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  • Anandilal Podar Trust | Podar Eduspace

    Acerca de About Anandilal Podar Trust In 1921, Mahatma Gandhi, the Father of the Nation called on the nation to donate Rs. 1 Crore to the ‘Tilak Swaraj Fund’ - to help liberate India. Due to British oppression, there was considerable apprehension to make donations. It was then Shri Jamnalal Bajaj approached Shri Anandilal Podar, a noble-hearted businessman, to help drive the initiative. Shri Anandilal Podar readily donated Rs. 2,01,00 to the fund and this formed the foundation for the Trust. To contribute to education in a young India, great visionaries and philanthropists: Pandit Madan Mohan Malviyaji, Shri Jamnalal Bajaj and Shri Anandilal Podar came together to establish the Anandilal Podar Trust in 1921. It is of utmost pride that Mahatma Gandhiji himself, was the Chairman Trustee of the trust. Anandilal Podar Trust is honoured to be the only private trusteeship that Bapuji ever accepted during his life dedicated to Independent India. Following in this noble vision, the Trust has been committed to giving back and providing quality education to learners in rural and urban areas across the nation. The Trust has established over 37 charitable schools, colleges, management institutes, hospitals, vocational training centres across India - including the first Institute of Management in Rajasthan, bearing the Podar name. Currently, over 30,000 students are studying in these institutions as the Anandilal Podar Trust continues growing to enrich more lives and contribute to lifelong learning. 35+ Institutions 20,000+ Skilled 2,00,000+ Educated

  • EVs - The next big thing in saving the environment by Vidur Jhunjhunwala | Podar Eduspace

    < Back EVs - The next big thing in saving the environment by Vidur Jhunjhunwala This study investigated the background characteristics and environmental impacts of EVs with an emphasis on their potential in the Indian market. EV- The next big thing in saving the environmentELECTRIC VEHICLE The Primary components of a Battery Electric Vehicle (BEV) are • The Battery Pack • Inverter • Electric Motor • Controller • Charger • Charging Cable Battery Pack A BEVs range, propulsion and all its other features depend solely on the battery pack for power. BEVs use high voltage batteries (HV) to power them. The battery pack is built by connecting thousands of these cells in series and parallel to achieve the required amount of current output from these cells. An energy source like a battery needs to satisfy two important criteria-energy density and power density. These along with other features like easy maintenance, long life, inexpensive and fast charging. There are various batteries which have been used for BEVS. Few include lead-acid, Ni- Cd, Li-ion. The most common battery used in BEVs are Li- ion batteries. However, the industry is slowly drifting towards Na – ion batteries which are more efficient than Li-ion. 5 The figure depicts the multiple battery cells used in EV battery packs. In the Tesla Model S, cells are arranged into different modules. 16 of these modules are then connected in series and parallel to achieve the desired power output. Metallic inner tubes are passed through the gaps between the cells in which glycol coolant is passed through to prevent overheating of the batteries. The benefit of using multiple smaller cells instead of fewer big cells is the temperature is maintained evenly preventing thermal hotspots in the case of the small cells. Even temperature distribution results in higher battery life. The low height of the battery pack fitted close to the ground level, lowers the vehicles center of gravity which provides extra stability to the vehicle. The battery pack is also spread across the floor allowing for structural stability and protection from side collisions. As said earlier Lithium - ion cells are the most used cells for BEVs currently, they work on the principal of converting chemical energy to electrical energy via redox reactions. Understanding the functioning of Lithium-ion Cells (LICs) requires knowledge of lithium's properties that allow it to function as a cell. Lithium atoms are very reactive and easily give away their lone electron from the outermost shell. In contrast, lithium oxides are extremely stable compounds. Once the lithium atom is removed from its oxide, it becomes very unstable and easily gives away its outer electron. When there is a designated route for both the electron and the lithium-ion to reach the metal oxide separately, the lithium- ion will combine with the oxide while the electron moving towards the oxide will produce electric power. This is the fundamental concept that LICs function based on. An LIC is composed of a cathode, an anode, a separator, and two current collectors, usually constructed from copper and aluminum. 7 The graphite anode is typically referred to as the anode or negative terminal. The ring structure of graphite enables lithium ions to intercalate between its layers. The lithium metal oxide used as the cathode, also known as the positive terminal, is typically lithium cobalt oxide or lithium manganese oxide. Organic solvents usually contain lithium hexafluorophosphate as the electrolyte. This electrolyte is applied onto a partially permeable separator, allowing lithium ions to move between electrodes while blocking electron flow. Copper and aluminum current collectors have cathode and anode coatings applied to them. While charging, current goes to the cathode, leading to the separation of lithium ions from the oxide and their movement towards the anode via the electrolyte and separator. At the same time, electrons move through the external circuit to reach the anode and insert themselves into the graphite. While the battery is discharging, electricity is produced as electrons move from the anode to the cathode, powering the device, and lithium ions travel towards the cathode and embed themselves into the oxide material. This process is how an LIC generates power. Motor and Engine BEVs utilize motors instead of traditional Internal Combustion Engines to propel the vehicles. Electric vehicles are typically powered by either permanent magnet synchronous motors (PMSM) or induction motors (IM). PMSM It operates based on a magnetic field that moves and another magnetic field that remains constant. An electric motor is made up of two main components. The stationary part and the rotating part The stator is supplied with three phase alternating current, resulting in a rotating magnetic field within the stator. Synchronous speed (Ns) is the speeds at which the magnetic field revolves. The rotor consists of aluminum bars, permanent magnets, and silicon steel laminations. Placing the rotor inside the stator results in the generation of a current induced by the rotating magnetic field, leading to a torque that causes the rotor to rotate in sync with the magnetic field. The permanent magnet's opposite poles and the rotating magnetic field are attracted to each other, becoming magnetically locked and causing the rotor to turn until it reaches synchronous speed. The rotor's mechanical energy is transferred to the wheels, resulting in their rotation. Ns=120f/P f- frequency of electricity P- number of poles Inverter The inverter converts the DC supply from the battery to AC for the motor. The frequency of the current supplied can be altered by the inverter hence changing the speed of the car. The inverter also plays a role in the regenerative braking system. When there is no signal from the accelerator, the kinetic energy of the car is converted to electrical energy which is converted to DC voltage and adjusted to fit the batteries requirements charging the batteries. The inverter constantly alters the frequency of the AC current supplied to the