GENDER DIVIDE

New report on women in STEM reveals gender divide in business roles 

A new global report released by Catalyst, a global non-profit organisation that aims to expand opportunities for women at the workplace, reveals new layers of inequality for women in business roles in STEM (Science, technology, engineering and mathematics) industries. 

According to the report, titled 'High Potentials in Tech-Intensive Industries: The Gender Divide in Business Roles', only 18% of women opted for a business role in a tech-intensive industry immediately following their MBA, compared to 24% of men. 

53% of women who started out in a business role in a tech-intensive industry post-MBA left to take a position in another industry, compared to 31% of men. The report is the first by Catalyst to study men and women in business roles in technology-intensive industries such as high tech and telecommunications, oil and gas, and automotive manufacturing. 

"STEM companies face a serious talent drain as women take their skills elsewhere, but these organisations also have a remarkable opportunity to turn things around by focusing on how they can make all their talent—men and women alike—feel equally valued," Deborah Gillis, president and CEO, Catalyst said in a statement. 

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PSU BANK HEAD-HUNTING

The government has decided to finalise a new process for selection of chairmen and managing directors and executive directors of public sector banks (PSBs) for all future vacancies, the finance ministry said in a press release on Monday. The release added that a fresh selection process would have to be implemented for filling up existing vacancies wherein the Reserve Bank of India governor or his nominee of the rank of deputy governor should be a part of the selection process. The government would fill up all these vacancies expeditiously, it said.

The government has constituted a committee consisting of secretary (expenditure), secretary (school education) and the RBI governor to examine the selection process adopted for the selections to the posts of chairman and managing directors and executive directors of PSBs for 2014-15.

Once the government receives the committee’s report, it will cancel the current selection process of CMDs and EDs of state-owned lenders.

As a result, eight posts of CMDs and 14 of EDs would require to be filled up de novo. Currently, Indian Overseas Bank, United Bank of India, Canara Bank, Bank of Baroda and Syndicate Bank are headless.

Even disclosing all names won't bring back black money to India

by R Jagannathan

Did we wait so many years to learn that one Chimanlal Lodhiya, a Pradip Burman and a Radha Timblo are being prosecuted for allegedly holding illegal accounts abroad?

The problem with politicising the unearthing of black money and reducing it to a game of name-and-shame is that you end up with zilch: after shouting about it for five years, we have probably alerted the big crooks to move their money elsewhere. Those who have not done so are probably dead or dumb. Or both.

In fact, an Economic Timesreport last week suggested that the Swiss banks were themselves asking some of their clients to get a move on, as they are embarrassed to be handling their dodgy accounts. This may be just the dumb money that still hasn't got the message.

Let’s be clear. We are not going to get more than a few shekels from the money allegedly stashed abroad no matter what we do. The chances are most of the funny money is probably back in India right now, especially since the Indian economy is prepped up to fare better and interest rates abroad are still down in the dumps. Only a fool would keep his money abroad to earn 1 percent interest when the Indian markets are booming and interest rates are still high.

In 2006, according to the Swiss National Bank, Indian national money with Swiss banks was around Rs 41,400 crore. Then the din about foreign accounts started in India, and by 2008 the money started vanishing. In that year, the amount was whittled down to Rs 15,400 crore. In 2013, the figure was down further to Rs 14,000 crore. That’s just about $2.25 billion. The chances are most of that money is legitimately there.

At $2.25 billion, the Indian money in Swiss banks will probably be less than the value of black money sloshing around in south Mumbai’s real estate markets.

The naming-and-shaming routine is thus unlikely to yield much public pleasure for the simple reason that that so much time has elapsed since the account-holders knew their names with the government. The mere fact that these names were with the government means deals have been done to clean up the trail.

The Swiss bank list allegedly containing some 700 names became public knowledge in 2008 when a former HSBC employee stole the data and gave it to the French government. The French government, in turn, decided to share the details with our own government. Surprise: 2008 was when the Swiss bank amounts of Indians fell drastically. But despite having the list, the Indian government acted cagey and decided that it will chase the account-holders directly for tax dues. There is good reason to suspect that the government was not keen to disclose the names as it would have embarrassed politicians - not just in the UPA, but NDA too - and businessmen close to them. Now we are unlikely to be any wiser.

Around mid-2011, The Economic Times reported that the income-tax department in Mumbai had already "secured 17 voluntary disclosures out of the 700 Indians having secret accounts with HSBC Bank, Switzerland."

