was wonderful. Andre asked us questions on what we liked, where we wanted to be adventurous and what were our allergies (like sea food for me). He then thought, closed his eyes for a while and said something in French giving instructions to Noel. Both father and daughter got inside restaurant and took one us to the kitchen – to watch cooking. This experience was great. We took turns. The dinner and the discourse lasted for 3 hours and all of us enjoyed the experience. At the end, when we were having the deserts with wine, Noel sang a French ballad in a soft voice – that looked impromptu. Andre played a box guitar to accompany and he was pretty good too. I later learnt that the ballad was about saying good bye when you were about to fall in love!

Talking about singing, have you been to the singing waiters and cooks restaurant in Manila? The Singing Cooks & Waiters is the first, the original and the only musical restaurant of its kind in the world. The restaurant was conceived by Mr. Ongpauco. I went there for the first time in 1995 with a bunch of friends. We not only listened to some great philipino voices during dinner but discovered musical talent amongst us that we did not know about! A colleague of mine who was workaholic and always had a constipated face, sang a lovely Tom Jones number. We were simply astonished and floored to witness his hidden talent. The ambience and the mood of the restaurant had certainly made the difference.

But there are occasions we want to be at a quiet place basically for conversations with no agenda. I would recommend two interesting restaurants in India for this purpose. One is the Lodi Garden restaurant in Delhi and the other Kairavali in Bangalore.

But let me talk here about Lodi.

Known for its romantic setting & natural surroundings, Lodi is touted as Delhi’s favorite alfresco restaurant. I have had most interesting conversations in the garden portion of this restaurant with several page 3 personalities of India – influential and learned people who speak words that walk with you after you dine. Lodi is essentially a non-institutional high profile cultural hub. The best time to be there is evenings – a bit early like 7 30 pm and start with cocktails. The wine bar at Lodi boasts of an extensive wine list and a 16-tap wine machine and is popular for its innovative cocktails.

The best part of Lodi’s is the sparse placement of tables in the garden area and proximity to the trees. You feel that you are sitting and chatting in the garden of your own house. You also feel private while conversing with someone intimate to you. You feel like confiding to share your concerns, worries as well as joys and happy moments in life –  but with no agenda.  The conversations simply sail or drift like a ship with a slow but steady wind on a lazy sea. Often you don’t even realize that you have reached an unknown destination in the conversations.

I remember a quiet dinner with a close friend of mine at Lodi’s when she disclosed to me that she was hit by a cancer of bone marrow and had only six months to live. There was silence when she spoke about this dreadful disease. The truth was harsh but the trees around us were patient and kind. They listened to her agonies. They didn’t even whisper. I saw her unmoved with a courageous face. I held her hand while walking out of the restaurant – and firmly so – to let her know how much pained I was. There was also  a promise to express that I will  stand by next to her in these difficult times. It was a dinner to realize how do you take a trauma with courage and elegance.

But let me not depress you. Well, have you heard about EatWith? If you visit the website, it says that “The future of dining is here”. EatWith invites you to join at a “communal table” to lunch/dine located in 200+ cities and 50 countries around the world. The concept is simple. You log in and access the 650 hosts who are profiled on the EatWith. Hosts are offering lunch or dining service from their homes because they love cooking, meeting with strangers and in the process, make some money. You select the host based on the menus displayed and make a booking. You are generally in small numbers, so could do interesting conversations, make new friends and of course converse with the chef host to learn more about the recipes.

On my recommendations, a friend of mine visited Chef Yves in the famous market La Boqueria in the Raval district of Barcelona. There were four customers who met Chef Yves at the market at 5 30 pm. The Chef walked them through the colorful market stands nearby, and introduced different to them  local and fresh products that are the basis of Catalan gastronomy.

After the interactive food tour, they were taken to Chef’s personal kitchen in the little village of Esplugues de Llobregat, 15 minutes driving from Barcelona. Here they were then taught way around his catalan kitchen while following the instructions for the preparation of a delicious 3 course dinner that took about 2 hours. Every participant was given a cutting board, the required tools and an apron to take an active role in the cooking class. After cooking was done, the dinner was set up on a rooftop terrace that overlooked Barcelona – city warmly lit with lights at the night.

I asked my friend why this dinner was so memorable to him. He was a bit hesitant to answer my question. But when coaxed, he told me that he was in a very interesting company of three women for the cooking and dinner. He got famously along with one of the women, and both of them kind of flipped on each other. The conversations got a bit personal too – and more so with each glass of green wine that the Chef generously served. After few drinks, Chef Yves brought meatballs stuffed with the cuttlefish tentacles and stewed in a fish broth. The woman asked my friend to get up and walk down the staircase with her. My friend obeyed. As they reached the patio downstairs, she held him tight and gave him a long and a deep kiss. My friend was simply shocked and dazed.