stator as the rotor is slowing down, hence braking. Charging Electric vehicles (EVs) have the capability to connect to charging systems powered by either alternating current (AC) or direct current (DC). These systems are available in various configurations, commonly known as "levels." The amount of time required for your EV to be fully charged depends on the level you select. Chargers must also adhere to safety standards. Charging using alternating current. AC AC charging stations utilize a converter integrated within them to convert AC power received from the grid into DC power for charging the battery. The SAE has set various power levels for AC EV charging. •Level 1 offers the lowest speed, delivering either 12 amps or 16 amps based on the circuit, with a top voltage of 120 volts.Level 1 charging is appropriate for charging overnight, especially for smaller EVs, and can require up to 12.5 hours to fully charge. • Level 2 charging is the most frequently used method for electric vehicles. A special charging station called Electric Vehicle Supply Equipment (EVSE) is needed for a direct connection to the electrical grid. The electric vehicle has its own built-in charger which changes alternating current into direct current. Level 2 chargers provide 240 volts and up to 60 amps, resulting in a maximum power output of 14.4 kW. This enables charging at a significantly faster rate than Level 1. • Level 3 is the high-powered choice made for use at public charging stations. These are fixed in place and connected to supply over 14.4 kW of power. For instance, quick chargers can greatly decrease charging durations, frequently refilling an electric vehicle battery in approximately 30 minutes. DC In contrast to AC charging, DC systems provide a faster charging option for electric vehicles (EVs). These systems need special electrical wiring for higher power output and can be set up in either home garages or public charging stations. DC charging systems are classified based on the power they provide, ranging across various levels. • Level 1 (Up to 36 kW): Although the slowest DC option available, it could still be useful for occasional charging needs. • Level 2 (Up to 90 kW): This level is frequently used and provides a nice equilibrium between charging rate and power needs. • Level 3 (Up to 240 kW): These chargers are the strongest DC fast chargers available, cutting down on charging times but necessitating unique infrastructure. EV owners can optimize their charging experience by selecting the appropriate DC charging level that suits their needs and infrastructure access. ADVANTAGES OF EVs 1)EVs offer a clear environmental benefit. They produce zero tailpipe emissions eliminating harmful pollutants like CO2, SO2, NOX etc. This is particularly impactful in urban areas where traffic congestion can arouse further air quality issues. Though the electricity provided to the EVs is majorly from fossil fuels and other indirect emissions, in the long run the environmental harms are much lesser than ICEs. As the electricity transitions towards renewable sources the environmental benefits of EVs increase further. “A major concern about electric vehicles is that the supply chain, including the mining and processing of raw materials and the manufacturing of batteries, is far from clean,” says Gillingham. “So, if we priced the carbon embodied in these processes, the expectation is electric vehicles would be exorbitantly expensive. It turns out that’s not the case; if you level the playing field by also pricing the carbon in the fossil fuel vehicle supply chain, electric vehicle sales would actually increase.” 2)Though EVs cost more upfront, the long-term cost of EVs is lesser than their ICE counterparts due to easy maintenance especially if charged at home. EVs do not require oil changes, spark plug replacements and electricity costs per unit are generally lower than gasoline. If charged overnight when demand of electricity is low this cost becomes even lower. For these reasons many shipping companies are transitioning their shipment trucks to electric vehicles due to cheaper long-term price 3) EVs provide an instant torque and remains constant for a longer period, while providing almost similar power as ICE as the energy generated by the motor is given directly to the wheels hence allowing for peak output immediately. Risks of EVs Limited Range and Charging Infrastructure: One of the major concerns for potential EV buyers is range anxiety, the fear that an electric vehicle will run out of battery before reaching its destination. Although modern EVs have improved their range capabilities, they still fall short when compared to the distance that ICE vehicles can travel on a single tank of fuel. Moreover, the availability of charging infrastructure remains a significant challenge. In many regions, there are not enough charging stations, and those that exist may not be conveniently located or may offer slow charging speeds. This infrastructure gap makes long-distance travel and even daily use less convenient for EV owners, potentially limiting the widespread adoption of electric vehicles. Battery Degradation and Disposal Over time: the batteries in electric vehicles degrade, losing their capacity and efficiency. This degradation can result in reduced driving range and overall vehicle performance, necessitating costly battery replacements. The lifecycle of an EV battery is typically around 8-10 years, after which it may need to be replaced, adding to the total cost of ownership. Additionally, the disposal and recycling of used EV batteries present significant environmental challenges. Batteries contain hazardous materials that require careful handling and processing to avoid environmental contamination. While recycling technologies are improving, the infrastructure for large-scale battery recycling is still developing, posing potential environmental and logistical issues. Impact on Stakeholders who Lose Out Oil and Gas Industry: The shift towards electric vehicles directly impacts the demand for oil and gasoline, which are the primary fuels for internal combustion engine vehicles. As more consumers adopt EVs, the demand for fossil fuels decreases, leading to lower revenues for oil producers, refiners, and distributors. This reduction in demand can also affect global oil prices, creating market volatility and financial instability within the oil sector. Companies in this industry may face significant financial losses and may need to diversify their business models to remain viable in a future dominated by electric transportation. Traditional Automotive Industry Manufacturers that have historically focused on producing ICE vehicles may struggle to adapt quickly to the electric vehicle market. This transition requires substantial investment in new technologies, manufacturing processes, and workforce training. Companies that fail to adapt may lose market share and revenue. Additionally, suppliers of components specific to ICE vehicles, such as engines, transmissions, and exhaust systems, may see a decline in demand for their products. This shift can lead to job losses and economic disruptions in regions heavily dependent on ICE vehicle production and related industries. EVs in India Electric vehicles (EVs) in India represent one of the most rapidly growing and promising industries. As of 2023, EVs accounted for 6.5% of all vehicles in the country. According to the Indian Ministry of Road Transport and Highways, there were 1,334,385 electric vehicles on Indian roads by July 2022. India's ambitious goal is to have 30% of all vehicles be electric by 2030, a target that underscores its bold approach to reducing oil dependency. This shift could significantly impact global oil prices and market trends, given India's status as the world's third-largest oil importer. The