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EDITORIAL

Come Witness The New Era Of Sustainable Digital Business Practices Today’s Modern Era has already dealt a lot. From the deadly pandemics like the Covid-19 to over dependence on a carbon backed economy, and resultant deterioration of our climate. They have become catalyst of sustainable disruptions for businesses like Supply Chain, Digital Economy, Medical, Pharmaceutical, Agriculture, Banking and Finance, Logistics, Technology and more.

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This edition sheds the limelight on critical sustainability measures

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chain, logistics, technology, fintech and agriculture, and other digitally

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CONTENT

06 14 18

Green Maritime: The Path to Sustainable Logistics

Exploring the connection between semiconductor manufacturing and climate change

Domestic Supply Chain Trends across the Globe

24

Sustainable agriculture: Can agriculture be environmentfriendly?

30 Jobs that are safe from AI

36 40 52

CCUS: How climate change is powering a new global carbon economy?

How Laser Cleaning Technology Revolutionizes the Automotive Industry

Transforming Finance: How banks are revolutionizing the industry with sustainable practices

Green Maritime: The Path to Sustainable Logistics Introduction In recent years, huge emphasis is being put on sustainability across various sectors. Businesses across the globe are actively looking for ways to lessen their carbon footprint and embrace eco-friendly practices.

Today, there is an immense focus on the sustainable logistics, specifically, the maritime industry, which is vital for international trade and a vital connection across the continents. The concept of ‘Green Maritime’ is gaining momentum giving rise to the advancement of sustainability in logistics. In this blog, we will delve into the significance of Green Maritime, examining the various strategies and initiatives that are driving positive change in the maritime sector.

06

Logistics

Understanding Green Maritime The term ‘Green Maritime’ or ‘Green

The demand for green shipping has emerged due

a variety of methodologies used to lessen the

significantly contributing to marine pollution. While

Shipping’(sustainable logistics) encompasses

to the growing international shipping fleet, which is

environmental impact caused by the maritime

shipping is generally considered to be environment-

industry. It entails using green technologies, implementing sustainable practices, and adhering to stringent legal requirements. The primary goal is to reduce the emission of GHG, energy conservation, ecological stewardship, and the preservation of maritime biodiversity.

While the International Maritime Organization has set a goal to reduce greenhouse gas emissions from ships by at least 50% by 2050 compared to 2008 levels, the EU is keen on transforming the marine industry to achieve its aim of becoming the first carbon-neutral continent by the year 2050.

friendly compared to air or road transportation, the high sulphur content in fuel poses a serious concern. Specific Energy Consumption (SEC) is used as a benchmark to gauge the emissions in transport.

However, it is crucial to adopt green shipping practices as marine diesel fuel leads to increased sulphur dioxide emissions. Additionally, shipping produces CO2 & other harmful emissions resulting from oil waste, wastewater, chlorofluorocarbons, and nitrogen oxides. Shipping is responsible for approximately three percent of all man-made CO2 emissions, 15 percent of nitrogen oxides, and 13 percent of sulphur dioxide across the globe.

Importance of Green Maritime Adopting safer practices is urgently required to minimise detrimental effects on the environment.

With the help of the following essential concepts, we can comprehend the need for sustainable practices in the shipping sector: Abating of Climate Change: The Maritime sector is one of the major contributors for GHGs due to the burning of fossil fuels. The sector can mitigate climate risk by opting for cleaner fuels, increasing vessel efficiency and lowering emissions from ship exhausts.

Conservation of environment:

Adopting

sustainability will help reduce the destruction of marine ecosystems and protect the habitat by minimising the release of pollutants, ballast water discharge and curbing oil spills.

Logistics

07

Cost-efficiency:

The

cost

for

implementing

Fuel efficiency improvements, better maintenance

sustainable practices initially is expensive, but at

procedures, and optimised operations can lower

the later stages it will ultimately lead to cost savings.

operating expenses and boost profitability.

Various initiatives and innovations in the shipping sector The maritime sector is adopting various methods to

not only minimises environmental impact but also

bring revolutionary disruptions on the sustainability

helps in fuel efficiency.

front and promote sustainable logistics. Some of the changes include-

Development in Port infrastructure: Ports are being constructed with shore power facilities,

Alternate Fuels: Shifting towards renewable energy

waste management systems and the integration

sources and use of cleaner fuels like liquefied

of renewable energy resources which aligns with

natural gas (LNG), biofuels and hydrogen fuel cells

sustainable practices.

is being preferred.

Energy-efficient designs: Naval architects across

Regulatory Compliance: International organisations such as the International Maritime

the world are constructing vessels with enhanced

Organization

hull designs, energy management systems along

environmental rules & requirements to guarantee

with cutting-edge propulsion technologies. This

adherence & promote the use of Green Maritime practices.

08

Logistics

(IMO)

have

established

strict

Shipping Companies Embracing Green Maritime In order to adhere to stringent regulations regarding

these shipping businesses have invented an array

fuel emissions and adopting greener methods,

of innovative designs complying with sustainable

various shipping companies have put forth novel

approach. Some of the leading companies are

engineering solutions and environment-friendly

listed below:

technologies. Thanks to the advances in technology, Companies

Ships/Shipping Concepts

Features

Wallenius

Orcelle

Three propelling systems, electrical systems, wind and wave power and fuel panels incorporating hydrogen

NYK

Super Eco Ship Concept

Use of LNG cells and solar energy to traverse on the water

GL Shipping Company

ZERO

Liquid hydrogen & hydrogen-powered fuel panels would be used extensively to power the ship

B9 Cargo

B9 Cargo ships

Operated fuel and energy derived from winds

Mitsubishi

Emerald Ace

Incorporation of solar fuel panels along with lithium-ionised batteries

Scandlines

Futureship Zero-Emission

Use of photovoltaic systems, fuel cells and Flettner rotors

Ferry Concept

Conclusion The concept of Green Maritime is crucial in

strides towards a greener future. The progress

addressing the environmental impact of the

made

maritime industry. With businesses recognizing the

strategies is not only beneficial for the environment

significance of sustainability, the adoption of green

but also for the global economy. By embracing

technologies and practices has become vital in

Green Maritime, we can ensure a more sustainable

reducing carbon emissions. Through initiatives and

and efficient maritime industry.

in

implementing

sustainable

logistics

legal requirements, the sector is making positive

- Blog by Tamanna Shaikh

Logistics

09

Virtues of the COVID-19 crisis 10

Technology

Everything happens for good. Unfortunately, when

COVID-19 brought some of the most advanced

the topic is COVID-19 we struggle to grasp the

healthcare infrastructure to its knees. Its effect

bright side of all the events that occurred in the

on the under-resourced countries led to several

2020-2022 period. With a cumulative mortality

‘excess deaths’ that proved to be the real tragedy

figure of over 6 million, many became sceptical

of the pandemic. Making matters worse was

about the existence of GOD while others became

the high rate of morbidity and mortality among

staunch believers. The horrific pandemic only

healthcare workers, around 80,000 to 180,000 as per

allows us to conclude that we are truly blessed

WHO estimates. As per reports, more than 130,000

to have survived it and to be living safely with our

children have missed their essential vaccination

loved ones, discussing it.

doses due to the pandemic across the globe.

Some countries have even recorded more than 250

The advent of COVID-19 saw the global GDP growth

fewer vaccinations per 1000 births. COVID-19 also

rate decline to -3.07 percent in 2020 from 2.59

flashed a big spotlight on the mental well-being

percent in 2019, a decline of 5.67 percent from 2019.

of the population. Several screening tests like that

While 2019 was already witnessing sluggish demand

of Cancer and HIV were reduced or even halted at

and a massive downscale of industrial production,

some places, leading to anxiety and stress-related

the global lockdown in 2020 brought everything

complications. Maternal health services including

to a standstill. COVID-19 came at a time when the

C-sections, prenatal care and pregnancy check-

world healthcare system was already burdened by

ups were disrupted. The recent spike in heart

lifestyle and age-related diseases. Today, over 10

attacks among the young population is attributed

percent of the world population is over 65 years old

to the increased sedentary lifestyle, leading to

and more than 70 percent are suffering from non-

diabetes and hypertension.

communicable diseases, mostly lifestyle-related.

Surprises in times of crisis

Apart from the healthcare sector, another sector where the COVID-19 pandemic caused huge disruptions was in education and in the workplace.

People were forced to bring their offices home and made ‘work from home’ the new norm. Since children were forbidden to go to school, schools had to come to their homes. At a time when parents started realising the value of the teachers and the tuition fees they were paying to schools, smart electronic devices became the symbol of hope and respite.

We have similar stories from the healthcare sector where

smartphone

apps

and

live-streaming

sessions with doctors became a safer and more viable option so much so that the telehealth and telemedicine market is expected to become over USD 250 billion market by 2027, growing at an impressive CAGR of 26.6 percent.

Technology

11

Rise of the Digital Economy As per reports, the global PC market witnessed growth for the first time in 2019 only. With more than 250 million units shipped, there was a growth of 2.7 percent from 2018. The same market that was prognosticated for a slow decline with the rising popularity of smartphones and tablets saw 297 million units shipped in 2020, a staggering 11 percent jump from 2019. The value of the global laptop market grew to USD 168.6 billion in 2021.