The woman said “Dude, I had to kiss you right now as I don’t like the cuttlefish”

Oh, I then understood the excitmnent  and the fizz of eating with!

 

Cover image sourced from https://rapidiq.wordpress.com/2013/05/04/eating-with-bare-hands/


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Modelling with Parsimony and Living with Prudence

 

[A bit of a technical blog – but with messages for you to decifer]

I went to see my Professor Friend at IIT Bombay. I had not taken his appointment. He was in the class teaching Water Quality Modelling to the postgraduate students.

When Professor saw me waiting outside, he paused and asked me to join.” Come in Dr Modak” he said, “I have just begun the first class”.

I took a seat in the last row.

Professor was introducing the basics of Streeter-Phelps model for modelling Dissolved Oxygen (DO) and Biochemical Oxygen Demand (BOD) in rivers.


For those who don’t know about the Streeter and Phelps  DO-BOD Model. The Streeter and Phelps model describes how DO decreases in a river or stream along a certain distance by degradation due to presence of BOD. The equation was derived by H. W. Streeter, a sanitary engineer at Cincinnati in the US, and Earle B. Phelps, a consultant for the U.S. Public Health Service. The model was built in 1925 based on field data from the Ohio River. The model makes use of two parameters viz. reaeration rate that depends on the hydraulic variables like depth and velocity and the deoxygenation rate that depends on the level and type of the organic matter present in the river.


Professor used few slides to explain the Streeter-Phelps model and the governing equations that attempted to explain the oxygen deficit. The model looked simple and rather straightforward asking for minimalistic data to help predict the outcomes.

“You can use this model for deciding the concentration of BOD that you could allow to ensure that we do not run into situation of high DO deficit that could affect the aquatic life”.

Professor solved one example problem the showed how limits to BOD can be set on this basis. He then expanded the problem statement to the case of multiple discharges of wastewater over a long river stretch with water withdrawals and tributaries joining.

He explained how the model can be used to decide not just the level of treatment of BOD but also decide on the minimum flow needed in the river to ensure dilution and assimilation of the wastewater.

Students enjoyed the application potential of the Streeter-Phelps model. Models must be taught with application perspective I said to myself.

Professor then paused and asked the students to critique the model. “Are we missing anything?” He asked one of the brighter students.

“Sir, I think the model misses the fact that wastewater contains suspended solids. These solids when settle in the bottom, the particulate BOD will reduce. We must include a sedimentation rate in the model. This rate  will depend on the river velocity at the point of wastewater discharge”

I thought he was right.

Another student commented “Well, whatever settles will still remain part of the system – the sediments at the bottom will continue exert an oxygen demand, albeit at a different degradation rate perhaps because the organisms responsible could be different”

“You are right” Professor said – we will recognize this aspect as Sediment Oxygen Demand (SOD).

A girl with spectacles got up and said – “How about the process of nitrification Sir?”

Professor said “Dr Modak, can I ask you to elaborate on this very important point?”

I liked this idea of participatory teaching. So, I walked to the blackboard and wrote the following

Ammonium in the wastewater is oxidized to nitrate under aerobic conditions as

NH4+ + 2O2 → NO3− + H2O + 2H+

Ammonium oxidation can be treated as part of BOD, so that BOD = CBOD + NBOD, where CBOD is the carbonaceous biochemical oxygen demand and NBOD is nitrogenous BOD.

The change in oxygen deficit due to oxidation of ammonium can be described with help of the nitrification rate and ammonium-nitrogen concentration. The model must expand.

The original humble Streeter-Phelps model thus started to look more complicated. And as if this was not enough, Professor introduced the role of photosynthesis and respiration. Photosynthesis and respiration are performed by algae and by macrophytes. Respiration is performed by bacteria and aquatic animals. Inclusion of photosynthesis brought the role of sunlight.

After some more brainstorming, all of us developed a bit monstrous water quality model (QUAL II) as shown below

Architecture of QUAL II model

“You can if you wish even further complicate this model – Professor said. “Maybe you like to build a model for a lake that is tending to be eutrophic (i.e. overloaded with nutrients and algae) and partially stratified during winter. This can be challenging” Professor winked.

The class was now about to end.

While summing up, Professor said “And friends, we can continue building more and more complex  water quality models for the interest of completeness. But remember that there is an optimal model complexity that we must recognize. Simpler is the model, more is the model uncertainty in prediction due to its frugal structure. But more is the model complexity, more are the parameters that come into play and hence predictions can become uncertain due parameter uncertainty. Imagine the complex model like QUAL II that requires data on more than 20 parameters (rates). Our poor understanding on these parameters can  lead to a “chaos” or “noise”, leading to a performance close to the simple  Streeter Phelps model. You must realize that your degradation rate in the simple Streeter and Phelps model will now become a surrogate with sedimentation and the reaeration rate will factor contribution due to photosynthesis on a “lumped basis”

I did know how much of this philosophy of modelling was understood by the students, but I was sure at least few did as the Professor projected his last slide.