The question to ask is this: if the government has already managed to get dues paid through backroom deals with some (or many) of the HSBC account-holders in Swiss banks, why are we surprised that the names are not coming out?

As far as the account-holders are concerned, if some of them have already paid their dues and done deals with the taxman, is it possible to haul them up in the court of public opinion and shame them? They can well claim a breach of trust as they may have admitted technical transgressions and compounded their offences or paid their penalties.

Those who didn’t do any deals would have had ample time to move their funds elsewhere – as the Swiss National Bank numbers show – and our disclosing the names now will only lead us to a dead end. No money, no prosecution. The Swiss certainly are not going to confirm the details of dead or closed accounts relating to 2008.

The very fact that only three names have been disclosed six years after the government got them means the trail would have gone cold by now. One can embarrass people by disclosing 700 names, but nothing more will come from it.

The very fact that one of the names disclosed - Chimanlal Lodhiya - is in all TV channels denying he has a Swiss account suggests that name-and-shame is not going to lead anywhere. If he thought he was vulnerable, he wouldn't be so brazen about it.

In fact, the money has probably arrived in India through several routes. The big rise in gold imports we saw in 2011 and 2012 probably was intended to help store the money that returned home. The unexpectedly large surge in the export of some categories of engineering and copper products in 2010-11 may really have been Indian money returning through the overinvoincing route. The sharp increase in FII inflows during those years may also partly have been Indian money returning to our markets.

Some of it went into real estate, when it was booming till 2012; the rest would have gone into stocks from 2013.

Curtsey : www.firstpost.com 

BLACK-SHEEPS!!

Dabur's Pradip Burman among 3 named for holding black money accounts abroad

The Union government has named three persons who are black money account holders in an affidavit to the Supreme Court.

The three persons named are Pradip Burman, director of the Burman group and one of promoters of Dabur group, Pankaj Chimanlal Lodhya, a Rajkot-based bullion trader and Radha S Timblo, a Goa-based miner and owner of Timblo Pvt Ltd.

The Centre told the court that it had no intention to withhold names of persons who have stashed black money abroad and stated that information received from foreign countries will be disclosed in all cases where tax evasion is established.

Every foreign account held by an Indian may not be illegal, the Centre said, adding that names cannot be disclosed unless there is prima facie evidence of wrongdoing.

It also told the court that Switzerland has indicated willingness to provide information on black money in cases where probe has been done by IT department.

Television reports also indicated that four members of the Congress party, including a former minister of the previous UPA regime, are under investigation, and added that their names may be revealed after the probe is completed. Among the four Congress party members are two belonging to powerful political families in the state of Maharashtra, the television reports further stated.

Last week, it was revealed that the Centre was likely to tell the apex court the names of the people against whom strong evidence exists of stashing away black money in Swiss banks in a major step in its crackdown on India's parallel economy.

On Monday, attorney general Mukul Rohatgi is reported to have submitted a supplementary affidavit in the apex court detailing plans to submit the list of names in a sealed envelope.

The court is due to continue hearings on a petition on black money the following day.



Pankaj Chimanlal Lodhya, a Rajkot-based bullion trader.

Prime Minister Narendra Modi's government is moving fast to repatriate hundreds of billions of dollars in slush funds or black money stashed abroad, as part of a wider clampdown on corruption that he promised during his election campaign.

The government is building pressure particularly on Switzerland, seeking details of Indians who have parked unaccounted for money in Switzerland's highly secretive banks. It has quickly implemented a Supreme Court directive to set up a high-powered special investigation team, headed by retired judge M B Shah, to look into the issue.

While there are no official estimates, Global Financial Integrity (GFI), a Washington-based think-tank, has estimated that Indians had parked USD 462 billion in overseas tax havens between 1948 and 2008.

Black money arises mainly from incomes not disclosed to the government usually to avoid taxation, and, sometimes, because of its criminal links. About a third of India's black money transactions are believed to be in real estate, followed by manufacturing and shopping for gold and consumer goods.

Earlier, the BJP government had told the apex court that it could not disclose the names of those who have deposited money in banks abroad as it this would jeopardize tax agreements with nations providing those names to India.

There were murmurs of protest within the ruling BJP that not disclosing names would hurt the party's image after it had made bringing back black money, a key issue in a general election that it won by a landslide. The Centre's stand also drew a strong response from the Congress, which accused it of hypocrisy.

