The paper critically evaluates the bottlenecks inherent in India's low carbon value chain that is financed by green bonds and related debt securities. The paper identifies three cardinal limitations of the value chain viz. unviable carbon mitigation projects, insufficient market competitiveness of green bonds issued from India and the inability of refinancing institutions to securitise their liabilities and overcome the problem of asset-liability mismatch. It is argued that a climate financial architecture that overcomes these limitations provides important lessons to the ongoing global efforts to strengthen the financial mechanisms laid down by the Paris Agreement on Climate Change.

Abstract This book focusses on global commons within the larger canvas of the world’s political and economic landscape. It explores global commons negotiations against the backdrop of complex political relations. Finally, it weaves in the story of India and its quest for sustainable development in this context. Analysing global environmental movements, the book discusses the pattern of global negotiations to portray the plight of a postmodern world that grapples with problems of climate, land degradation, chemical transfers, and biodiversity. The central theme of the book is that plurality and diversity lie at the root of ensuring that a globalized world offers happiness to its citizens. Also taken up for discussion is COVID-19 as global commons and the possible role of blockchains and related distributed network-based digital technologies in resolving the crises facing global commons

This paper deals with the dynamics of market power with processors and retailers in the coffee supply chain in India. We develop an imperfect competition model that allows for the potential oligopoly and/or oligopsony power of retailers and processors with respect to adjacent stakeholders in the supply chain. We also empirically determine the presence/absence of market power among processors and retailers in the coffee supply chain in India. This paper highlights the existence of market power with processors in the coffee industry that plays an important role in the imperfect price transmission and should not be ignored when developing regulatory policies.

With the growing importance of sustainable farming and increasing fluctuations in the price of agricultural produce, the choice of nature of farming and participation in a cooperative has become critical. This paper examines farmers' decision of adopting organic farming and participating in cooperative institutions to market their produce. We formulate a two-stage strategic game model whereby two farmers first choose a technique of production of their crops followed by a decision regarding the mechanism by which to sell their products to cope with the environment of uncertain agricultural prices. We extend the two-stage process to find out conditions under which it would be profitable for a farmer to produce organic crop. We found that farmers are more likely to produce organic crop if they can sell their produce through a cooperative. Our analytical results show that incremental costs of organic production, the operational cost of running cooperatives and crop's price volatility can be crucial in influencing farmers' choice of production techniques of and marketing institutions. In particular, we found that when it is easier for farmers to participate in cooperative, they tend to choose organic production technique. To empirically support the findings, we analyzed the weekly transactions of 65 Fruits and Vegetables during 2017 in six different regions in the United States. We found that regions with higher number of cooperatives registered higher transactions in organic crop.

This paper deals with the complexities of crude oil geopolitics in the wake of recent escalating tensions between OPEC led by Saudi Arabia and OPEC plus members led by Russia. The paper traces the story of the Syrianic Dreams of global super powers in the Middle East and in the surrounds of the Caspian Sea prior to 1950s and afterwards. The paper proceeds to analyse the looming threat to the architecture of crude oil geopolitics in recent years caused by the decisive emergence of the US as the world’s largest oil producer since 2014 - a development that was entirely driven by galloping shale oil production in the country. It is argued that the shale oil shock has threatened the future of the OPEC and that of larger coalition bodies like OPEC+, that are led by Saudi Arabia and Russia respectively. As the world braces itself for a new oil price war in 2020, we take a look at what possible geopolitical configurations that could emerge from these extraordinary circumstances and the strategic elements surrounding crude oil pricing in the world. We also study the threat to the time tested instrument of petrodollars in the wake of increasing efforts to de-dollarize crude oil transactions through digital currency alternatives like the petro-yuan.