However, in the immediate post-covid period of 2022, the laptop and the desktop global sales crashed by about 16 percent. This was mainly due to the supply chain constraints from the global shutdown, leading to higher inflation, leading to higher interest rates and lower buying power and thus, shortage of resources.

The laptops and smartphones industry are just the small beneficiaries of the larger disruption that occurred in the education and entertainment industry. Due to a forced sedentary lifestyle and transit restrictions, we saw many innovations that brought entertainment, education, productivity, shopping and even food & groceries to the palm of our hand or in a few mouse clicks. What seemed like a short periodic boom for the online e-commerce 12

Technology

industry turned out to be an ever-evolving boon for many of the startups across the world.

The online education sector has seen growth in sales and competition, like no other sector. With a reported global revenue of USD 198.2 billion in 2022, market pundits are predicting this market to grow to a revenue of USD 602 billion by 2030. This is further substantiated by advancements in Augmented Reality and Artificial Intelligence technology.

The new age of Coronnials Another Coronnial that quickly matured into a Quaranteen is the online streaming market. As per reports, the global video streaming market was valued at USD 455.45 billion in 2022 and is projected to grow from USD 554.33 billion in 2023 to USD 1902.68 billion by 2030, exhibiting a CAGR of 19.3 percent during the forecast period. This growth is largely attributed to the growing penetration of 4G networks and high-speed internet access across the globe. With the live streaming traffic growing exponentially during the COVID-19 pandemic, many of the top players in the sector have engaged or are looking into high stake mergers and acquisitions. This, in turn, means huge resources for the development of more advanced networking, computing, streaming and even video production

technology; justifying the mega budgets of some

to this marvellous breakthrough, we received

of the shows on OTTs today. There is a similar

our first COVID-19 vaccine dose within a year of

situation in the global video conferencing market

the outbreak instead of waiting for years for a

that is projected to grow from USD 7.76 billion in

breakthrough through traditional methods. Today,

2023 to USD 17.05 billion by 2030.

this technology is being incorporated for the mitigation of other chronic diseases.

All this makes the laptop and the smartphone market even more enchanting for investments.

It has been historically proven that actions in times

Reports suggest that the laptop market could grow

of crisis have repercussions for decades to come.

up to USD 227.5 billion by 2030 and the smartphone

The world needs to build a universal conscience at

market could grow from 1.45 billion units in 2023 to

an individual level and be responsible for collective

1.78 billion units by 2028.

action for a stable and peaceful economy. We

Pharmacy Made Breezy

should take positive reforms from these two years of the pandemic. Countries that survived the COVID-19 pandemic gracefully were the ones

Famous Greek physician, Hippocrates once said,

with a robust healthcare structure and steadfast

‘Desperate times call for desperate measures’.

governance. Many global leaders, some from the

Scientists and researchers have been struggling

developed regions and many from the developing

with a robust mRNA technology that could train

areas of the world showcased their staunch and

the human body cells to produce an immune

consistent resolve to safeguard their economy and

system specific for certain pathogens. The severity

citizens. With steadfast governance becoming the

of the COVID-19 pandemic pushed the entire

new norm for prolonged political stability, citizens

science community into a ‘Warp’ mode. Thus, we

are happy to receive this new transformation in

saw the development of the vaccine for COVID-19

this new era post the COVID-19 pandemic.

using mRNA technology in a record period. Due

- Blog Article by Ujal Nair

Technology

13

Exploring the connection between semiconductor manufacturing and climate change

14

Technology

The semiconductor industry is booming. Silicon

to tackle climate change to reduce emissions,

chip production is skyrocketing with abundant

this puts us in a catch-22 situation; Where there is

manufacturing of electronic devices. From mobile

no escape and we have to deal with the current

phones to electric vehicles to spaceships, these

scenario where the paradox is real.

semiconductor chips are used in cosmopolitan industries. With the advancement of technology,

In this article, we are going to shed light on this

new and improved ways of connectivity are being

paradox and all the strategies semiconductor

proposed by scientists all over the world. These

manufacturers can adopt to minimize their carbon

innovations lead to a surge in the demand for the

footprints and move towards a greener goal of

production of these silicon chips. While the world

sustainability.

shifts towards the adoption of green tech solutions

Introduction Semiconductor manufacturing is the process of

usage, semiconductors are everywhere. With this

creating integrated circuits commonly known

varied level of usage, the semiconductor industry

as microchips. These tiny silicon-based chips

leaves an enormous carbon footprint behind. The

form the backbone of modern electronics. From

manufacturing process of these chips is complex

the device you’re using to read this article, to the

and requires a high degree of precision, cleanliness,

smart meters monitoring your home’s energy

and control.

Semiconductor fabrication unit(FAB) A semiconductor fabrication unit also known as

150-mm wafer uses 285 kWh of power or 1.6 kWh per

Fab is the manufacturing plant where the raw

square centimeter. Moreover, it contributes to 31% of

silicon wafers are turned into integrated chips

the global greenhouse gas emission. This is higher

or ICs. Semiconductor manufacturing involves

than what electricity generation contributes, which

the use of various raw materials such as silicon,

is 27%. The consumption of these raw materials

copper, aluminum, and a range of rare elements.

not only depletes natural resources but also leads

Additionally, the process also requires substantial

to a considerable amount of waste. Furthermore,

amounts of water and energy. According to one

the extraction and processing of these materials

estimate, fabricating semiconductor circuits on a

contribute to greenhouse gas emissions.

Over-exploitation of resources in semiconductor fab: Water

plays

manufacturing

an

indispensable

process

of

role

in

the

semiconductors.

The plant requires a huge amount of supply to manufacture the great upsurge in demand. The manufacturing of these chips is a very energy extensive process. It also generates a massive amount of waste in production. Additionally, a substantial quantity of water is also required in the process, which we will discuss below.

Technology

15

Exploitation of water at a semiconductor fab With the huge shortage of semiconductors in the

one but the ‘Ultrapure’ water which is way purer than

market, the irony is that manufacturers are facing

the drinking water. In order to make 1000 gallons

increasingly greater pressure to adopt sustainable

of Ultrapure water (UPW) or highly purified water

and efficient practices in their water operations.

(HPW) it takes around 1500 gallons of municipal water, and the semiconductor fabs use 5 million

Water serves as a major component and has

gallons daily.

a chief role in silicon chip production. It is used to rinse and clean the silicon wafers during the

With this eye-opening and mind-boggling data, it

manufacturing process. And just for an added

is time for us to buckle up and take steps forward

information the water that is used is not the regular

toward promoting sustainability in this sector.

Sustainable Development and Decarbonisation Targets: Semiconductor manufacturing, with its high energy

technologies, and developing green initiatives.

consumption and substantial greenhouse gas

This industry is very resource exhaustive and

emissions, poses a challenge to these sustainable

poses ecological issues. Let us look at some of

development

the measures that can be taken to improve the

and

decarbonization

goals.

To

address this, governments and industries must focus on improving efficiency, adopting cleaner

16

Technology

situation and promote sustainability:

Shifting to Renewable Energy: A lot of fabs use energy driven by fossil fuel, both

could help mitigate carbon emissions. Besides

in the manufacturing process and in the power

using cleaner fuels can also serve the purpose

generation segment of the plant. Switching to

for more sustainable economic conditions in a

renewable energy sources such as solar and wind

country.

Implementing circular economy techniques: A lot has already been preached about taking

dramatically reduce the burden on the environment

adequate

it

and prevent surplus waste. Cutting down on the use

comes to protecting the environment but some

of new resources and extracting maximum value

actions are so vital that they are inevitable. So

from every resource used can help ensure quality,

what’s the solution? Initiating an effective circular

reduce waste, and save energy, thus contributing

economy

to sustainability and decarbonization.

environmental

where

measures

recycling,

when

re-manufacturing,

and re-purposing of the used components can

Conclusion: To satisfy our insatiable need for technology and

greenhouse gas emissions. However, its influence

electrical devices in our daily lives, the demand

can be reduced with deliberate effort, legislative

for semiconductors will only continue to rise.

modifications, technological improvements, and

Although the production of semiconductors is

sustainable practices. As time goes on, it becomes

essential to the current digital world, it also has

more crucial than ever for us to strike a balance

a big effect on climate change. The industry has

between the needs of technological development

a large environmental impact, from consuming

and the pressing need to safeguard and maintain

energy and raw materials to adding to global

our environment.

- Blog by Madhulika Pandey Technology

17

Domestic Supply Chain Trends across the Globe Introduction

The ever-evolving landscape of the global economy brings forth several emerging trends that significantly impact domestic supply chains. As markets continue to expand across borders, businesses must navigate through complex challenges while seizing promising opportunities. In this blog, we will uncover the latest domestic supply chain trends across the globe, providing valuable insights into the realm of business.

What is a Supply Chain?

The supply chain is the end-to-end process of planning, coordinating, and executing the inflow of goods and services from the source to the end user, that is, the customer. SCM involves various activities such as sourcing, production, distribution, logistics, inventory management, quality control, and customer service.