Turning the tables on the Congress, finance minister Arun Jaitley had recently said the disclosing of names of people holding black money accounts will embarrass the opposition party.

The Congress had hit back, daring the government to come out with complete information without indulging in "selective leaks" and pointing out that "the Congress is not going to be blackmailed under any such threat".

Arvind Subramanian to be Chief Economic Advisor

Narendra Modi names Raghuram Rajan ally Arvind Subramanian as chief economic adviser

U.S. based economist Arvind Subramanian became chief economic adviser to the Indian government on Thursday, an appointment that puts a long-time ally of Reserve Bank of India Governor Raghuram Rajan at the heart of economic policy making.

Subramanian announced his appointment at an impromptu news conference, confirming speculation that has swirled for two months over whether he would get the job advising Prime Minister Narendra Modi's new government.

"I have just taken charge as chief economic adviser," he told reporters outside the Finance Ministry. "It is a great honour ... to serve in a government that has a mandate for reform and change."

The presence of Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, will add intellectual heft to Modi's nationalist cabinet, which is widely seen as lacking bench strength.

Setting out his priorities, Subramanian said: "For any economy like India, two big things are macro-economic stability and, of course, creating the conditions for rapid investments and growth."

He took a handful of questions before driving off in a white government sedan.

Subramanian's appointment creates a crucial back channel for Rajan, the governor of the Reserve Bank of India, to hash out a new monetary policy framework that Finance Minister Arun Jaitley wants to roll out in his annual budget next February.

He worked alongside Rajan in the International Monetary Fund research department that Rajan headed as chief economist for the global lender. He has been described by one associate as the "de facto closest adviser" to the RBI governor.

His appointment followed news earlier that Arvind Mayaram, the most senior civil servant in the Finance Ministry, had been transferred to another job.

Man Worthy of the Praise

Raghuram Rajan Given Best Central Bank Governor Award by Euromoney

Reserve Bank of India Governor Raghuram Rajan has been conferred with the Best Central Bank Governor award for 2014 by Euromoney magazine.

The magazine said Mr Rajan's tough monetary medicine combatted the storm ravaging the deficit-ridden economy in the recent emerging market crisis.

"Now, he is battling vested interests to arouse a sleepy financial system for over one billion people," Euromoney said, adding, "Remarkably, the internationally-renowned economist, who earned acclaim for his warnings in 2005 of an upcoming global crisis of sorts, has, for the past year been true to his word."

Mr Rajan received Euromoney's Central Bank Governor of the Year Award 2014 in Washington on October 10, the RBI said in a release on Wednesday.

"As he confronted capital outflows, the rupee at record lows, and over-blown but palpable fears India was marching towards an Asia-crisis style abyss, Rajan duly administered tough monetary medicine to ailing bond and currency markets," the magazine added.

In January 2003, the American Finance Association awarded Mr Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40.

The other awards he has received include the global Indian of the year award from Nasscom in 2011, the Infosys prize for the Economic Sciences in 2012, and the Center for Financial Studies-Deutsche Bank Prize for financial economics in 2013.

Bank of Mexico Governor Agustin Carstens was the winner of the award in 2013.

HDFC Bank's proposal and FIPB's Take

FIPB to decide on HDFC Bank proposal to increase foreign investment limit

 HDFC Bank's fresh proposal seeking enhancement of foreign investmentlimit in the country's second largest private lender is likely to be taken up by the Foreign Investment Promotion Board on October 1. 

The interministerial body's decision on the proposal is very significant for the bank that is now looking to come out with a rights offer for its existing shareholders. "FIPB could take it up in the next meeting," said a government official privy to the development. 

In December last year the Reserve Bank of India had stopped further foreign purchase of HDFC Bank's shares, saying overall foreign shareholding limit of 49% had been reached.

As a result of the ban, the bank's share has underperformed the sector benchmark - against a 54% gain by the Bank Nifty over the past year, HDFC Bank's shares have risen only 33% during the period. 

HDFC Bank had subsequently moved a proposal to seek an increase in the foreign investment limit to 67.55% from 49% but the proposal hit a wall after the Reserve Bank of India, the department of industrial policy and promotion (DIPP) and the department of economic affairs in the finance ministry said that the bank had already breached 74% cap for banking sector. 

All the key authorities had held that its parent housing finance major HDFC's stake in the bank would be considered foreign investment as per a policy change in 2009.