The major challenge facing performing arts in general and classical dance theatres in particular is about inducing and protecting 'creative aesthetic expression'. In this paper it is argued, that a classical dance theatre of the 21st century will be able to sustain itself in the long run, only if it can realize the economic value of its creative capital, through appropriate product pricing strategies and IP Protection tools. The initial section of the paper seeks to distinguish the 'creative aesthetic expression' element in Classical Dances from its 'technical virtuosity'. The focus of the paper thereafter shifts to possible philosophical and functional trajectories of repertoire driven theatres. The paper then proceeds to consider the micro-economic and intellectual property implications of these trajectories. Here the effort is to understand the 'pricing' strategies of 'repertoire deepening' and 'repertoire widening' classical dance theatres. The paper seeks to bring out the latent Brand Value of a classical dance theatre in terms of its product pricing dynamics. The paper finally delves on the ideal of 'creative commons' as a brand equity optimizing tool. It is argued that the ideal of 'creative commons', if applied to the creative assets of a classical dance theatre, can deliver optimum benefits not only to the theatre and its artistes but also to the country to which the art/dance form belongs. The paper bases its analysis by drawing upon the examples of Classical Russian Ballet and India’s classical Sanskrit Dance form, 'Koodiyattom'.

In 2018, the United Nations' Intergovernmental Panel on Climate Change that CO2 emissions would need to fall by 45% by 2030 to meet a key goal of the Paris climate agreement to keep temperatures from rising more than 1.5 degrees Celsius.Two years on, in a world shaken by a global pandemic, the US withdrawal from the Paris Agreement came into force on the day following the US presidential race; the outcome of which shapes not just US climate policy but also global climate change efforts. While Biden’s climate policy is radically different from his predecessor and could be the harbinger of renewed & stricter climate efforts, it is worthwhile to also evaluate the climate policy of another power stronghold in oil and energy geopolitics: the OPEC, OPEC+ states.This working paper investigates the domestic and foreign policy and strategic response of the OPEC and larger OPEC+ coalition countries to the growing push towards renewables and commitments under international conventions. The working paper is structured in three broad sections. In the first section, the paper evaluates the commitments under the Paris Agreement of the key OPEC, OPEC+ states. The second section analyses the policies driving climate action by key oil producing states. The third section studies the extent of alignment amongst the OPEC+ states with respect to their renewables policies and the impact of the same on the strength of the coalition.

This study was undertaken with assistance provided by IIMB through a Seed Money Grant for the period from 2013-16. The focus of the project was to work on the following aspects relating to select classical dances and theatre forms from India. The objectives of the project are as follows: • Delineating the economic and governance models of managing theatres of classical performing arts in India • Understanding the ways and means of valuing Cultural and Intellectual Property Heritage of Classical Performing Arts Theatres of India including the creative capital of artistes of classical performing arts in India Testing the theoretical insights developed in Cultural Economics to the Classical Performing arts theatres in India • Identify gaps that would be instrumental in providing the contours of a Arts and Heritage Management Policy for India. • Bridge the gap in knowledge of the economics of valuation of Cultural and Intellectual Heritage of classical performing arts theatres with reference to four cases of dance forms viz., Kathakali, Koodiyattom, Krishnanattom and Kuchipudi.

This paper deals with the evolving scenario in the Korean peninsula in the wake of the Summit between Kim Jong Un and Donald Trump in Singapore on June 12, 2018. The paper surveys the core foreign policy concerns of USA and North Korea on Korean Peninsula affairs, profiles the principal players in the negotiations drama that unfolded a little before the bilateral meeting of the two leaders to argue that the Singapore summit marks a game changer in US-North Korea relationship. The paper positions its arguments in the light of the paradigm shift effected by Trump’s foreign policy doctrine that marginalizes traditional allies of the US and seeks an unusual reconfiguration of the world political order that is premised on a possible US-Saudi Arabia- Israel alliance (with possibly Russia put in ) against the duo viz, Iran and China . It is argued that both Kim Jong Un and Trump, through their unconventional diplomacy styles, are attempting to change the pre UN Sanctions status quo (that rests on endlessly repeated provocative and counter provocative actions) to one of a finitely repeating game with the outcome could be a maximin solution. In the years to follow one sees the Korean peninsula gravitating towards a medium ‘double freeze’ solution than getting caught in an impasse between best/worst solution for the parties concerned, viz Complete ,Verifiable Irreversible Disarmament (CVID) for the US and ‘pre UN Sanction’ status quo for North Korea.