SCM aims to optimize the efficiency, effectiveness, and sustainability of the supply chain while meeting customer needs and expectations.

A brief history of past global supply chain trends The global supply chain has undergone significant changes in the past few years, especially due to the COVID-19 pandemic, which disrupted the normal operations of many industries and markets. Some of the past global supply chain trends that have shaped SCM include: The rise of e-commerce and omnichannel retailing, which increased the demand for faster and more flexible delivery options.

The adoption of digital technologies and platforms, such as cloud computing, artificial intelligence, blockchain, and the Internet of Things, enabled more visibility, collaboration, and automation across the supply chain.

The shift to regional and local sourcing, manufacturing, and distribution, which reduced the dependence on global suppliers and mitigated the risks of trade wars, tariffs, and geopolitical conflicts.

The focus on environmental, social, and governance (ESG) factors, which increased awareness and accountability of the supply chain’s impact on society and the planet.

18

Logistics

Major global supply chain trends in 2023 In 2023, these trends are expected to continue and evolve, along with some new ones that will pose new opportunities and challenges for SCM. Some of the key trends in supply chain management and logistics in 2023 are: The integration of physical and digital supply chains, which will create a seamless and responsive network that can adapt to changing customer demands and market conditions.

The adoption of advanced analytics and automation to enhance the decision-making and execution capabilities of the supply chain by leveraging data, algorithms, and robotics.

The emergence of smart operations, which will extend the conception of smart manufacturing to encompass all core functional capabilities, including service and logistics.

The development of mobile capital optimization, which will maximize the use of an enterprise’s mobile means by combining business process software, sensitive technologies, and functional exploration ways.

Logistics

19

The implementation of actionable AI, which will deliver better data-driven decisions by mimicking the problem-solving that humans do by augmenting decisions and keeping humans in the loop for validation purposes.

These trends are driven by the need to improve the efficiency, agility, resilience, and sustainability of the supply chain in a dynamic and uncertain environment.

Technology trends in the global supply chain in 2023: Cloud computing: Cloud computing enables the supply chain to access and share data and applications across different devices, locations, and platforms. Cloud computing also provides scalability, flexibility, and cost-effectiveness for the supply chain. According to a report by Gartner, cloud-based supply chain applications will account for 65% of total spending on supply chain technology by 2023.

Artificial intelligence: AI can help the supply chain to optimize processes, reduce costs, enhance quality, and increase customer satisfaction. According to a report by IDC, global spending on AI systems for supply chain management will reach $8.8 billion by 2023, with a compound annual growth rate (CAGR) of 25.5%.

Blockchain: Blockchain can help the supply chain improve traceability, accountability, and trust among stakeholders. Blockchain can also enable smart contracts, which are self-executing agreements that can automate transactions and enforce rules. According to a report by MarketsandMarkets, the global blockchain supply chain market size is expected to grow from $253 million in 2020 to $3.4 billion by 2026, at a CAGR of 53.2%.

Internet of Things: IoT can help the supply chain monitor and control assets, processes, and environments in real-time. IoT can also provide insights and alerts that can improve performance, safety, and efficiency.

According to a report by Grand View Research, the global IoT in supply chain management market size is expected to reach $94.9 billion by 2025, at a CAGR of 24.5%.

These are some of the technology trends that will shape the future of supply chain management in 2023 and beyond.

20

Logistics

Challenges ahead for global supply chain management The global supply chain management system must overcome several obstacles as a result of these trends. Some of these challenges are:

The persistence of logistics disruptions will continue to affect the availability and cost of transportation modes such as sea freight, air freight, rail freight, and road freight.

The volatility of material scarcity and commodity prices will impact the access and affordability of key inputs such as semiconductors, metals, plastics, chemicals, and energy.

The difficulty of demand forecasting, which will increase the uncertainty and complexity of planning and managing inventory levels and production schedules.

The pressure of ESG compliance and reporting, which will require more transparency and accountability from the supply chain on its environmental footprint, social impact, and governance practices.

How the global supply chain can be future-ready

To overcome these challenges effectively, various stakeholders in SCM need to work together and adopt some solutions, such as: For governments: Providing policy support and incentives for supply chain innovation and sustainability; facilitating trade cooperation and integration; enhancing infrastructure development and security; promoting skills development and education for SCM talent.

For businesses: Aligning SCM strategies with corporate goals and customer expectations; fostering a culture of innovation and learning; embracing digital transformation; engaging with suppliers and partners on ESG issues; empowering employees with data and tools.

For consumers: Being aware of the impact of their consumption choices on the supply chain; demanding more transparency and accountability from businesses; supporting sustainable products and practices; providing feedback and suggestions for improvement.

Logistics

21

Some global supply chain leaders have taken measures to deal with these challenges by adopting various strategies, which include: Re-designing alternative supply chain flows that can reduce bottlenecks and increase resilience.

Diversifying supplier portfolios that can mitigate concentration risks and enhance sourcing flexibility.

Investing in digital capabilities that can improve visibility, collaboration, and agility across the supply chain.

Implementing circular economy principles that can reduce waste, extend product life cycles, and create value from by-products.

Future trends and challenges for the global supply chain Looking ahead to the future beyond 2023, several potential trends and challenges can be anticipated for the global supply chain. Here are some key points to consider: The rise of new business models that leverage platforms, ecosystems, networks, communities, co-creation, personalization, and servitization.

The emergence of new technologies that enable new capabilities such as quantum computing, biotechnology, nanotechnology, and 3D printing.

The evolution of customer expectations that demand more convenience, customization, quality, and value.

The escalation of global risks that pose threats such as climate change, pandemics, cyberattacks, terrorism, and social unrest.

Conclusion The current state of the global economy is still fragile and uncertain due to the ongoing effects of the COVID-19 pandemic and geopolitical and geoeconomic tensions. However, there are also opportunities for the global supply chain to recover, grow, and thrive by leveraging the trends and solutions discussed above.

- Blog by Amith Raj

22

Logistics

23

Sustainable agriculture: Can agriculture be environment-friendly?

24

Agriculture

Agriculture is one of the oldest & most essential

farming to industrial

agriculture, to meet the

human activities. It is the cultivation of plants and

growing

animals for food, fibre, fuel, and other products

changing environment. In this blog, we will discuss

for sustaining life. Agriculture originated about

sustainable agriculture practices with concepts,

12,000 years ago in different regions of the world

examples, and benefits. We will also look at

when people began to domesticate wild plants

the significance of sustainable agriculture, the

and animals and settle in permanent villages.

challenges faced in implementing it, and ways to

Since then, agriculture has evolved through

promote environment-friendly agriculture with

various stages of development, from subsistence

some examples.

demands of a rising population & a

Why is Agriculture needed?

Agriculture is vital for human well-being, as it

global workforce and contributes about 4% of the

provides food security, nutrition, income, and

global gross domestic product (GDP). Moreover,

livelihoods for billions of people around the world.

agriculture accounts for about 50% of the world’s

According to the Food and Agriculture Organization

food supply, while the rest comes from fisheries,

(FAO), agriculture employs about 28% of the

aquaculture, forestry, and other sources.

A double-edged sword: is agriculture a friend of the environment or a foe?

However, agriculture also has significant impacts on

water pollution, deforestation, biodiversity loss,

the environment, both positive and negative. On one

land degradation, and greenhouse gas emissions.

hand, agriculture can enhance the environment by

These environmental problems can threaten the

conserving soil, water, biodiversity, and ecosystem

sustainability and resilience of agriculture itself, as

services, as well as mitigating climate change by

well as the health and well-being of humans and

sequestering carbon and reducing greenhouse

other living beings. Therefore, there is an urgent

gas emissions. On the other hand, agriculture can

need to make agriculture more environmentally

degrade the environment by causing soil erosion,

friendly and sustainable.

Sustainable Agriculture: Concepts and Examples Sustainable agriculture is a system of farming that

and processes, and respectful of cultural and social

aims to provide sufficient food and other products

values. Some examples of sustainable agricultural

for present and future generations while minimizing

practices are organic farming, agroforestry, natural

the negative environmental impacts & enhancing

farming, conservation agriculture, crop rotation

the positive ones. Sustainable agriculture is based

and diversification, cover cropping, integrated

on the principles of agroecology, which is the

pest management, vermicomposting, biodynamic

application of ecological concepts and principles

farming, contour farming, integrated farming

to the design and management of agricultural

systems, rainwater harvesting, artificial recharge of

systems. Agroecology promotes farming practices

groundwater, floating farming, permaculture, and

that are adapted to local conditions, diversified in

many others.

crops and livestock, integrated with natural cycles

Agriculture

25

Benefits of sustainable agriculture The significance of sustainable agriculture in today’s world is immense. Sustainable agriculture can contribute to several global goals and challenges, such as: Ending hunger and malnutrition, Reducing poverty and inequality, Protecting the environment and combating climate change, Preserving biodiversity and ecosystem services, Promoting human health and well-being, and Enhancing social justice and peace.

However, several challenges need to be overcome to achieve the benefits of sustainable agriculture.