According to a 2009 FDI policy guideline for calculation of foreign investment, any investment by a company in which foreign investors have majority ownership or control is considered foreign investment. Since HDFC has more than 50% foreign investment and qualifies as foreign-owned all the downstream investment it makes is classified as foreign. This implies foreign investment tag for its 22.64% in HDFC Bank. 

Counting this, the total foreign investment in the bank is about 74%, the maximum allowed. Keen to end the uncertainty, HDFC Bank submitted a fresh proposal with adequate changes even before FIPB could take a call on its original proposal. 

The new proposal submitted in August has sought recognition of its existing foreign investment of up to 74%. 

Foreign investments - which include FDI, foreign institutional investment, shares owned by non-resident Indians, foreign currency convertible bonds and convertible preference shares, and ADRs/GDRs - up to 49% in private banks are allowed through the automatic route but any subsequent increase has to be approved by the FIPB. 

HDFC Bank, which went beyond the automatic limit without FIPB's permission, is therefore seeking approval to regularise its move now. 

However, experts say it is unclear whether FIPB will choose to impose 'compounding', or a penalty for violation of foreign investment norms since the breach was a result of a policy change even though the bank had adequate time to meet the new norm. 

VODAFONE AFFAIR

It's not easy to do business in India: Vodafone Group CEO Vittorio Colao

  Vodafone Group CEO Vittorio Colao said the new government had good intentions but needs to overcome bureaucratic delays, take quick decisions and make available enough resources such as spectrum to spur investments. Colao said the company's board would take a decision on increasing its investment inIndia in two week's time. "Do I see this government as a pro-business government, absolutely yes. But, I go around many countries...there are some good intentions, but then the issue is implementation. Therefore, it is very important that India capitalises," Colao, the global head of the world's largest telecom operator, said after unveiling Vodafone India's fourth annual sustainability report. He added it isn't easy to do business in India. "It's complicated, too many relations, too many people can have a say, too many people can block."

He said he would love to list Vodafone India, but the conditions had to be right. "Currently there are lots of complexities or uncertainties."

Vodafone India head Marten Pieters said the next round of spectrum auctions was critical for the company's India growth plans. "Our business has been put up for sale, so anyone can bid for our business."

He explained that in the seven circles where the company's permits expire by March 2016, Vodafone India doesn't have the fallback option of airwaves in another band that it had in the case of the metros where its spectrum was auctioned in February.

"If we don't get spectrum (in the seven circles), we simply have to close down our business because we don't have the fallback option. An IPO today wouldn't really be a realistic option." India's No. 2 carrier is also in the midst of an arbitration to resolve a long-standing .Rs 20,000-crore tax dispute with the Indian government — a result of the retrospective tax amendment of 2012 brought about by the then UPA-I government.

Colao claimed the retrospective issue had backfired on the Indian government. "Was I surprised at the international backlash post the retrospective taxation, I was not surprised. Has this really backfired on India, the answer is yes. This was such an extraordinary thing. I wasn't surprised when India's public image suffered," Colao said. He described the arbitration process to resolve the dispute a "civilised" one but hinted that the company was open to a settlement outside it. "Anything can be done, and nothing can be ruled out."

The Vodafone CEO did not specifically comment on media reports of a possible acquisition of the Tatas' telecom business but said the company was open to consolidation opportunities. Other issues which add to the regulatory uncertainty for Vodafone include lack of clarity on issues such as mergers and acquisitions, and guidelines on spectrum trading and sharing — recommended some months back by the sector regulator but which are yet to be cleared by the telecom department. "We have been discussing M&A rules for may be 4-5 years now," Colao said.

"The government needs to understand that fewer and larger players are better and this pattern is unfolding all over the world." Despite the regulatory uncertainties and the tax issue, Vodafone is betting big on India, which is currently its thirdlargest market, but could soon become the second largest after Germany, given the pace of growth. "We have two hearts — one is Germany and the other is India, provided I am the brain." Showing commitment towards India, Vodafone recently bought out its minority partners to raise its stake to a 100% in its Indian unit. It has invested some .Rs 70,000 crore in the country so far. Speaking on the new government's telecom initiatives, Colao said he applauded the government's Digital India project.

Source : Economics Times

COAL BLOCKS & BANK EXPOSURE

Banks with Rs 1 lakh crore exposure sitting on mine of worries 

The mass cancellation of coal blocks by the Supreme Court has sent banks in a jittery mode as they have extended over Rs 1 lakh crore loans to power plants that were fed by these mines. 