country's strategy for electric vehicles carries significant global ramifications, given its rapidly expanding economy and population. A successful transition in India could serve as a model for other developing nations, potentially accelerating the decline in global oil consumption. As India advances towards cleaner energy and better battery and charging technology, the market for EVs is expected to rise exponentially. Currently, leading EV manufacturers in India include Tata Motors, with models like the Nexon EV, Tigor EV, and Tiago EV; Mahindra Electric, with the eVerito and the e2oPlus; and MG Motor India, with the MG ZS EV. The Indian EV market is at an inflection point, with EVs accounting for about 5% of total vehicle sales between October 2022 and September 2023. This penetration could exceed 40% by 2030, driven by strong adoption rates exceeding 45% in both the two-wheeler (2W) and three-wheeler (3W) categories. Despite this potential, several structural challenges need to be addressed to spur increased EV adoption. These challenges include the higher price of EVs compared to internal combustion engine (ICE) vehicles, range anxiety, limitations in charging infrastructure, and friction in customer financing. Companies like Hyundai plan to invest close to $4 billion in the Indian market over the next decade, focusing on launching new EVs, establishing charging stations, and setting up a battery pack assembly unit. Maruti Suzuki India, the country's top automaker by sales, also plans to have six EV models by 2030. Currently, 2W EVs form most EV sales, accounting for 85%–90% of all EV units sold in India, followed by 4W EVs (7%–9% of sales) and 3W EVs (5%–7% of sales). The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme's Phase II revision saw 2W EV penetration remain stable at around 5%, consistent with January-March 2023 levels. In contrast, 3W EV and 4W EV penetration levels experienced significant growth, with volumes more than doubling over the past 12 months due to their low total cost of ownership (TCO). India is home to numerous electric vehicle makers, offering a range of products from electric cars to scooters, catering to various needs and financial situations. The Indian government's ongoing support for electric vehicles suggests that the number of EVs on Indian streets will continue to rise soon. With significant investments from major automakers and continued innovation in EV technology, India is poised to become a global leader in electric vehicle adoption, setting a precedent for other nations to follow. Conclusion In conclusion. The economic and environmental issues brought about by our reliance on traditional internal combustion engine (ICE) vehicles are compellingly addressed by the rise of electric vehicles (EVs). This study investigated the background characteristics and environmental impacts of EVs with an emphasis on their potential in the Indian market. The primary battery electric vehicle (BEV) components—the battery pack inverter electric motor controller charger and charging cable—were examined in the study. Focusing on this aspect of EV power sources established an understanding of lithium-ion battery technology and operation. Furthermore, knowledge of permanent magnet synchronous motors (PMSMs) and induction motors (IMs) illuminates the workings of the electric vehicle powertrain. An important objective was to investigate the environmental advantages of electric cars. Even though electric cars don’t emit any pollutants into the atmosphere when they drive the article acknowledged that burning fossil fuels to produce electricity typically results in the release of additional emissions. But the long-term environmental advantages of electric cars were emphasized especially as the grid shifts to more sustainable energy sources. The article also discussed how electric vehicles may help to lessen noise pollution in urban areas. The study finds that although the initial costs of electric vehicles may be higher than those of cars with internal combustion engines over time the overall operating costs of EVs are lower. This can be explained by the fact that electricity is less expensive per unit than fuel and requires less maintenance. Furthermore, the topic of how large corporations like shipping companies could save money by converting to an electric fleet was covered. The advantages of this move were considered including the potential to set an example for other developing nations and a significant reduction in India’s reliance on oil. In summary electric cars present a viable future route for a more environmentally conscious transportation sector. Despite obstacles, government support, infrastructure for charging and advancements in battery technology are enabling a greater uptake of electric vehicles. India has a significant opportunity to reduce its dependency on fossil fuels and serve as a model for other developing nations wishing to transition to more environmentally friendly and sustainable modes of transportation thanks to its ambitious electric vehicle (EV) targets. References 1) https://solarsolution.co/ 2) https://www.energy.gov/energysaver/articles/how-lithium-ion-batteries- work#:~:text=The%20anode%20and%20cathode%20store,at%20the%20positive%20current%20collector. 3) https://www.youtube.com/watch?v=3SAxXUIre28&t=316s 4) https://batteryuniversity.com/article/bu-204-how-do-lithium-batteries-work 5) https://www.seai.ie/technologies/electric-vehicles/what-is-an-electric-vehicle/how-electric-vehicles-work/ 6) https://www.i4talk.com/threads/ice-vs-electric-power-and-torque-comparison.8801/ 7) https://www.global.toshiba/ww/products-solutions/battery/scib/product/module/sip/download/batteryschool/episode1.html 8) https://x-engineer.org/battery-electric-vehicle-bev/ 9) https://www.sciencedirect.com/topics/engineering/battery-electric-vehicle 10) https://www.quora.com/Can-an-electric-motor-act-as-both-a-generator-and-an-alternator-If-so-what-are-some- conditions-under-which-this-would-happen 11) https://www.chem.tamu.edu/rgroup/marcetta/chem362/HW/2017%20Student%20Posters/Lithium%20Ion%20Batteries.pdf 12) https://www.chegg.com/homework-help/questions-and-answers/lithium-ion-batteries-use-two-half-reactions-whose- standard-reduction-potentials-shown--co-q11586133 13) https://auto.economictimes.indiatimes.com/news/auto-components/what-are-the-types-of-electric-motors-which- motor-suits-your-ev-the- best/102099884#:~:text=PMSM%20is%20the%20most%20popular,applied%20in%20high%2Dspeed%20applications. https://www.kia.com/uk/about/news/what-are-the-benefits-of-torque-in-electric- cars/#:~:text=Another%20key%20advantage%20of%20the,Internal%20Combustion%20Engine%20(ICE) 14) https://www.kia.com/uk/about/news/what-are-the-benefits-of-torque-in-electric- cars/#:~:text=Another%20key%20advantage%20of%20the,Internal%20Combustion%20Engine%20(ICE).15) https://afdc.energy.gov/fuels/electricity-stations 16) https://avt.inl.gov/sites/default/files/pdf/fsev/compare.pdf 17) https://www.youtube.com/watch?v=fUDq0yS0-Mk 18) https://environment.yale.edu/news/article/yse-study-finds-electric-vehicles-provide-lower-carbon-emissions-through-additional 19) https://cleantechnica.com/2022/02/26/gas-cars-produce-more-supply-chain-emissions-than-evs-yale-university- study/#:~:text=%E2%80%9CA%20major%20concern%20about%20electric,vehicles%20would%20be%20exorbitantly%20expensive. 20)https://www.bain.com/insights/india-electric-vehicle-report- 2023/#:~:text=India's%20electric%20vehicle%20(EV)%20market,%2Dwheeler%20(3W)%20categories. 21)https://www.india-briefing.com/news/indias-prospects-as-an-ev-hub-consumer-market-and-production-capacity-30157.html/ 22)https://jmkresearch.com/category/electricvehicle/#:~:text=Electric%20Vehicles-,6.5%25%20of%20total%20vehicles%20sold%20i n%20India%20in%202023%20were,during%20the%20last%20calendar%20year. 23) https://www.youtube.com/watch?v=stq2E3sZYg0 24) https://www.irjmets.com/uploadedfiles/paper/issue_5_may_2022/24839/final/fin_irjmets1653897083.pdf 25) https://www.iea.org/policies/6201-national-electric-mobility-mission-plan-nemmp 26) https://diyguru.org/faq/top-10-ev-manufacturers-in-india/ 27) https://www.energy.gov/articles/history-electric-car 28) https://www.youtube.com/watch?v=-EG6rqA2vvA 29) https://www.youtube.com/watch?v=S6f1TbWRG3s 30) https://www.researchgate.net/figure/1-The-Structure-of-a-Permanent-Magnet-Synchronous-Motor_fig1_348740662/download? tp=eyJjb250ZXh0Ijp7ImZpcnN0UGFnZSI6Il9kaXJlY3QiLCJwYWdlIjoiX2RpcmVjdCJ9fQ 31)https://www.researchgate.net/publication/364737960 Electric_vehicles_a_review_of_their_components_and_technologies 32) https://www.researchgate.net/publication/350093457_A_Review_on_Electric_Vehicles_Technologies_and_Challenges Previous Next