When we reached Professor’s office, I asked for a coffee. Professor lighted his cigar.

“The most important message is understanding the Parsimony. The parsimony principle is basic to all science and tells us to choose the simplest scientific explanation that fits the evidence i.e. involves fewest entities. When scholar William Ockham wrote “Pluralitas non est ponenda sine necessitate” which later became known as the Law of Parsimony, it wasn’t to describe tightfisted stinginess but to say that all things being equal, the simplest explanation may times tends to be the right one. This realization is most important for a happy, successful and sustainable life”

I realized the topic had transcended the subject of water quality modelling

Professor took a deep puff

“I’m not saying that we don’t try to push ourselves to do the difficult or complex things in life. What it means is that we should look for the simplest way to achieve our goals and focus on the minimum but relevant tasks … while still doing them well. Remember – sometimes Streeter Phelps model can lead to same management decisions as arrived by a complex QUAL-II model”

He continued

“Some say parsimony means being stingy. I disagree. By saying “No, I can’t do that” may allow us to do what we want – that is really must be done or we would rather do – with our available time and energy. It has taken me many years to get my head around to “listen to myself”, look at my health and priorities of life”

“So, Professor, are you now living life on the principles of parsimony – that is hovering between complexity (due to your inherent curiosity) and a modest completeness (just good enough for your inner satisfaction?”. Professor did not answer. He looked outside the window.

I could not hesitate but ask “And have you reached the optima?”

“Well, Dr Modak, we will talk on this some other time. Needs another round of coffee” Professor got up from the chair. “I have to leave now as I have reach the meeting point for carpooling. See, I haven’t given up the comfort of riding a car but I am taking a simple step of sharing resources to reduce travel costs, curtail emissions and converse with new friends on topics other than environment. Its parsimony with prudence that makes life worth living and interesting

I understood now the significance of Streeter-Phelps equation. “Professor, when is the next lecture on water quality modelling?” I asked.

Professor smiled


Cover image sourced from https://www.linkedin.com/pulse/partial-least-squares-structural-equation-modeling-ali-asgari


Lift Kara De (LKD) is a carpooling initiative taken up by the enthusiastic residents of Whispering Palms Society in Kandivali, Mumbai, India. The group consists of about 256 carpoolers so far with numbers increasing every few months. Santosh Shetty, one of the key members of the Lift Kara De group had approached Ekonnect (my section 8 company) for calculating their individual/group emission reductions, fuel and money savings achieved so far from their ongoing carpooling activity.

Ekonnect team members estimated these values based on the data received from the LKD group members which comprised of number of rides, distance traveled, number of individuals in a car, type of fuel and years of carpooling.

The results showcased that in a short duration of 5 years LKD members had achieved 1, 91,000 Kg of Carbon dioxide emission reductions.

If you want to read this fascinating story , then do download this presentation


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Why Did Mr Trump Reject the Paris Accord?

Many of my readers know about my friend who lives on the 104th floor in a Tower in Mumbai. He is the richest person in the world today. He is undoubtedly one of the most influential personalities and yet not known due to his sheer humility and discreteness.

Me and my Professor Friend went to see him for a breakfast – a courtesy he extends to us once in a month which we never miss. We saw that he was having a breakfast with Donald Trump.

“Come in friends. Mr Trump just arrived here after making a statement on climate change at the Rose Garden. After such a simple and honest statement of pulling out from the Paris Accord he got so much hounded by the Ministers and Media that he got fed up. So, I invited him for a breakfast to eat in peace and he kindly obliged” My friend said this while sampling some almonds and Arabian dates neatly stacked in a silver dish.

He continued

“Well Dr Modak, I see such a short-sightedness in the senior politicians, thought leaders and the businessmen of the world today to understand Mr Trump’s point of view.  Only few in the White House understand the deep secret and strategy that Mr Trump is playing. Its strange – but the so called dumb middle class of the United States who voted for Mr Trump is actually understanding. They love and support Mr Trump for such a historical decision”

Mr Trump acknowledged my friends support and appreciation. He put a layer of chicken salami on a well buttered toast.