Some of these challenges are: Lack of awareness and knowledge among farmers and consumers about the benefits and practices of sustainable agriculture

Lack of access to markets, credit, insurance, extension services, infrastructure, and technology for sustainable agriculture

Lack of supportive policies and incentives that favour sustainable agriculture over conventional agriculture

Lack of coordination and collaboration among different stakeholders involved in agricultural systems

Lack of research and innovation that address the specific needs and opportunities of sustainable agriculture

How countries can promote sustainable agriculture Despite these challenges, there are also many opportunities to make agriculture more environmentally friendly. Various stakeholders in agriculture can act on these opportunities and promote sustainable agriculture. Some of these opportunities include:

26

Agriculture

Increasing consumer demand for organic and fair-

Increasing the participation and empowerment of

trade products that support sustainable agriculture

farmers’ organizations and civil society groups in

This can create market incentives for farmers to

decision-making processes related to agricultural

adopt sustainable practices and reward them for

policies and programs. This can ensure that the

their efforts.

voices and interests of farmers are heard and respected and that they have access to resources

Increasing public awareness and education about

and opportunities that can support their livelihoods.

the environmental impacts of agriculture and the benefits of sustainable agriculture. This can help

Increasing cooperation and partnership among

consumers make informed choices about their

governments,

food purchases and encourage farmers to learn

private sector, academia, and non-governmental

new skills and technologies.

organizations in promoting sustainable agriculture.

international

organizations,

the

This can facilitate the exchange of information, Increasing investment and funding for research

experience, and best practices, as well as the

and development on sustainable agricultural

coordination of actions and interventions that can

technologies

address the complex challenges of sustainable

and

practices.

This

can

foster

innovation and the dissemination of knowledge

agriculture.

that can improve the productivity, profitability, and resilience of farming systems.

Agriculture

27

These are some of the possible ways countries worldwide can promote sustainable agriculture. However, there is no one-size-fits-all solution, as each country and region have their own specific context, needs, and opportunities. Therefore, it is important to tailor the promotion strategies to the local conditions, cultures, and preferences of the farmers and consumers.

Success stories of sustainable agriculture Here is a list of countries that have successfully implemented sustainable agriculture practices.

Brazil: Brazil has transformed its agriculture sector by adopting the principles of integrated crop-livestockforest (ICLF) systems, which combine different types of crops, animals, and trees in the same area. This helps to improve soil quality, reduce greenhouse gas emissions, increase biodiversity, and enhance productivity and profitability.

China: China has invested in the research and development of sustainable agriculture technologies such as drip irrigation, biogas digesters, and biochar production. These technologies help to conserve water, reduce fertilizer use, and enhance soil fertility. China has also promoted the adoption of organic farming and agroforestry practices among smallholder farmers.

Vietnam: Vietnam has implemented the System of Rice Intensification (SRI), which is a set of practices that optimize the use of water, seeds, and organic inputs to increase rice yields and quality. SRI also reduces methane emissions and water pollution from rice paddies. Vietnam has also supported the development of farmer cooperatives and value chains for sustainable agricultural products.

Switzerland: Switzerland has enacted a series of policies and incentives to support sustainable agriculture, such as payments for ecological services, subsidies for organic farming, and regulations on animal welfare and pesticide use. Switzerland has also encouraged the participation of farmers and consumers in shaping the food system through direct democracy and local initiatives.

Cuba: Cuba has adopted a model of low-input urban agriculture that involves growing food in vacant lots, rooftops, balconies, and backyards using organic methods and recycled materials. This helps to increase food security, reduce dependence on imports, and create employment opportunities for urban dwellers. Cuba has also fostered a culture of innovation and cooperation among farmers through farmerto-farmer networks and extension services.

Conclusion In conclusion, agriculture is a crucial activity for human survival and development, but it also has significant impacts on the environment that need to be addressed urgently. Sustainable agriculture is a viable alternative that can provide food security, environmental protection, and social justice for present and future generations. However, sustainable agriculture faces many challenges that require collective action and innovation from all stakeholders involved. By adopting sustainable agricultural practices and supporting sustainable agricultural systems, we can make a positive difference for ourselves, our communities, and our planet.

- Blog by Amith Raj 28

Agriculture

Agriculture

29

Jobs that are safe from AI

30

Technology

Ever since Chatgpt-3 was released by OpenAI to the public, the fear of losing jobs to AI is at an all-time high. And rightfully so. Every Industrial Revolution in the past has caused disruption in the job market. The current revolution dubbed as

the fourth industrial revolution is no different. But can AI take up all the jobs in the market? Think about it.

The answer is a big NO, for the time being, though. We have seen AI slowly encroaching into the art space, factory jobs and others.

Let’s be optimistic for a while and think about the jobs that are safe from AI, for now, of course.

Teachers (Tutors or Educators) A teacher is much more than someone who just teaches facts and figures. Along with the information, a teacher is someone who inspires the students or learners to persevere through the various difficulties that a learner encounters from time to time. Some students need only a gentle reminder. Some students need to have repeated reminders. A good teacher is one who can impart the confidence to the learner that the topic or learning material can be learnt without any issues.

That emotional part is something AI is yet to master.

Legal professionals Lawyers and judges are the kind of roles which are very difficult to replace because there are nuances in the interpretation of law. Each law has a backdrop or context before it was formulated. Human beings can understand these finer shades of meaning and context in which the laws came into being. There is a humanitarian angle that needs to be considered before pronouncing any sentence. In light of the above reasons, AI cannot easily replace the different roles in the legal field.

Technology

31

PR professionals Public relations are one of the most difficult professions in the business world simply because the types of personality that one has to deal is almost endless. They also have to deal with the different modes of communication to reach out to them. The number of variables is too large and there is a need to understand the pulse of the target audience, if you will, to successfully navigate the landscape. It is very difficult for AI to master this quality at this stage.

Editors Though AI can check for spelling and plagiarism issues, it still lacks the intricate nuances and the idea of relevance when it comes to journalism, film scripts, poetry, copywriting and other written content. These are still the forte of creative human beings.

Event Management Professionals Every event has a different theme and reason. To understand this and create an event that fulfills the vision of the customer is something AI cannot achieve with its current level of intelligence. Every event needs unique customization and detailing, which a pre-programmed machine won’t achieve without human interventions.

C – level employees

32

The CEOs, Directors, VPs and other leadership roles

customize their company’s strategy to keep the

which need a lot of vision, strategy and deeper

above things in mind. Each new variable adds to

understanding of customers, market conditions &

the complexity in the formulation of the strategy.

divergent thinking is something AI isn’t capable of

This is something which can cause AI hallucination

doing at this time. We all know that these things

i.e., a state of an AI system where it thinks that it is

vary from region to region and they have to

right even though it is factually wrong. An AI can

Technology

make a decision based on the pre-defined case

the company’s ethos and employee well-being. It

studies and similar situations fed into it. However, a

requires a certain level of empathy that cannot be

lot of the business decisions in a company cater to

achieved by any of the smartest AI available today.

Sportspersons or Athletes All sports are free from AI because we human beings love to watch our fellow humans compete and excel, in whichever sport that is there. The real thrill of sports is in the excitement of watching a person perform live and showcase abilities to the best of their limits. We watch sports to witness the real abilities and limits of a human body. AI would just ruin the entire purpose of watching a sports event.

Medical professionals These days there are a lot of advancements being made in the field of surgical procedures. A lot of AI system or bots are being used to assist the doctors in performing the surgeries. But there are a lot of situations where a doctor has to draw upon their experience to deal with the complex scenarios that arise in the course of their profession especially surgeries.

Apart

from

these,

other

medical

professions like that of nurses, psychologists, or counsellors require a lot of convincing & empathy towards the patients & the people accompanying them. Studies have shown that patients feel much more relaxed when they interact in-person rather than on the screen, let alone chat with an AI bot.

Strategy Leaders and Thought Leaders This group includes people who devise product, business and corporate strategy. Ultimately any service or product is created to be sold to human beings & that requires a very deep understanding of the human psyche, sensibilities and reasoning. The same goes with thought leaders who help to better the way things are done in different industries.

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33

The key takeaway Any profession that involves skills like communication, decision-making, leadership, critical thinking, emotional intelligence and conflict resolution is safe from the shadows of AI. People who are seeking jobs or are planning to upgrade their skillsets need to take note of the current abilities of AI. For any person, the safest job is the one that helps them to explore and leverage their talent. Dorie Clark, an American Author and a professor at Duke University’s Fuqua School of Business has a relevant quote – ‘All jobs that require you to do only what is expected, is fast disappearing.’

There is a lot that AI can do and there is a lot more that AI will do in the coming days and jobs that are involved in making these AI more capable have the highest demand today.

- Blog by Jaison Joy 34

Technology

35

CCUS: How climate change is powering a new global carbon economy?