  • Economics' Perspectives on Modern Finance by Dweej Desai | Podar Eduspace

    < Back Economics' Perspectives on Modern Finance by Dweej Desai In synthesizing these diverse elements, this research contributes not only to a nuanced understanding of economic systems and policies but also highlights the imperative of prudent financial management and responsible corporate governance in navigating the complexities of the contemporary economic landscape. Macroeconomics John Maynard Keynes is often referred to as the father of macroeconomics. Keynesian economics is a macroeconomic theory of total spending in the economy and its effects on output and employment. Keynesian economy was developed by the British economist John Maynard Keynes during the 1930s in order to understand the great depression. Keynesian economics is called the demand side economics. Keynes advocated the role of the government through investment expenditure and lower taxes to stimulate the aggregate demand and to pull the global economy out of the depression. Keynesian thoughts emphasized that an optimal economic performance could be achieved by government interventional policies. Fiscal and monetary policies were the primary tools recommended by Keynes to manage the economy and fight unemployment. Concept of consumption function – consumption function in economics is the relation between consumption spending and the various factors determining it. These include income, wealth, riskiness of the future, interest rates etc. it is an economic formula that represents the functional relationship between total consumption and gross national income. It describes the relation between consumption and disposable income. Yd = disposable income after taxes and compulsory contributions. Propensity to consume: - propensity is a term that closely means tendency. Consumption is a function of income, and it is noted that as income levels rise, the propensity to consume diminishes in relative terms. In absolute terms money spent increases. Average Propensity to save: - the ratio of total savings to total income is known as average propensity to save (APS). Thus APS = C/Y where C is consumption and Y is income. Marginal propensity to save - The ratio of increase in savings due to increase in income is known as marginal propensity to save. Thus MPS = DeltaS / DeltaY. Where S is savings and Y is income. Average propensity to consume: - the ratio of total consumption to total income is known as average propensity to consume (APC). Thus APC =C/Y (C = consumption & Y = income). Marginal propensity to consume (MPC): - this is a ratio of increase in consumption due to an increase in income DeltaC/DeltaY Note: - low income groups have a high propensity to consume and high-income groups have a low propensity to consume. A major concept in macroeconomics is the multiplier. The basic tenet of the concept of multiplier is - One person’s expenditure is another person’s income. Thus, during the depression if the government makes an autonomous investment, the propelling force of the multiplier is MPC. The higher the MPC the higher the value of the multiplier. Let us assume the government makes an investment of 100 million and the MPC is 0.8, this 100 million becomes the income of the economy. The earners of this money will now spend 80 million which will become the income of another set of people and this chain continues. The symbol for multiplier is K Thus, the multiplier K = 1/(1-MPC) or 1/MPS Let us assume the MPC is 0.6. then the multiplier will = 1/1 – 0.6 = 1/0.4 = 2.5 Tax multiplier: - when the government injects money into the economy it multiplies by a factor of the spending multiplier, but the government can also have an impact on aggregate expenditures because of taxes or transfers TM = MPC x Multiplier = MPC/MPS Another extremely important part of macroeconomics is Aggregate Demand and Aggregate supply. Aggregate demand – this is also called domestic final demand and is the total demand for final goods and services in an economy at a given time. It specifies the amount of goods and services that will be purchased at all price levels. Aggregate demand consists of consumer goods and services, capital goods, government spending, and exports and imports. AD = C + I + G + (X-M) AD = aggregate demand C = Consumption demand I = Investment demand G = Government Spending X = Total Exports M = Total Imports Aggregate demand curve The aggregate demand curve shows the quantity demanded at each price level. The y axis has price level of all final goods and services. The aggregate price level is measured in terms of CPI, or GDP deflator. On the x axis is the real GDP which is a sum total of all final goods produced in a given year. The aggregate demand curve has a negative slope. Shape of AD – downward sloping – reasons: - Foreign sector substitution effect: - if an economies price level rises foreign goods become relatively cheaper similarly foreigners too will buy less goods of this country. The overall result will be a lesser aggregate demand at higher price levels. Conversely at lower price levels more will be demanded by the consumers of home country and foreigners. - Wealth effect – When the price level is high, the purchasing power of the consumer falls hence less is demanded at higher price levels. Conversely at lower price levels more is demanded due to greater purchasing power. Changes in AD Factors affecting change in aggregate demand: 1) Consumer spending (C): If consumer incomes rise, so will their consumption and savings more over consumption may also increase if their future is secure 2) Investment spending (I): If the expected rate of return is high, firms will invest more since they are optimistic about future profitability, also they may invest more if the rate of interest falls. 3) Government Spending (G): Governments may inject money into the economy through autonomous investments or by reducing taxes or by increasing transfer payments (pensions etc.) 4) Net exports (X-M): o When we sell more goods and services to foreigners and buy fewer goods from them the AD increases. o Foreign incomes – when foreign economies are strong, they buy foreign goods. Therefore, X is greater. o Consumer tastes and preferences – when foreigners tastes and preferences are in favor of domestic goods X increases, therefore AD increases. o Exchange Rate – If the exchange rate of the home currency falls (rupee becomes weak) exports increase and so does the AD. Aggregate supply Aggregate supply is the total supply of final goods and services that firms in an economy plan on selling in a specific period, usually a year. Macroeconomic short run aggregate supply In stage one which is the initial stage we assume that the economy has been in a recession. Therefore, the aggregate demand is weak and so is the price level, up to GDPu. Hence the AS curve is nearly horizontal. In stage 2, AS approaches full unemployment and the price level rises due to increased aggregate demand and higher input cost. (Most of the time an economy operates in this stretch and hence the SRAS {Short run Aggregate supply} is commonly drawn with a positive slope) if the economy grows further and reaches the nations production capacity GDPc firms are left with no resources and no matter how high the price level, the real GDP does not expand, and the SRAS is nearly vertical. Macroeconomic Long Run Supply Curve (LRAS) Shifts in SRAS Factors affecting shifts in SRAS 1) Input prices /cost of production If COP (cost of production) falls the SRAS will increase 2) Tax policy If taxes are reduced or subsidy is given the SRAS will shift to the right 3) Deregulation If regulations are removed or lessened the SRAS shifts to the right 4) Political/ environmental reasons Wars, Natural disasters will shift the SRAS to the left Shifts in LRAS (Long run aggregate supply) The LRAS can shift if: 1) New natural resources are found. 