Almost all banks including country's largest lender State Bank of IndiaBSE -2.83 % and private sector ICICI BankBSE -2.89 % have lent to power plants that were put up based on coal from 214 coal blocks alloted since 1993. 

While none of the bankers were willing to go on record on the impact of the Supreme Court ruling, sources said the lenders were assessing their exposure to the cancelled mines. 

"We are glad that this is over with the SC verdict on coal blocks allocation. We now look forward for a quick plan of action for ensuring that coal supplies are not disrupted and thereafter a swift and transparent bidding process for reallocation," SBI Chairperson Arundhati Bhattacharya said. 

Earlier this month she had said: "for SBI, the exposure is only around Rs 4,000 crore, most of which are lent to power units which have fuel linkages with the affected coal blocks." 

According to estimates, another public sector lender IDBI BankBSE -7.70 % has an exposure of Rs 2,000 crore. 

Commenting on Supreme Court judgement, Yes Bank Managing Director Rana Kapoorsaid the exposure of his bank is minimal. 

"As the the court has said that coal supply would be maintained to the power plants, therefore there would not be too much of an adverse impact on banks," he said. 

Risks of banks are well diversified and fairly well spread, he added. 

Bank of BarodaBSE -2.26 % Executive Director Rajan Dhawan said the bank is still making assessment of the exposure to the coal blocks. 

ICICI Bank and HDFC BankBSE 0.25 % when contacted said they are still assessing the impact of the judgement. 

A bench, headed by Chief Justice R M Lodha, quashed allocation of 214 out of 218 coal blocks which were alloted to various companies since 1993. The four blocks saved from cancellations are one each to NTPCBSE -1.09 % and SAIL and two mines allocated to Ultra Mega Power Projects. 

The bench, also comprising justices Madan B Lokur and Kurian Joseph, granted six months breathing time to mining companies to wind up their operations in the coal blocks.

Source: Economic Times

COAL BLOCK CANCELLATION - Impact on Economy!

Supreme Court ruling on coal blocks likely to hit economy

The Supreme Court's mass cancellation of coal block licences will cause serious supply disruptions and accentuate the power crisis, and is likely to impact the economy by jeopardising investments in the sector, India Inc said today.

"The decision taken by the Supreme Courtto cancel all but four coal blocks is likely to adversely impact the domestic coal supplies in the country and will erode investor confidence," CII President Ajay Shriram said.

Currently, about 42 blocks are producing coal to the tune of 53 million tonnes and account for 10 per cent of the total coal supplied in the country.

"This judgement will lead to serious supply disruptions as mining from these blocks will be hampered, further exacerbating the coal shortages in the country. Any disruption in the coal supplies will accentuate power crisis and force higher imports impacting the current account deficit," Shriram said.

Terming the Supreme Court's ruling cancelling 214 coal blocks as "a bit harsh", Assocham President Rana Kapoor said: "Our main concern is on the kind of negative impact on the economy which has just been showing signs of recovery after over two years of slowdown".

"Being largely dependent on the thermal power, it is the coal which fires the economic growth, which will be halted, besides, the dependence on coal imports will increase," he added.

In a blow to the corporate sector, the Supreme Court today quashed allocation of 214 out of 218 coal blocks which were alloted to various companies since 1993.

"While the judgement may have been intended to bring in transparency, it will jeopardise the investments made in the sector. It will raise questions on sanctity of government policies impacting the investment climate. The government will need to expedite reallocating the cancelled producing blocks so that production is not affected in the short term," Shriram said.

"The court's decision has created uncertainty and is likely to impact key sectors including power, steel and mining. In particular, given that the power sector is the largest consumer of coal in India (coal-based power generation accounts for 2/3rd of India's electricity mix), this development is likely to exacerbate the shortage of fuel for the power sector," he added.

According to CII, acute fuel shortages are already impacting the power sector and currently close to 80 million tonnes of coal is being imported to meet the sector's requirements.

"Another sector that will be impacted by this ruling is the financial sector as the exposure of public sector banks to the power and steel sectors is considerable. In fact, banks account for over 60 per cent of the overall investments in these blocks," Shriram said.

Ficci President Sidharth Birla said: "The cancellation of coal blocks involves significant investments and will obviously impact the economy and investment climate, therefore a quick response from Government will help allay the apprehensions".