Carbon Capture and Storage (CCS), in a literal sense, means capturing carbon and storing it for further use. Technically speaking, it is the process in which a relatively pure stream of carbon dioxide (CO2) from industrial sources is separated, treated and transported to a long-term storage location. Processes such as the burning of fossil fuels, outages of biomass plants and chemical processing plants are

Why is this such a big deal?

some of the major capture points from which,

Carbon dioxide is a colourless and non-flammable

a stream of carbon dioxide is captured.

gas at normal temperature and pressure that is

These gases are stored in deep geological

comparatively less abundant (only at 0.04 percent)

formations or the form of mineral carbonates.

than Nitrogen (78 percent) and Oxygen (21 percent).

The main purpose of this process is to mitigate

Yet, it is an important greenhouse gas that keeps our

greenhouse gas emissions and the resultant

planet comfortably warm for all the biotic and abiotic

climate change.

materials. After Nitrogen, Carbon atoms form an essential block of the biogeochemical cycles, getting absorbed from the air during photosynthesis and getting transferred up into the food chain to finally becoming a part of inanimate materials in nature.

36

Technology

With the progress of the Industrial Revolution (since 1960), CO2 concentrations have reportedly risen by 40 percent, from 270 ppm (parts per million) to 400 ppm. As per predictions, the current rate could lead to a 4-degree Celsius rise in atmospheric temperature by 2100.

Developed with Mother Nature US and Canada have been at the forefront of CO2-

carry & spread it into the deep ocean that has a very

based enhanced oil recovery (EOR) technology

large equilibrium capacity. His paper identified the

since 1960. The world’s first large-scale CO2-

Mediterranean undercurrent entering the Atlantic

EOR project, Scurry Area Canyon Reef Operating

at Gibraltar as having sufficient capacity to deal

Committee (SACROC) has been operational since

with all CO2 produced in Europe even in the year

1972. As per reports, more than 175 million tonnes

2100. The concept of storage later evolved into

of natural CO2 has been injected into the SACROC

utilization which led to the concept of CCUS (Carbon

project during the 1972-2009 period.

Capture, Utilisation and Storage) technology. The Sleipner CCS project (1996), IEA Greenhouse Gas

The

earliest

reports

were

(IEAGHG) Research and Development programme

late physicist Cesare

& Weyburn-Midale CO2 monitoring and storage

Marchetti, one of the inventors of geoengineering

project (Weyburn project) (2000) are some of the

& hydrogen economy. In one of his most popularly

first international demonstrations of large-scale

cited research papers of 1976, he proposed the

capture, utilization and storage of anthropogenic

technique of disposing of CO2 through injection

CO2 emissions.

documented by the

of

these

studies

into suitable sinking thermohaline currents that

Technology

37

In modern CCUS technology, the first stage involves the separation of CO2 from other gases produced in industrial processes, usually in large amounts from coal and natural gas-fired power generation plants or steel or cement factories.

The gas is transferred to a storage site, which is usually injecting it into deep underground rock formations. The most safest and accessible sites for permanent storage of carbon emissions are saline aquifers, and depleted oil and gas reservoirs that are at least 1 km deep underground. At present, more than 90% of geological CO2 storage projects are being carried out in oil reservoirs; however, deep saline aquifers are still the largest geological CO2 storage spaces and those with the greatest potential.

Growth of a world-saving tech Several reports suggest that the CCUS market

There have been findings that indicate that

could grow to reach USD 7 billion to 14 billion by

companies like the Abu Dhabi National Oil Company

2030. The demand for CCUS is largely driven by

have drastically reduced their gas flaring from

the growing concerns over climate change and

about 1,500 million cubic feet per day in 1980 to 200

subsequent

entrepreneurial

million cubic feet per day today. Reportedly, the

ventures to reduce CO2 emissions. With the

US uses over 75 percent of the global operations

discovery of new underground oil reserves, offshore

in EOR techniques, accounting for nearly 30 metric

oil & gas exploration and production activities

tonnes per annum. The US is making provisions for

there has been a surge in the adoption of gas

incentives for this technology under the FUTURE

injection enhanced oil recovery (EOR) techniques.

(Furthering Capital Carbon Capture, Utilization,

This technique is getting a further boost in demand

Technology, Underground Storage, and Reduced

from some of the mature and depleting oil reserves

Emissions) Act.

government

and

in OPEC (Organization of the Petroleum Export Countries) members.

38

Technology

The CCUS market is threatened by the high cost

of carbon capture and storage and the dwindling

Some reports have suggested that China and

crude oil prices. The development of the new shale

India have accounted for over 85 percent of new

gas technique is further expected to moderate the

coal power capacity since 2005. This has boosted

growth of this market. The growth in the production

the demand for post-combustion carbon capture

activities of cement, iron and steel is also playing

technology. Power generation is the current major

a major role in the growth of the CCUS market. The

revenue generator for the CCUS market with over

rising popularity of electric vehicles is promoting

66.9 percent in revenue share in 2022.

electricity production through coal-fired plants.

Government Action Matters North American countries like the USA and Canada are expected to lead the market in the upcoming years. With the new executive order from US President Joe Biden to achieve a 100 percent carbon-free electricity goal by 2032, the future seems promising for the CCUS market in North America. With rapid industrialization and economic boom, Asia-Pacific is facing severe environmental concerns leading to initiatives towards carbon emission reductions.

Favourable government policies and stringent environment-friendly laws in the region are aiding the advancement of CCUS technology. The 2015 Paris Agreement Accords are further incentivizing funding for this technology and international cooperation for carbon crediting or emission trading in voluntary carbon markets, compliance markets, and inter-governmental transfers of mitigation outcomes outside of market-based mechanisms.

Studies have shown that a Government-led model is far more beneficial to the economy than at the individual corporate level. This is the only means of achieving net zero emissions by 2050 under the Paris Agreement.

- Blog Article by Ujal Nair

Technology

39

How Laser Cleaning Technology Revolutionizes the Automotive Industry 40

Technology

In

the

ever-evolving

landscape

of

industrial

This article delves into the myriad ways in which laser

innovation, laser cleaning technology has emerged

cleaning technology, with its inherent advantages,

as a transformative force, particularly in the

is benefiting the automotive industry. From rust

automotive sector. The challenges faced by the

removal to surface preparation, the applications

automotive industry in maintaining the quality and

of laser cleaning are reshaping the automotive

longevity of vehicles are substantial, making the

manufacturing and maintenance processes.

integration of cutting-edge solutions a necessity.

Advantages of Laser Cleaning in the Automotive Industry The automotive industry thrives on precision, efficiency, and durability. Laser cleaning advantages align seamlessly with these demands, offering a range of advantages that have led to its rapid adoption across various automotive processes.

1. Rust Removal without Compromising Integrity: One of the most significant challenges faced by the

process uses focused laser beams to target rust

automotive industry is rust, which can compromise

particles, causing them to evaporate without

both aesthetics and structural integrity. Traditional

affecting the surrounding metal. This precision

methods of rust removal often involve abrasive

ensures that the structural integrity of the vehicle

techniques that can inadvertently damage the

remains uncompromised, resulting in a longer-

underlying metal surface. Laser cleaning, however,

lasting and safer end product.

offers a non-contact, non-abrasive solution. The

2. Efficient Paint Preparation: Before applying a fresh coat of paint, automotive

cleaning ensures an optimal surface for paint

surfaces must be impeccably clean and free of

adherence. This efficiency not only enhances the

contaminants. Laser Cleaning Technology excels

final appearance of the vehicle but also minimizes

in this aspect as well. By swiftly removing layers

the chances of paint peeling or chipping due to

of old paint, grime, and other impurities, laser

inadequate preparation.

3. Environmentally Friendly Approach: As industries worldwide strive to adopt more

The removed particles are mostly turned into vapor

sustainable practices, laser cleaning technology

or gas, which can be easily captured or contained.

stands out as an environmentally friendly option.

This aspect aligns with the automotive industry’s

Unlike traditional methods that often involve the

increasing focus on reducing its carbon footprint

use of chemical solvents and generate harmful

and contributing to a greener future.

waste, laser cleaning generates minimal waste.

Technology

41

4. Preservation of Delicate Components: The

intricate

components

within

vehicles,

it a perfect fit for these tasks. The precise control

such as sensors, electronic parts, and delicate

over the laser parameters ensures that these

mechanisms, require careful handling during

sensitive components remain unharmed while still

maintenance and restoration. Laser cleaning’s

undergoing effective cleaning and maintenance.

non-contact nature and adjustable settings make

5. Enhanced Worker Safety: The well-being of workers in the automotive

operators to conduct rust removal and surface

industry is of paramount importance. Traditional

preparation from a safe distance. This non-contact

rust removal methods can expose workers to

approach minimizes the need for physical scraping

hazardous substances and physical strain. Laser

or abrasive materials, creating a safer working

cleaning

environment for employees.

eliminates

these

risks

by

enabling

6. Time and Cost Savings: Laser cleaning technology offers a streamlined

the need for labor-intensive manual cleaning and

approach

preparation, resulting in significant time savings.

to

automotive

maintenance

and

restoration. The efficiency of the process reduces

7. Consistency in Quality: In

mass

automotive

production,

maintaining

and

preparation

of

surfaces.

The

controlled

consistent quality across vehicles is paramount.

laser parameters guarantee that every vehicle

Laser

undergoes the same high-quality treatment,

cleaning

technology

contributes

to

achieving this goal by ensuring uniform cleaning

resulting in a standardized final product.