2) Improvement in technology increases productivity. 3) Government policy incentives Different national policies such as unemployment doles produces the labor supply as then many prefer not to work. Similarly, if government gives tax incentives at greater investment, the LRAS will shift to the right. Fiscal Policy Fiscal Policy The policy of the government as regards taxation, public spending and borrowing, to achieve various objectives of economic policy is called fiscal policy Objectives of economic policy 1) Economic/price stability, 2) Full employment 3) Economic growth 4) Equity 5) Equilibrium in the balance of payment Expansionary fiscal policy When an economy is deflated and suffering a recession or depression the real GDP is low, unemployment is high the equilibrium between AD and AS is located near the horizontal part of the AS. To boost the economy the government has to boost the AD which is AD = C + I + G + (X-M). During a recession consumer demand C is low therefore investment demand I is also low. This is the cause of the recession to counter this the government reduces taxes (both direct and indirect), to boost the C and I. Besides that, government spending is increased. The net result of this moves would be an increase in AD from AD0 to AD1. Thereby, there is an increase in real GDP from GDP0 to GDP1. Contractionary fiscal policy. If an economy is operating at/beyond full employment and inflation is a problem government needs to contract the economy. The equilibrium between AD and AS is in the vertical section of the AS curve. To reduce the price level the government need to decrease AD. AD = C + I + G + (X-M). During inflation consumer demand and investment are very high. To counter this govt will raise taxes (direct and indirect) to reduce C and I. Government spending will be reduced. The net result of these moves brings about a fall in AD Deficits and surpluses A budget deficit exists when government spending is greater than government revenue in a given period of time. A budget surplus exists when government spending is less than government revenue in a given period of time. Modern welfare states invariably have a deficit budget. National Debt – this refers to the borrowing of the government during a deficit budget. It is meant to bridge the gap between expenditure and revenue. When deficits are an annual occurrence the national debt gets accumulated. It is therefore that more borrowing needs to be done to repay old debts. This is called a debt trap. Financing of deficits 1) Borrowing o From the public o From banks o From other financial institution § E.g., IMF o Countries of the rest of the world 2) Creating money Creation of new money is done to avoid high interest rates caused by borrowing however it’s disadvantage is the risk of inflation. Handling of Surplus during Contractionary Policy 1) The government can pay old debts 2) To retire bonds 3) To retain the money Idle surplus funds can be locked up and be stopped from recirculating Automatic stabilizers – an automatic stabilizer is an inbuilt mechanism that increases a budget deficit during a recessionary period and increases a budget surplus during an inflationary period, without any change made by the government. These mechanisms are inbuilt into the tax system which automatically regulate and stabilise the economy. Progressive taxes and transfers 1) When an economy is booming the GDP is increasing and more households and firms fall into higher tax brackets. A strong economy reduces the need for transfer payments such as unemployment doles, old age pensions etc The progressive tax system therefore has an automatic contractionary mechanism during a boom. 2) When an economy is in recession and the GDP is falling more households and firms fall into lower tax brackets A weak economy increases the need for transfer payments by way of welfare measures (unemployment dole, old age pension) this softens the recession and automatically leads to a bigger deficit. Therefore this tax system has an automatic inflationary mechanism. In the above diagram with the given level of government spending, net taxes rise or fall with GDP. They reduce the negative effects of a recession when the economy is weak and they reduce the negative effects of an inflation when the economy is unduly strong. Difficulties of fiscal policy Crowding out – if the government borrows funds to fuel an expansionary fiscal policy it will have an effect on the market of loanable funds. It decreases the supply of loanable funds to the private sector and leads to an increase in the interest rate. This reduces capital formation and investment by firms (private sector) and it thwarts national growth. When the interest rate increases firms and households are crowded out of the market of loanable funds. When the government is fighting inflation with a contractionary fiscal policy we see the opposite of crowding out. There is a budget surplus, the government returns debts, the supply of loanable funds increases and interest rates fall. This is referred to as crowding in. Net export effect – if the government is borrowing during an expansionary fiscal policy, the supply of loanable funds reduces, the interest rate rises and there is a crowding out effect. Private sector or private firms are unable to invest and produce, and this has a negative effect on the foreign exchange rate Economic growth and productivity Productivity and its possibilities are graphically represented through a production possibility frontier. The perimeter of the frontier shows the existing limit of production possibilities. If an economy is operating inside the frontier, there is underutilization of resources. Such is the case in developing economies or LDC’s (Less Developed Economies). For growth to happen in LDC’s, the point of productivity would move towards the frontier. If greater productivity is to be achieved beyond the frontier, it can happen in the following ways. - The quantity of economic resources should increase E.g., New minerals, oil and other resources may be discovered - The quality of the existing resources improves E.g., Human resources improve with better training - If the technology in a given economy improves Monetary Policy Fractional Reserve Banking and Money Creation Fractional reserve banking is a system in which only a fraction of the total money supply is held in reserve as currency. This is done to theoretically expand the economy. It allows the bank to keep only a portion of the consumer deposits while lending out the rest. Banks use customer deposits to create new loans. The process of fractional reserve banking expands the money supply of the economy but not without the risk which the bank may face by depositor withdrawals. This system increases the money supply by lending the money multiple times over and helps in economic development. The banks use customer