"I am hopeful that this decision would act as a precursor to review of coal sector policy paving way for full-fledged coal reforms starting with amendment in Coal Mines Nationalisation Act, 1973 and Mine Minerals (Development and Regulation) Act, 1957 to facilitate entry of private entities in coal exploration and mining," he added.

Source: EconomicsTimes

Developing nations need more time to tackle climate change: Environment Minister Prakash Javadekar

NEW DELHI: India has made it clear that the global climate compact cannot ignore the fact that developing countries need more time, financial and technological support to deal with climate change.

It stressed that the industrialised countries, responsible for the bulk of the global warming, should lead by example. New Delhi has asked industrialised countries to do more to reduce emissions, improve the flow of funds and technology in the pre-2020 period "with a view to setting the ambit .. 

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CLIMATE & DEVELOPING ECONOMIES

End of the World is Not Nigh, Not by a Long Shot

By Bjørn Lomborg

UN secretary general Ban Ki-moon gathered the heads of government from more than 125 countries for a climate summit yesterday “to make climate change a top priority for all leaders”. Of the world’s many ills, he unequivocally finds that “top of the priority list is climate change”.

While it is important to find smart solutions to the real problem of global warming, claiming “top of the priority list is climate change” is misplaced. Perhaps that was why Indian Prime Minister Narendra Modi, Chinese President Xi Jinping and German Chancellor Angela Merkel declined the invitation.

Moreover, the UN already knows the world doesn’t place global warming first. With its outreach programme, The World We Want, almost five million people from every nation say the top priorities are better education and healthcare, less corruption, more jobs and affordable food. At the very last place, as priority number 17, comes global warming.

Is this surprising? If you’re Samson Banda from Zaire, having been sick from malaria for six months and faced with appalling healthcare, your priority is health. As he says, “If I die from malaria tomorrow, why should I care about global warming?”

This is also true for India, whose 9,00,000 voters in the UN poll rank global warming second last, recognising there are many and more important things to fix. Even Europeans, with the world’s strongest climate policies, rank global warming 10th.

Yet, politicians use catastrophic alarmism to bolster the claim that climate is our ‘generational mission’. Christiana Figueres, the UN climate chief, tells us that we should focus more on global warming because of the “increase in the frequency and intensity of natural events and disasters”. Yet, this is simply wrong.

If we look at the total cost of weatherand climate-related disaster costs, the UN Climate Panel finds it is only increasing because of more people with more wealth. When normalised for this, the long-term trends “have not been attributed to natural or anthropogenic climate change”. If we want fewer future disasters, we should focus on better policies, better warnings and better adaptation.

In an analysis of climate communication, the University College of London found that appeals to fear are ineffective and often lead to a suspicion that “they are trying to manipulate me”. Remember, in 2007, when Al Gore told us in his Nobel speech that the North Polar ice cap is “falling off a cliff” and it could be gone in “as little as seven years. Seven years from now.” That is now. Arctic ice shows a longterm decline, but from the low point in 2012, it has actually increased 47%.

Ban Ki-moon declares that climate poses “sweeping risks” while we’re heading towards a “cataclysm”. Yet, the UN Climate Panel finds the total cost of climate change by the 2070s is less than 2% of GDP. This is a problem, but not the end of the world.

Weigh the 2% loss to the 800% richer the UN expects the world to be in 2070. Yet, well-meaning western leaders descended on New York yesterday to reiterate the solution to global warming that has failed for more than two decades: we must switch to renewables.

This is hypocritical. According to the International Energy Agency, the rich world gets just 8% of its energy from renewables and 0.9% from solar and wind. Africa gets almost 50% from renewables, but that is because it is poor. The renewables are mostly wood that kills more than half a million a year with indoor pollution and have women waste 10 hours collecting firewood each week. Even the climate-worried World Bank president accepted that “there’s never been a country that has developed with intermittent power”.

This does not mean we shouldn’t tackle global warming. But we need to realise renewables are still too expensive. Instead of wasting billions in current subsidies, we should invest much more in green innovation to reduce the cost of future generations of clean energy. When we innovate the price of green energy below fossil fuels, everyone will switch.

But in a world where four million die each year from burning renewable wood and dung in open fires inside, while poverty, lack of clean water, infectious diseases, poor education and too little food afflict billions, we cannot with a straight face claim that climate should be our top priority.