This chapter focuses on Intellectual Property Rights (IPRs) related to Carbon Capture and Storage technologies, and explores financing and other enabling conditions for the commercialization of Carbon Capture and Storage (CCS) technologies in the Indian context with reference to the coal sector. The issue of IPRs assumes significance to India as technology transfer can be inhibited by patents obtaining over CCS technologies. This can be obviated by business partnership models that promise enabling conditions for technology transfer. The chapter argues that, despite policy concerns, sound technology transfer regimes can provide viable solutions to issues arising from IPRs, and CCS could be a commercial reality in coal- and oil-dependent countries of Asia in general and India in particular. Since financial resources are limited in comparison to potential investment avenues, the challenge of allocating financial resources to CCS projects needs to be presaged upon technical, economic and environmental assessment exercises.

Reversing biodiversity loss by 2020 is the objective of the 193 countries that are party to the global Convention on Biological Diversity (CBD). In this context, the Aichi Biodiversity Targets 2020 were agreed upon by the CBD in Nagoya, Japan in 2010 and this was followed by asking a high-level panel to make an assessment of the financial resources needed to achieve these targets globally. First, we review the literature on the costs and benefits of meeting the Aichi Targets. Second, we provide a summary of the main conclusions of the CBD High-Level Panel (HLP) 1 and 2 on the Global Assessment of the Resources for Implementing the Strategic Plan for Biodiversity 2011-2020. A key conclusion of the HLP is that the monetary and non-monetary benefits of biodiversity conservation and sustainable use to be achieved by implementing the Aichi Targets would significantly outweigh the amount of investments required.

The objective of this study is to find out the trends of royalty payments made by Indian Companies over the period of 10 years. Further, the study also documents the share of royalty paid to that of specific variable, viz., net sales, cost of production, capital employed, profit and exports, in percentage terms. In addition, the study also examines statistically, the determinants of royalty accruing from patents, trademarks and copy rights. Totally, eleven sectors which have been making royalty payments are identified for the study. The results reveal that outflow of royalty payments from the mentioned sectors has increased over the 10 years period for the companies concerned. In general, the royalty payments made in terms of its relationships to net sales, cost of production, capital employed, net profit and export earnings shown an increasing trend over the period. Regression analysis reveals that net sales, cost of production, profit and exports are significant factors for determining royalty payments in certain sectors. The Report concludes by examining the potential of applying regulations on royalty rates for different patented and IP protected technologies and trademarks. It is argued that while regulations on royalty rates are desirable, it should not jeopardise the quest for modernising the Indian economy. A panel level data analysis is underway to overcome the limitations of the multiple time series regression undertaken in this paper.

India is the fourth largest emitter of greenhouse gases globally, following China, the United States, and the European Union. Although India still has a low per capita carbon level, due to its large population and growing economy, its share of global greenhouse gas emissions is rising. India is, thus, a particularly important country to examine in relation to climate change. This article investigates one particular aspect of India’s climate policy: the role its cities play within its multi-tiered climate governance system. India is still a predominantly agricultural society with two-thirds of its population (about 850 million people) living in rural areas. Urbanization is, however, progressing; estimates are that India will add over 400 million urban dwellers between 2014 and 2050 bringing the urban population to over 800 million (United Nations, Department of Economic and Social Affairs, Population Division 2014). This article aims to shed light on the challenges, capabilities and limitations of India’s urban areas to deal with mitigating climate change. It complements the other articles in this special issue which focus on subnational state and provincial level climate policy. It takes as its starting point the academic multi-level climate governance debate and also looks at the role the co-benefit concept plays at the urban level. The article highlights key actors, drivers, and institutions of city climate action and considers how local climate policy and programs are enabled and constrained by India’s federal political system. Finally, the role of international city partnerships in supporting climate activities is considered. To explore the conditions shaping climate action in India’s cities this article builds on a literature review and discussions held at an Indian-German expert meeting which took place in Bangalore in April 2015.