deposits to make new loans and the reserves are held in balances at the central bank. Money creation – an example of how the fractional reserve system can multiply bank deposits into new created money. Illustration If the cash reserve ratio (CRR), then the reserve ratio(RR) = cash reserve/Total deposits = 0.1 Money multiplier: - M=1/RR If RR = 10% therefore M= 1/RR = 1/10% = 10 Central Bank Each country has one central bank. It is the apex financial authority of the country Functions: - The central bank regulates the economy, fixes interest rates and controls the supply of money. It is a bankers bank. It keeps the mandatory reserves of the commercial banks, it is a lender of the last resort to commercial banks, and it provides clearing house facility to the commercial banks in their role of money creation. It is the governments bank, it keeps governments money such as tax revenue, it gives loans to the government, it is the bank of issue, it is the governments agent and it keeps the governments reserves of gold, foreign currency etc. it controls the supply of money, e.g. during inflation it tries to reduce money supply and during recession it increases money supply . Expansionary monetary policy This occurs when the monetary authority uses its procedures to stimulate the economy. It is used to treat unemployment and recession and promote economic growth. In this case, the supply of money is enhanced to increase the aggregate demand. Contractionary monetary policy. Here the money supply is restricted to fight inflation. The AD during inflation is high and efforts are made to reduce the money supply due money tools. Quantitative measures of monetary policy / Quantitative tools Bank rate - this is the rate charged by the central bank to the commercial banks for short term loans. This is discounted and hence known as discount rate. During inflation, bank rate is raised. This reflects on the interest rate of commercial banks, increasing it. Due to a high interest rate, deposits increase and loans decrease thereby reducing money supply in circulation. This reduces AD and helps bring prices down. This is termed as contractionary monetary policy. During recession it is imperative in this case to increase AD. Bank rate is decreased this reflects on interest rate of commercial banks, decreasing it. Due to low interest rates, deposits decrease and loans increase, thereby increasing money supply in circulation. This increases AD and brings up prices. This is termed expansionary monetary policy. Credit Reserve Ratio(CRR): The central bank sets a minimum amount of reserve requirement to be held by commercial banks. The minimum reserve is determined by the central bank and no bank can keep less than this. This safeguards the deposits of the customers in commercial banks. During inflation the central bank raises CRR so that less money is given out by way of loans. This reduces the amount of money in circulation this reduces the AD During recession the central bank reduces CRR so that more money is given out by way of loans. This increases the amount of money in circulation and thus increases the AD. Open Market Operations : This is an activity by the central bank wherein it buys and sells securities or treasury bills on the open market in order to regulate the supply of money. During inflation, the central bank will sell securities or treasury bills on the open market in order to regulate the supply of money. This will reduce AD and help lower prices. During recession, the central bank will buy back securities on the open market and thereby increase the supply of money. This will increase AD and help increase prices. Quantitative measures/Tools of monetary policy : - these include customer credit and margin requirements. Coordination of Monetary and Fiscal Policy / A Monetary Fiscal Mix During Inflation Microeconomics Demand – Is the consumers desire as well as their willingness to pay a price for certain goods and services at a given period of time Law of demand – all other things being constant, when the price of a good rises, the quantity demanded for those good decreases. Quantity demanded and price have an inverse relationship. Demand Curve Note: - Demand curve is always sloping downwards from left to right. Determinants of demand (Non price factors affecting demand) - Tastes and preferences/Trends and Fashion - Income o Normal Goods: if income rises, demand for normal goods will rise o Inferior goods: if income rises demand for inferior goods will fall - Price of substitute goods E.g., Tea and coffee are substitutes. Price of tea has been fixed for a long time but there is still a fall in the demand for tea due to the decrease in the price of coffee since consumers shifted to consume coffee. - Price of complimentary goods Complimentary goods are jointly consumed e.g., bread and butter. The demand for butter falls if price of bread increases. - Future expectations of price If there is an expectation that price will rise in the future, qty demanded will rise today. - Number of buyers in the market/ population Demand curve shifts when there are changes in the determinants of demand. Rightward shift = Increase in Demand Leftward Shift = Decrease in Demand Market forces – demand and supply Supply Law of supply – if price increases, the qty supplied increases; vice versa. Price and supply have a positive correlation. Note: the supply curve is sloping upwards from left to right. Determinants of supply - Cost of production: if the cost of production increases, then the supplier will be demotivated to produce/supply more as the profit reduces for the supplier. Therefore, the supply curve will shift to the left. - Technology and productivity: with technological improvement the productivity increases and the cost per unit might also fall. Hence profit will increase, and the supplier would like to sell more. Therefore, the supply curve will shift right. - Taxes: tax is an amount charged by the government when a particular product is sold/produced. When the tax increases. The profits reduce for the supplier due to which the supply will decrease, and the supply curve will shift to the left. - Subsidy: subsidy is an amount of aid or gift given by the government to the suppliers to help increase the productivity or to boost a particular sector of the economy. Subsidy reduces the cost of production, which motivates the supplier to supply more, hence the supply curve shifts to the right. - Price expectations: if the supplier expects the price to rise in the near future, the qty supplied today would fall, vice versa. - Number of suppliers: when more suppliers enter a market, we expect the supply curve to shift to the right. For e.g. During the strawberry season, many farmers try to grow strawberries in their free farmlands and hence supply of strawberries increases. Market Price - Over Supply – Supply>Demand – Price will Decrease - Shortage – Demand>Supply – Price will Increase Market equilibrium is the point at which demand, and supply curves meet. It is at that point at which price is set and that amount of a good is supplied and demanded. It is the point at which supply and demand of a good are equal at a fixed price level. Welfare Analysis Society is typically made up by consumers and producers. Hence in any particular free market when the demand meets the supply there is equilibrium. At equilibrium there is no wastage of resources, and the total welfare is maximized, which means all the producers and the consumers are happy with the situation. Free market – no government intervention – no taxes, no minimum wage etc. Total Welfare/Total Surplus – It is the sum of consumer surplus and producer’s surplus. Consumer Surplus – the situation in which the consumer benefits by getting the desired quantity of goods or services at the expected price or even