8. Versatility in Application:

42

Beyond rust removal and paint preparation, laser

components,

cleaning technology exhibits remarkable versatility

joints. This adaptability makes laser cleaning an

in the automotive industry. It can be employed

indispensable tool for various stages of automotive

for removing adhesive residues, cleaning engine

manufacturing, maintenance, and repair.

Technology

and

even

enhancing

welding

Final Words As the automotive industry continues to evolve, the

structural integrity to enhancing worker safety

integration of advanced technologies becomes

and promoting eco-friendliness, the benefits of

crucial to meet the demands of efficiency,

laser cleaning are numerous and far-reaching.

sustainability, & quality. Laser cleaning technology,

As automotive manufacturers and maintenance

with its array of advantages, is leading the

facilities embrace this cutting-edge solution, the

charge in reshaping how the industry addresses

industry is poised for a future where precision,

challenges like rust removal, surface preparation,

durability, and innovation go hand in hand.

and

environmental

impact.

From

preserving

- Blog received on Mail from Peter Yordanov Technology

43

Evolution of Shipping and Trade from South Asia to Africa The rich tapestry of global history is intricately woven with threads of trade and commerce.

At the heart of this vibrant interplay of culture, ideas, goods, and people lies the evolution of shipping and maritime trade. Spanning thousands of years and numerous civilisations, it is particularly compelling when we trace the routes from South Asia to Africa, two regions that have played a pivotal role in shaping the world’s trading landscape. Let us delve right into this evolution, from the dusty trails of the ancient Silk Road to the bustling ports of the modern era.

44

Logistics

Introduction The current surge in trade between the developing nations in Africa and Asia is the apex of SouthSouth trade. This trade is fuelled by developing economic giants like China and India, whose wants for commodities in Africa keep on increasing.

Especially in Sub-Saharan Africa (SSA), which is raising demand for Asian manufactured goods.

Spanning centuries and oceans, this journey has not only connected two distant regions but has also played a pivotal role in shaping the global exchange of goods, ideas, and cultures.

Travellers crossed oceans with the advent of trade routes that connected them across several continents. Commodities like silk, spices, gold, and precious elements formed a network of cross-continental commercial interactions. The geographical advantage served Asia and Africa as hubs in the marine trade. With significant seas and oceans bordering their coastlines, the area served as entry points to a huge marketplace, facilitating the exchange of goods, ideas, and traditions. From the spice-laden vessels of the Indian subcontinent to the gold and ivory trades of Africa, these regions have shaped global commerce in profound and lasting ways.

Logistics

45

Role of South Asian Countries in Ancient Maritime (shipping) Trade India played a significant role in ancient maritime

Gujarat in India), showcased how maritime trade

trade. It was recognised for its abundant resources,

plays a significant role in the local economy. In India,

especially spices, textiles, and gemstones. The

the Mauryan Empire of Ashoka, the Cholas and a

monsoon winds propelled ships, giving South

variety of kingdoms and empires in Southeast Asia,

Asia a crucial connection in east-west commerce

China, and Africa had diplomatic and commercial

routes. India made commercial ties with the oldest

ties with each other across the Indian Ocean.

civilizations, such as Mesopotamia, Egypt, and Rome.

In general, South Asian nations have a long history of engaging in maritime trade, which has aided in

One of the earliest urban civilizations, The Indus

the interchange of products, concepts, and cultures

Valley, maintained a bustling maritime trading

throughout various parts of the world.

network. Lothal, an ancient port city(present-day

Role of Africa in Ancient Maritime Trade Africa played a vital role in maritime trade as a significant supplier of gold and ivory that were traded across the Red Sea and Mediterranean trade routes. Carthage became a marine hub that facilitated trade between Asia and Europe.

Maritime trade was influenced by the Kingdom of Aksum, which was situated in what are now Ethiopia and Eritrea. Due to their influence over the Red Sea trade channels, this kingdom was able to export products like spices, gold, and ivory. Aksum also brought from the Roman Empire opulent goods like silk and glassware.

Dhow: The Iconic Vessel of Trade Dhow (a unique ship) promoted trade between South Asia and Africa. Their distinct characteristics, i.e., lateen sails and sturdy construction, set them apart from other traditional ships. They were used for long-distance trade as they were capable of traveling both on calm and rough seas. Dhows played a crucial part in forming the economic and cultural landscape of both regions and came to be synonymous with ‘Indian Ocean commerce’.

Cultural Exchange and Beyond This naval expedition had other outcomes besides the trade of goods. South Asia exchanges not only goods but also cultural ideas, notions, and religious beliefs. Islam was introduced to the East African Coast through this nautical link. Swahili is the memento that displays the blending of Bantu, Arabic, and Persian languages.

46

Logistics

The Swahili Coast and Indian Influence The development of the Swahili coast marked an

architecture, cuisine, and manner of life. The

important milestone in trading history. The blend

monsoon winds from the Indian Ocean were very

of culture and commerce paved the way for new

important in aiding this trade. The timing of journeys

ideas and thoughts. This exchange with Indian,

was determined by the seasonal monsoons,

Arab, and Persian traders had a huge influence

ensuring a quick and efficient journey across the

on the development of the distinctive identity of

ocean. The extraordinary knowledge and skill that

the Swahili people who lived along the East African

ancient seafarers possessed is demonstrated by

coast. This was witnessed in their language,

their profound awareness of the rhythms of nature.

Shipping Routes: From South Asia to Africa The spice trade from India and the Silk Road from

a route along the Roaring Forties between Europe

China were the major drivers of commerce, but

and Australia.

the fall of Constantinople(1453) disrupted exports, thus opening new opportunities for the Europeans

The Suez Canal was opened in Nov 1869, shortening

to discover trade routes. The Cape of Good Hope

the distance between the Atlantic and the Indian

was discovered by Bartolomeu Dias(1488) and

Ocean. This served as the end of the Cape Route

Vasco da Gama discovered the sea route to India.

as well as the age of sails. Today, the Cape route is

Adding to it, Caribbean pirates followed the Pirate

popular for yacht racing. Today, modern shipping

Round, a parallel route from the Caribbean across

lanes are guided by factors such as cargo

the South Atlantic to the Indian Ocean. The Brouwer

volume, navigational safety, and environmental

Route was an extension of the Cape Route across

considerations.

the Indian Ocean to Indonesia. The Clipper Route is

Conclusion The role of South Asia in modern maritime trade

of Good Hope in South Africa are vital arteries of

can be traced to India’s advantageous geographic

global commerce. Countries like Nigeria, Angola,

position and wide coastline, which have elevated

and Algeria are major exporters of oil, while South

it to a significant maritime nation. India harbors a

Africa and Ghana are known for mineral and cocoa

sizable amount of international cargo traffic, with

exports, respectively.

exports of commodities mainly consisting of iron ore, textiles, and petroleum. Other South Asian

The evolution of shipping and maritime trade from

nations, like Sri Lanka and Bangladesh, have also

South Asia to Africa reflects human endeavor,

developed robust shipping industries.

ingenuity, and resilience. It showcases how trade and commerce have shaped our interconnected

Africa’s contribution to modern maritime trade

world. As we move forward into the future, this

is equally significant, with the continent offering

maritime legacy reminds us of the importance of

some of the world’s busiest and most strategic

global trade and its impact on our collective history.

sea routes. The Suez Canal in Egypt and the Cape

- Blog by Tamanna Shaikh Logistics

47

Assessing the Influence of Insurtechs on the Insurance Market

48

Insurance

The influence of technology is undeniable in every area of our lives. From learning how to communicate, shop, or manage our health, the digital transformation has been revolutionary.

However, one industry that has been quite slow to embrace change is the insurance sector. The emergence of insurtech companies has been a complete game changer. They have brought about various reforms and inculcated efficiency and savings in the insurance industry with the deployment of innovative technologies. Let’s dissect the profound impact of these tech-driven firms on the traditional insurance landscape and analyse, the pros and cons, and the future outlook.

Introduction The term insurtech refers to the blend of insurance

product offerings, improve customer experiences,

and technology in a novel business block, designed

and manage the insurance processes. With

to

traditional

multiple insurance fraud cases taking place,

insurance sector. They make use of cutting-edge

insurtechs have a great chance to survive, as they

technologies like artificial intelligence, IoT, block

could significantly reduce inaccuracies and detect

chain, and other automation processes to enhance

anomalies faster than an insurance agent.

drive

out

inefficiencies

in

the

Main Benefits of Insurtechs in the Insurance Market Increasing Competition: The insurance market is already competitive with the introduction of new companies and their policies.

By offering tailored products at competitive prices, insurtechs are stirring up competition in the insurance market. They achieve this by creating finely delineated risk groupings using inputs from a multitude of devices, including geolocation tracking and activity trackers. By understanding customers at a granular level, they can price their products more effectively than traditional insurers who use basic data sets for grouping.

Improving customer experiences: Insurtech is not just about the price; they are also enhancing the customer experience by employing deep learning and trained AI to handle the task of broker and finding the perfect mix of policies for individuals.