The chapter advances the argument that proactive mitigation of CO2 emissions by fossil fuel-dependent industries lessens the adaptation burden for farmers and local communities in developing countries. This then is a co-benefit of mitigation on adaptation. There are two reasons for the co-benefit principle to acquire importance in developing countries. First, adaptation involves a gradient of measures, advancing from simple natural response measures to more sophisticated techniques that entail high incremental costs that are unfavorable to farming and non-farming systems in developing countries. Second, an agent who undertakes planned adaptation measures that are designed to address possible climatic variability in the distant future faces the prospect of diminution of their current income. Current climate financing mechanisms, including the Adaptation Fund set up under the Kyoto Protocol, are not tuned to these realities. The chapter bases its analysis on field studies of tropical coastal areas and semi-arid agro-ecosystems of south India. With reference to adaptation-relevant projects in the study area, the chapter assesses the gaps in financing adaptation activities in semi-arid agro-ecosystems. It is argued that deficiencies in climate financing need to be plugged through better structuring of Adaptation Funds to enable vulnerable agro-ecosystems in the tropical zones to cope with climate change. The chapter presents the results of field surveys carried out in 2002–03 and 2007 in the study areas.

PurposeThe purpose of this paper is to provide a bottom‐up perspective about the operational and policy challenges of undertaking adaptive action in water‐scarce environments of India.Design/methodology/approachA cross section of 112 small, medium and big farmers drawn from three semi‐arid villages of rural Bangalore District were surveyed to assess their dependence on natural habitats and elicit information on costs and benefits of undertaking adaptation activities. Also explored were the possible impacts of institutional financing systems and publicly funded programs on adaptation action in the study area.FindingsSmall farmers in the study zone were conservation oriented and relied on a variety of terrestrial and aquatic habitats for cultivation operations. On the other hand, commercial and semi commercial farmers who practiced resource intensive cultivation systems were not conservation oriented and were reluctant to go beyond “modest” adaptation activities. Similarly loans provided by local financial institutions to support agricultural operations were designed to maximize crop yields than minimize input use. On the other hand, the conservation programs that were undertaken on common property resources though supportive of public adaptation action, had poor spill‐over effects on private adaptation.Originality/valueThe value of this paper lies in the interesting results it presents about a group of farmers in three semi‐arid villages of South India. The originality of the paper lies in the key policy issues it raises on climate financing in the light of ground level evidence. The paper proposes a compensation regime to incentivize adaptation.

A close reading of India’s Constitution indicates that the ideals of pluralism and diversity underpin our basic approach to environmental issues. All the same, the past record of environmental governance in the country suggests that the twin ideals have not been adequately captured through appropriate policies and programmes. Part of the reason for this situation has been the predominant use of command and control instruments for realizing environmental goals. This article argues that the future of environmental governance in India lies in pursuing the principles of pluralism and diversity through balanced approaches to issues. This would imply having an open mind towards ‘command and control’ and ‘market based instruments’, pursuing economic and social development within the ambit of environmental policies, conserving the diversity of landscapes and nurturing a network of public spheres that can create plural viewpoints on environmental issues. In the light of the current environmental scenario in the country, where local commons and global commons fight for space, it is argued that an enlightened ‘fiat and forbearance regime’ that balances the ‘global’ with the ‘local’ offers the best hope for promoting plurality and diversity in environmental governance. The article unfolds the architecture of an enlightened fiat and forbearance regime for India in its local, regional, national and global dimensions. It is argued that a multi-level, multi-stakeholder governance system, if backed by certain enabling principles, can help India realize the paradigm of ‘enlightened fiat and forbearance regime’ in the realm of environment.