lower. E.g., the consumer is willing to pay 5 dollars for an apple, but he gets it at 3 dollars then the consumers surplus is 2 dollars Producer Surplus – the situation in which the producer benefits by selling the desired quantity of goods or services at his expected price or even higher. E.g., the producer is willing to sell an apple for 5 dollars, but he gets 8 dollars then the producer’s surplus is 3 dollars. Consumers choice Utility It is the benefit or the satisfaction that the consumers experience by consuming goods and service. Total Utility It is the total amount of benefit or satisfaction received from the consumption of certain amount of a good or services. Marginal Utility It is the benefit or satisfaction received by consuming one extra unit of a particular good or service. e.g., If a person goes from 0 to 1 glass of water, his happiness increases from 0 to 10 points. Similarly, when he drinks 1 more glass of water the additional utility is 8 points. Diminishing Marginal Utility: in the table above, we can see a relationship between total utility and marginal utility. We can see that total utility increases but at a slower rate, and marginal utility keeps falling. Hence the law of diminishing marginal utility tells us that in a given period of time the marginal utility by consuming 1 extra unit falls (total utility increases at a decreasing rate). Constrained Utility Maximization With a fixed daily income and a price attached to consuming each additional unit is a constraint to our consumption pattern. So, we must ask aur self if one additional bottle of water costs me $1, then is it with the additional utility of 8 points. If the answer is yes, then you will consume the additional water bottle. If no, then do not consume it. Consumers are constrained by two things, price, and fixed income. One will keep consuming apples until a point when the utility of the last apple consumed is equal to the price I pay for that apple. Most consumers allocate limited income between many goods and services, each with a price that must be payed. Conclusion In this project, I conducted a comprehensive examination of the intricate relationship between economics and finance. The analysis encompassed macroeconomic theories, including the foundational contributions of John Maynard Keynes, emphasizing the essential role of government intervention in economic cycles. Key concepts such as the consumption function, propensity to consume, and the multiplier effect were explored, shedding light on their impact on aggregate demand. Beyond macroeconomics, the project delved into the complexities of aggregate demand and supply, scrutinizing their determinants and the factors influencing their shifts. A detailed exploration of fiscal policy, covering both expansionary and contractionary measures, provided insights into the government's pivotal role in shaping economic outcomes, including the management of budget deficits, surpluses, and the national debt. Shifting focus to monetary policy, the project elucidated fractional reserve banking, money creation, and the quantitative tools employed by central banks. The coordination of monetary and fiscal policies, known as a monetary-fiscal mix, was analyzed in the context of effectively managing inflationary and recessionary gaps. Within the microeconomic realm, fundamental principles such as the law of demand and supply, market equilibrium, and welfare analysis were explored. The study of utility maximization theories deepened our understanding of individual consumer choices within the broader economic landscape, especially when faced with constrained decision-making due to limited resources. Moreover, this project took a holistic approach by addressing critical dimensions of risk management and corporate governance. By emphasizing their significance, it underscored the pivotal role these elements play in maintaining financial stability and fostering ethical business practices. In synthesizing these diverse elements, this research contributes not only to a nuanced understanding of economic systems and policies but also highlights the imperative of prudent financial management and responsible corporate governance in navigating the complexities of the contemporary economic landscape. Previous Next

  • Evolving Marketing Tools and Techniques by Nikita Khaitan | Podar Eduspace

    < Back Evolving Marketing Tools and Techniques by Nikita Khaitan Understanding the Switch from traditional to digital marketing. Nike as a case study and the role of AI, big data, and metaverse. Marketing and communication are constantly ever-changing since the onset of the internet in the 1990s to keep up with the fast-paced digitised world. Globalisation and evolving technology has brought in a new era for businesses, digitising the ecosystem and making it imperative for businesses to adapt to new changes, trends and methods of working. Traditional marketing techniques such as billboards, mass adverts, print media and cold calls, relying heavily on mass media channels have been replaced with digital marketing techniques like SEO and social media marketing, allowing specific targeting and a more cost-effective method of reaching a larger intended audience. Digital marketing involves using online platforms to sell products and services to consumers and has revolutionised the marketing sector and the way businesses connect with their target audience. The transformation from traditional marketing to digital marketing is driven by changing consumer behaviour and preferences and the advancements in technology and AI. The digital revolution, started by the internet and the variety of mobile devices has given consumers access to information, services and products at a click of a button, online. Marketers have thus established that a “one-size-fits-all all campaign” will be ineffective in a globalised world where personalised, data-driven approaches are better suited. 4.9 billion people use social media on a regular basis in 2023, making it a global hub and acting as a virtual marketplace for brands to effectively persuade consumers to buy their products through online influencers and video marketing. It is expected to rise to 5.85 billion users by 2027, indicating the need for multi-platform social media marketing. This has also led to an influx of digitised labour producing online content for brands to market their products. Further, artificial intelligence, chatbots and machine learning have enabled businesses to tailor marketing messages on an individual basis and heighten the impact of immersive marketing experiences. This research paper aims to provide an overview of the new age marketing techniques, the use of AI and technology, big data and data mining and futuristic trends such as the Metaverse which will dominate marketing in the future and enable businesses to remain competitive and creative. Digital marketing has emerged as a game changer, fuelled by the popularity and accessibility of the internet and smartphones. It allows businesses to effectively and precisely target certain demographics based on their preferences, tastes, interests and consumer behaviour by using data-driven insights. This allows the business to create personalised recommendations and advertisements, involving and engaging with the consumer. Moreover, on a general basis, digital marketing proves to be more cost-effective than traditional marketing since businesses can advertise their products for free on many social media platforms. Further, businesses can also strategise on their spending budget to get the maximum output and impact. The availability of such low-cost options makes it a marketing strategy that can be implemented by businesses of all sizes. Due to its presence online, it has a wider and global market reach, connecting to millions in a matter of