Furthermore, they are also seeking the use of apps to consolidate various policies into one platform that can be easy to monitor and manage. These new innovative solutions make it more accessible and intuitive for customers.

Improved Efficiency: With the introduction of automation brought about by AI, efficiency has increased, reducing operational costs. For example, claims management, traditionally a manual process that involved reviewing each claim and deciding compensation, has now been automated, which has lowered the cost and sped up the processing time. Large companies can leverage technology to gather and validate specific claims data, ensuring more efficient payouts with minimal human intervention.

Insurance

49

Challenges and Risks of Insurtechs in the Insurance Market Data Security Concerns: With

the

abundant

amount

Potential Job Losses: of

data

these

The automation of the process could potentially

companies gather for risk assessment and policy

lead to job losses in the sector. As machine learning

customization, the security of data has become

and AI take over the job that was traditionally

a major concern. The insurer needs to make sure

performed by humans, there is a growing fear

they have powerfully built cybersecurity measures

among insurance professionals about their job

to protect customers’ data from any kind of breach.

security.

Lack of Regulation:

Issues with Customer Privacy:

Since insurtech is a new industry, the lack of clear

There is a huge concern regarding privacy. Devices

guidelines is raising concerns about fairness

that collect data for risk analysis can track user

and transparency.

While regulations are slowly

location and habits, leading to potential privacy

catching up with the changes, there is still much

infringement. Balancing the need for detailed

uncertainty that can affect market dynamics and

customer data with respect for privacy will continue

customer trust.

to be a challenge for insurtechs.

Analysis of Market Dynamics The global insurtech market was valued at USD

success of the company and its potential customer

5.45 billion in 2022 and is expected to grow at a

base.

compound annual growth rate (CAGR) of 52.7% from 2023 to 2030.

The growth prospects for these companies are also promising because of the benefits offered

In spite of the challenges, the market potential

by blockchain technology, such as cost savings,

for insurtech is enormous. With the digitization

faster payments, and fraud mitigation, which are

due to the recent COVID-19 pandemic, more and

driving its demand among insurance companies

more people are open to purchasing insurance

worldwide. Increased investments in this sector

online, thereby proving a huge market for these

also contribute to strong confidence in its future

companies. The capability to offer personalised

growth.

products at a competitive price will ensure the

Conclusion The regulatory environment of insurtech plays a

maintain trust among customers and prevent

crucial role in the insurtech industry. Favorable

any

regulations can help investors invest, create

companies hold a bright future with technological

innovations, and increase valuation. While a lack

advancements and can definitely flourish with the

of proper regulation can hinder growth and limit

support of regulatory authorities and partnerships,

valuation. Insurtech companies must prioritize

which could create an impact on their valuation.

legal

consequences.

Moreover,

these

regulatory compliance and risk management to

- Blog by Madhulika Pandey 50

Insurance

Transforming Finance:

How banks are revolutionizing the industry with sustainable practices

Financial institutions are working to promote ESG principles, green finance, and sustainable practices, opening the door to a better future. It is crucial to understand precisely what practices banks are employing to revolutionize and promote sustainability. This blog will draw a limelight on understanding sustainable banking, how banks are driving the change, promoting financial inclusion along with innovations brought by various fintech companies for sustainability.

52

Banking

Introduction Understanding Sustainable Banking The European commission defines Sustainable

impact, social considerations & lastly governance

banking as the process of taking due account

of public/private institutions. The strategy aims

of environmental, social, & governance (ESG)

to support the financing of the transition to a

considerations when making investment decisions

sustainable economy by proposing action in four

in the financial sector, leading to increased longer-

areas: transition finance, inclusiveness, resilience

term investments into sustainable practices &

and contribution of the financial system to global

projects. Keeping in mind the environmental

ambition.

Transforming Finance Through Sustainable Practices The crucial contribution of the financial sector to encouraging responsible growth was recognised in the Paris Agreement. From then on various methods are in use for bringing in transformation and implementing sustainability.

Some Banks that are making a difference: Ando: Ando is helping to make solar power possible

who owns a card of Tomorrow is charged with a

for American charter schools and low-to-moderate

small amount i.e. an interchange fee which is then

income communities. They have launched multiple

allocated to environmental programmes.

initiatives some of them include- Solar for all and Divest 101.

First Abu Dhabi Bank:

By 2030, First Abu Dhabi

Bank pledged to lend, invest, and support 75 billion Amalgamated bank: Solar Holler, one of the

USD in projects aimed at finding environmentally

beneficiaries of the bank talks about the change it

and socially responsible solutions thus supporting

has brought in the Appalachian region in the U.S.

sustainable practices.

The goal of the bank aligns with Solar Holler thus choosing a greener, cleaner, healthier future.

Al-Rajhi Banking and Investment Corp: Five of the six renewable energy projects managed by REPO

Tomorrow: It has incorporated a simple method

that were awarded funding in 2020 were supported

called ‘Interchange Fee’ which is used in the

by the bank, which also provided USD 700 million in

preservation of forests in northern Brazil. Any person

financing for similar projects in 2021.

What draws investors to sustainable financing and how does it spur private investment Equity and debt are the two primary financial

can include the use of loan and credit guarantees,

tools used in sustainable financing. Debt financing

as well as investments in junior equity. Public

typically falls into two categories: loans and bonds. A

finance institutions often utilize loan or credit

loan is when a bank transfers money to a company

guarantees to manage risk effectively. By assuming

or individual, while a bond involves payment from

the investment risk on behalf of the investor, the

the market or public to a company that issues the

institution providing the guarantee allows lenders

bond. In the realm of green investment projects,

to offer lower interest rates on loans. This reduction

leveraging is commonly employed to reduce

in risk leads to lower capital costs for the investor

perceived risk and attract private investors. This

and ultimately enhances profitability.

Banking

53

Preferred stockholders hold a slightly lower level of risk as they are entitled to be paid out before common stockholders in the event of liquidation.

Promoting Financial Inclusion Through Green Financing Promotion of financial inclusion is an essential strategy to address two important global challenges: enhancing underprivileged groups’ access to financial services and assisting sustainable development to address environmental problems.

Internal Promotion: Adapting existing risk governance frameworks to include environmental and social considerations presents a substantial challenge for regulatory design. It will be necessary for the financial sector to recognise and evaluate the financial risks associated with sustainability, particularly those related to the environment and climate change.

Cause

Bank that drove change

Developments

Super Typhoon

Bangko Sentral ng

Formalized regulatory relief measures that could be

Yolanda, 2013

Pilipinas (BSP)

offered by banks.Climate change mitigation and

resilience, alongside traditional poverty alleviation efforts became priority areas for financial sector development

Fostering Cooperation: Financial regulators need to cooperate with the government strategies and further enhance them. Some of the joint initiatives are listed below:

Country

Stakeholders

Initiative

Thailand

Ministry of Finance,

Creating a roadmap for sustainable finance in the nation

Insurance Regulator,the

green labeling/definitions, the development of disclosure

the Central Bank, the

Stock Exchange and the

Securities and Exchange

which include Green financial sector incentive program, standards and harmonizing policy

Commission Bhutan

Royal Monetary Authority

Green Finance Roadmap: Promotion of green financing for Bhutan’s aim for sustainable development, and to

coordinate policies in the international public/private sectors

Egypt

54

Banking

Central Bank of Egypt

The bank is aiming for climate change mitigation along with financial inclusion for women

Microfinance

and

the

of

number

Microloans:

microfinance

Increase and

in

microloan

Education and Public Awareness:

Spreading

knowledge

of

about

the

significance

green

programmes available to help people and small

financing and its ability to support sustainable

enterprises who are involved in environmentally

development among financial institutions as well

friendly activities. These tiny loans can promote

as the general public. Demand for involvement

entrepreneurship,

initiatives,

in green financial services can be increased by

lessen financial exclusion and promote sustainable

educating individuals about the advantages of

practices.

making investments in green projects.

jumpstart

green

Innovation in Sustainable Fintech Solutions Fintech companies are developing platforms that use big data and AI to assess the ESG performance of investments, enabling banks to make more informed and sustainable decisions.

Some of the fintech companies that are driving innovationStripe: It allows business clients to automatically

Aspiration: They introduced ‘Plant Your Change’

deduct a portion of their income (in accordance

initiative. It entails rounding up all transactions to

with a predetermined proportion of deductions)

the nearest dollar amount and transferring the

to fund cutting-edge carbon emission-reduction

appropriate difference to pay for tree planting. The

solutions. Companies who offer deductions are

business started selling Aspiration Zero payment

given a special green label to promote a good

cards in 2021, allowing their owners to offset their

company reputation.

carbon footprint through deductions from each transaction and earn cashback once they reach

TreeCard:

This startup makes use of wooden

the monthly deduction goal.

payment cards that work similarly to the debit card. The commission for using them is used to

Atmos: To hasten the transition to a clean,

fund the planting of trees in 15 different developing

equitable, and transformed green economy, Atmos

nations. The materials used are organic and

gathers money in deposit accounts and uses

recyclable. These cards allow users to keep track of

it to make investments only in climate-positive

their spending and see how many trees they have

infrastructure. Renewable energy sources, energy

funded.

efficiency initiatives, electric transportation, green building and sustainable agriculture are Atmos’s top investment priorities.