Mr Trump said “Coal is certainly going to be the source of principal energy at least for the next decade. India for example has only 33% of its population connected to the electricity today. That’s a target so hard to achieve without phasing out/modernizing the coal based thermal power plants. Resorting to renewable energy alone is not going to be sufficient. India must follow Clean Coal Technology (CCT)”

He then paused, took a good byte of the salami sandwich and continued

“Use of CCT is perhaps going to be the answer. United States today is undoubtedly the world leader in this segment. We have invested heavily on the R&D and commercialization on CCT that we must now unfurl and leverage on by grabbing this business. Our markets will be India and China. To achieve this, the coal industry in the United States must stay vibrant and become competitive.  This will lead to a trillion dollars business overseas and restore employment in the coal sector within the United States. To facilitate, I have already ordered EPA to relax the norms on emissions from power plants”

“That’s real deep strategy Mr Trump – only few will understand” I said.

Professor now butted in

“Granted Mr. Trump, I also understand that you are contemplating relaxation in the emission norms of the automobiles as well. This will essentially reverse Obama’s long-term mileage-economy standards. This strategy will certainly boost sales of light trucks and SUVs, that is highly profitable but the automobile industry will face tougher mileage restrictions in most European and Asian markets. Even within the US, automobile sales in the States like California will be affected. Don’t forget that some of these principled States represent about one-third of American vehicle sales”

I added

“We also know that the average COemissions from new passenger cars have continued to decrease, falling to 120 g/km in 2015. These emission are significantly lower than the 130 g/km target set by the EU CO regulation for 2015. The automobile industry in the EU is ahead of the targets”

Mr Trump smiled and asked, “Do you know something about Laboratory to Road reports”.

We kept shut as we were not aware.

Mr Trump gulped a fresh orange juice made from oranges grown in Australia. He said “2016 update of this report analysed 13 data sources covering 15 years, six countries, and approximately 1 million cars. The analysis showed that, in the EU, the gap between official and real-world CO2 emission values continues to grow—from 9% in 2001 to 42% in 2015. Essentially, the reports indicate that “real-world” performance is much worse than suggested by the official values. So, pledging tighter emission norms to combat global warming is all hogwash. I am therefore relaxing the automobile emission norms in the US and do not wish to join the herd. I am going to publish the Laboratory to Road reports widely and make them accessible to the consumers to expose the reality – the inconvenient truth

I thought Mr. Trump was right. The international lobby working on reduction of emissions from vehicles was really a crap – a more of lip talk rather than the reality.

I think Mr. Trump read by thoughts. He got up from the teak chair, walked towards the window, peeped outside and turned to me

“The climate adaptation funds and bilateral aid is another glaring example. Here, American money gets used by polluters like China and India. China will be allowed to build hundreds of additional coal mines and India will be allowed to double its coal production; and we the financiers are supposed to get rid of our coal industry. Isn’t this ironical and irrational?”.

“The United States had pledged $3 billion into a Green Climate Fund to assist smaller counties on their climate change initiatives – and I have already cancelled $2 billion. I am no Santa Clause. It seems China may contribute financially – such as contributing $20 million to its South-South Cooperation Fund to help smaller countries. India led the International Solar Alliance in 2015 with a contribution of 27 million USD. These amounts are like a mouse to the United States. India needs around $ 2.5 trillion to fulfill all its targets. Where is this kind of money?”

I thought Mr Trump was right again

Professor lighted his cigar and interrupted Mr Trump.

“Mr Trump, don’t underestimate India on its technology capability and political commitment. India has set a target of increasing its renewable power capacity to 175 gigawatts by 2022 – and has exceeded its targets for wind power this fiscal year and has made some strides in increasing its solar capacity. In May 2017, India’s solar power generation price for the first time dipped below that of traditional thermal, which should make the use of sun power more widespread in rural areas. Under the Goods and Service Tax to be enforced from July 1, electric cars will get a tax rate of only 12% while other cars will be taxed at 28%.”

(I wondered however how will we be powering our electric vehicles – using coal based electricity? – I didn’t want to ask this embarrassing question to the Professor)

Now it was my friends turn to speak. He picked up few manicured pieces of cut apple from the bowl and spoke slowly as if sharing a secret

“Well Professor, Mr Trump is aware of the rapid pick up of solar PVs in India. But remember that this global solar boom will be contributing a whole new form of electronic waste to the planet. Unfortunately, little has been done to recover and recycle the precious metals and other goodies that go into manufacturing solar panels. Of course, one could blame the usual suspects, such as lack of international standards and inadequate end-of-life infrastructure. This is a $15 billion market by 2050 dangling in the air, and it’s a safe bet that the solar panel recycling industry will take off sooner rather than later. Here US can take a lead. Mr Trump is here with me not just for breakfast. He has come to ask me for investments in cash to seize this opportunity. He is really not against the renewables – he is simply looking beyond!”

I now saw the business face of Mr Trump. His ridiculous tweets on climate change were perhaps just a diversion – for the media and for the so called global intellectuals.


The Cover Image Image sourced from https://www.thegef.org/blog/when-it-comes-fighting-climate-change-citizen-action-matters


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