Banking

55

Conclusion Sustainable Banking: The way forward

It is high time to deal with the threats affecting our

carbon pricing, renewable energy goals, and rules

planet. Not only are the countries responsible to think

governing green finance are being implemented.

proactively but also the respective stakeholders

The

need to steer the wheel for growth. Demand for

and technology will be a significant additional

green financing and sustainable banking services

driver. Sustainable investments are becoming

is probably going to rise significantly as more

more alluring and economical because of the

institutions and investors realize how important

advancement of new renewable energy sources

sustainability and ESG issues are. Initiatives like

like wind and solar energy.

development

of

new

business

models

- Blog by Tamanna Shaikh

56

Banking

Web Security: A Global Concern in Modern Business Operations

In

the

age

of

globalization,

businesses are no longer

confined

to geographical boundaries. With the rise of digital platforms, companies can

operate,

collaborate,

and

transact across continents in real time. This global reach, while offering unprecedented

opportunities,

also

introduces a myriad of cyber threats.

As a result, web security has emerged as a critical concern for modern businesses operating on a global scale.

Sustainable Banking: The way forward Today’s

business

interconnected

landscape

networks,

is

characterized

cloud-based

platforms,

by and

integrated supply chains. Companies collaborate with partners from different parts of the world, access global markets, and serve a diverse clientele. This digital integration, while driving efficiency and growth, also exposes businesses to cyber risks that transcend borders.

58

Technology

Challenges in the Global Digital Arena Diverse Regulatory Landscapes: Different countries have varying regulations related to data protection and cyber security. Navigating this complex regulatory environment while ensuring compliance can be challenging.

Advanced Cyber Threats: As businesses expand their digital footprint, they become targets for sophisticated cyber-attacks, ranging from data breaches to ransomware.

Cultural and Operational Differences: Different regions might have varying levels of awareness and preparedness when it comes to cyber threats, requiring businesses to adopt a flexible yet robust security approach.

The Imperative of Robust Web Security In this globalized business environment, ensuring web security is not just about protecting a single entity but safeguarding an entire ecosystem of partners, suppliers, and customers. Key measures include: End-to-End Encryption: Protecting data in transit and at rest, ensuring that sensitive business information remains confidential.

Regular Security Audits: Periodically assess the security posture to identify vulnerabilities and address them proactively.

Employee Training: Equipping employees with the knowledge to recognize and prevent potential cyber threats, especially in a diverse and global workforce.

Harnessing Expertise for Global Security To navigate the complexities of global web security, businesses often turn to specialized platforms for guidance and solutions. Leveraging expert insights and tools becomes crucial in ensuring a secure digital environment. For those keen on understanding the intricacies of web security in the global context, exploring resources and platforms online can provide valuable insights.

Final thoughts The digital age offers businesses the promise of global reach and unprecedented growth opportunities.

However, with these opportunities come challenges, especially in the realm of web security. Recognizing the importance of web security in global operations and leveraging expert solutions ensures businesses can thrive and protect their assets, reputation, and stakeholders in the interconnected world of international business.

Technology

59

Navigating Life’s Uncertainties: Should You Prioritize Life Insurance or Income Protection?

financial security, casting a reassuring light on the shadowy unknown. Among these, two stalwarts stand out: life insurance and income protection.

These bedrocks of financial planning offer solace in times of upheaval, shielding us from the erratic twists and turns that life may take. Understanding the nuanced differences between these two safeguards is paramount in crafting a robust financial safety net tailored to one’s unique circumstances.

Income Protection

temporary injury necessitates coverage for lost

Amidst life’s uncertainties, the ability to earn a living

term disability protection.

earnings during rehabilitation, aligning with short-

stands paramount, rendering income protection a compelling choice. Unforeseen illnesses or accidents can disrupt even the best-laid plans, leaving us financially vulnerable. This calls for a robust consideration of income protection

Conversely,

a

software

engineer

debilitated

by a long-term cognitive ailment necessitates a

different

approach,

warranting

long-term

disability coverage. Navigating this spectrum of

insurance.

contingencies illuminates the indispensability of

Picture a skilled surgeon with hands that craft life

range of adversities.

income protection, guarding against a diverse

anew – an injury rendering those hands incapable of delicate work could spell financial ruin. Income protection insurance would provide a safety net, ensuring financial stability despite the inability to perform the skilled task.

Furthermore,

the

labyrinth

of

uncertainties

term, long-term, and partial. Each demands a tailored response. A professional athlete facing a Insurance

Prioritizing Protection of Life Insurance of Income Protection The duel between life insurance and income protection rages on. The question arises: Should

extends to the intricate web of disabilities – short-

62

Insurance products emerge as beacons of

one prioritize one over the other? Much like the enigma of finance, the answer lacks a universal mandate.

The right path hinges on individual circumstances, risk appetite, and overarching financial goals.

A

prudent

approach

involves

a

balanced

consideration of both, intertwining the protective strengths of life insurance and income protection.

For instance, young professionals in the nascent stages of their careers might lean towards income protection, fortifying their current earning potential.

Simultaneously, they could opt for a modest life insurance policy, providing a foundation for their loved ones in the event of an unforeseen tragedy.

Conversely,

a

middle-aged

individual

with

substantial responsibilities might tilt towards a robust life insurance policy, ensuring their family’s long-term security. Complementing this with income protection could complete the safety net, guarding against potential loss of earnings due to

Final Words The compass of financial planning steers us towards insurance products. Yet, the choice between life insurance and income protection is no mere heading but a multifaceted decision molded by one’s unique voyage.

Like a seasoned sailor charting the uncharted, judiciously navigating these waters requires a comprehensive understanding of one’s financial landscape, aspirations, and potential vulnerabilities.

By skillfully marrying the protective fortitude of life insurance and income protection, we can set sail with greater confidence, ready to weather any storm that may arise on our expedition through life’s unpredictable seas.

disability or illness.

Insurance

63

The Importance of the Negotiation Phase in Personal Injury Cases Accidents are pretty common. In fact, it is more common than you might think. Unintentional injuries are the fourth most common cause of death in the US. It accounts for 6.5% of all deaths in the US. Unintentional injuries caused 200,955 deaths in the US in 2021. Auto accidents, poisoning, slips and falls, and construction accidents are the leading causes of unintentional injuries.

Victims of accidents will incur a lot of losses, both financial and non-financial. The good thing is that victims have a way to recover their losses and personal injury law. Personal injury law allows the victim to claim compensation for their losses from the negligent party.

64

Finance

In

personal

injury

cases,

you

can

claim

Include Non-Economic Damages

compensation by proving negligence. However, insurance companies will not go down easily. They

Insurance companies don’t take the non-economic

will try their best to reduce or reject your claim.

losses of the victim into account. In some cases,

You will have to negotiate with them to obtain

victims sustain more non-economic losses than

fair compensation. The personal injury claim

economic losses. Since non-economic damages

negotiation process is a long and tiring process

are not quantifiable, insurance companies will just

that will require the intervention of a lawyer. Lawyers

try to ignore them.

can negotiate and obtain fair compensation.

Having a lawyer on your side can help you to a A personal injury case has many phases. The most

great extent when calculating non-economic

important of them is the negotiation phase. In

losses. A lawyer knows how to factor in non-

this phase, you will negotiate with the insurance

economic losses when calculating losses. Without

company to obtain fair compensation.

non-economic damages, you will be looking at an unjust compensation figure.

You should never accept an insurance settlement without negotiating, since insurance companies

Claiming compensation for the pain and suffering

are known for lowballing victims.

you sustain is crucial. Through negotiation, you can do that. You can argue why you deserve to claim

The First Offer Will Always Be Low

non-economic damages.

As said, insurance companies’ goal is either to

At this stage, you can also prove your non-

lower your settlement or reject your claim. One of

economic losses. Documenting your losses and

the strategies they follow to do that is to offer a

the recovery process is the best way to prove non-

settlement almost immediately after the accident.

economic losses. Usually, non-economic damages will be three times your economic losses.

The idea is to make you accept the offer so you cannot file a claim later. Following an accident,

Final Thoughts

you will have many bills to settle, like medical bills, property repair costs, etc. These bills will pressure

Insurance

companies

will

not

offer

fair

the victims into accepting the initial offer.

compensation to the victims. If you have been the victim of an accident, you have to negotiate with

The first settlement will not be fair since even

the insurance company to get fair compensation.

you won’t know the full extent of your injury. The

Negotiating with the insurance company is not

insurance company will only offer compensation

easy. They are trained to negotiate. You will need

for your injuries and property damage. Some

the help of an experienced personal injury lawyer

injuries may not show symptoms for a long time.

to successfully negotiate and make the insurance

Those types of injuries will not be included in the

company agree to a fair settlement. Hiring a lawyer

initial offer by insurance companies. Remember,

gives you peace of mind and reduces your stress

when you get a call from the insurance company

levels.

immediately after an accident, your claim is worth a lot more than what they are offering.

- Blog received on Mail from Andrew Finance

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