seconds. Further, digital marketing allows for real-time tracking and monitoring of marketing campaigns and the collection of consumer insights and data. Social media marketing uses social media sites such as Instagram, Facebook, X, and TikTok to promote and market products and services online.Brands can use both paid and unpaid forms of social media marketing to increase online sales and raise awareness. It also encompasses content and video marketing, key digital marketing strategies in the 21st century. The predicted compound annual growth rate for the social media market between 2023-2030 is at 26.2% due to the increasing global adoption of the 5G technology. An average individual spends roughly about 145 minutes on social media daily, highlighting the reach and effectiveness of a successful social media marketing campaign. Brevity and authenticity are key in creating a successful campaign, powered by short-form videos such as Instagram Reels, Tiktoks and YouTube shorts, catching the attention of 66% of viewers since they are usually less than a minute long, following under the general attention span of individuals. Further, these bite-sized videos are highly shareable and engage viewers 2.5 times more than traditional long-format videos. This strategy involves curating content, putting up product-related posts and forming genuine connections, and engaging and understanding your community online. As a part of creating content for social media, video marketing is viewed as the most important digital marketing strategy by 92% of businesses. The average click-through rate (CTR) for all social media platforms in 2022 was 1.21%, which was slightly lower than the CTR of 1.3% in 2021. Despite this minimal reduction, the statistics show that appealing social media marketing campaigns are still necessary to increase and maximize engagement and conversion. Further, with changing times and trends, businesses must be flexible to adapt to and follow new industry marketing trends and are often the first to leverage the power of new technology. Thus, 77% of small businesses use social media worldwide to connect and engage with their audience. Apart from only increasing brand awareness and promoting the product, 41% of small businesses also depend on social media as a revenue driver and booster. Further, a switch in consumer preferences and behaviour has also been observed with 90% of users following at least one brand and more consumers requiring a need for direct and engaged relationships with brands which would in turn boost brand loyalty and build a sense of brand community. Social media has also influenced and changed the face of retail with 76% of users purchasing products as seen on social media. Thus, in terms of use and cost-effectiveness, social media marketing requires a low initial cost to reach a wide global audience with features such as targeted advertising. In the current scenario, over 50% of millennials trust influencers when making a purchase choice. With brands partnering with influencers aligning with their core values, influencers are able to create authentic content, rooted in relatability for the intended audience. In 2021, there were 3.8 million posts with the hashtag, “ad” indicating the evolution of influencer and social media marketing as a key player in the digital marketing ecosystem. It also has the potential for the curated content to go “viral” reaching a mass audience in an extremely short period of time, leading to exponential growth and engagement. Further, setting up and launching a creative campaign on social media is relatively simple and straightforward. However, social media marketing is time and resource-intensive and consistently creating and curating content requires the presence of a dedicated team. Moreover, negative feedback and bad reviews can severely tarnish the brand image due to the negative impact of viral content. Lastly, social media platforms regularly update and change their algorithm which would have a significant impact on the reach of a marketing campaign. Email marketing is another such digital marketing tool that plays a key role in the marketing of a product or service by sending targeted emails to a group of recipients. Email marketing for can be a quick, adaptable, and affordable approach to attract new clients and keep hold of current ones by promoting frequent website visits. It's crucial to avoid using email marketing excessively. When marketing communications are irrelevant, excessively frequent, or unwanted, people may become irritated, having an opposite reaction to the intended effect. Email marketing can be transactional, promotional, or lifecycle emails. It is highly cost-effective since it does not require any significant investment in creating and sending emails and can be sent to a broad audience quickly and efficiently. Further, email marketing allows for segmentation of the target market based on demographic factors, behaviors and preferences allowing personalised and customised marketing. Moreover, email marketing also provides analytics and consumer insights which allows tracking of open rates, click-through rates, and conversion rates which measures the effectiveness of the marketing campaign. Further, automated emails such as “abandoned cart” reminders and “welcome” emails running on autopilot would save time and energy. Lastly, deployment is easy and straightforward once the email list is set up. Email marketing return on investment is impressive with $36 on every $1 spent. There are 4 billion daily email users and 33% of marketers send emails every week and 26%, multiple times a month since the average revenue from email marketing is expected to reach $11 billion by the end of 2023 as seen in Appendix A. However, persistent emailing can lead to overcrowded inboxes and potential customers unsubscribing from the mailing service. Webpage adverts are another form of digital marketing by displaying ads on various websites. These are achieved by advertising and promoting your own website or putting up banner advertisements on other complementary websites. It offers a low-cost alternative to traditional print media ads and persists on the website 24/7 until they are taken down. Advertisements on web pages provide an opportunity to engage with the consumer. To fully engage a potential buyer, the advertisement may use scripting techniques such as selectively presenting relevant details or enabling game-like simulation. Ads on Web pages can at the very least be clicked, which automatically reroutes users to another page with additional information or a purchase option. Significant information can be gained with appropriate scripting. The location can be determined by the Internet Protocol address. Referrer data explains how a visitor arrived at the website, through a search engine, another website, or a URL they typed into their browser window. In rare circumstances, information about a user's computer's operating system, browser, and updates can also be learned. All of this data helps to mirror your customer, which can be utilized to adapt the advertisement to increase the likelihood of a sale. Further, Ad performance metrics or key performance indicators such as the click-through rate ( percentage of users who clicked on the ad), conversion rate ( percentage of users completing a desired action after viewing the ad), Cost per click, and return on investment indicate the effectiveness of the advertisement campaign and integrate AI in the mix. However, tools such as the ad blocking software prevent webpage advertisements and they fail to reach the consumer. Further, ad overload and displaying a high density of ads on one website can distract the consumer and target the wrong market, defeating the purpose of the campaign and reducing its reach and effectiveness. The compatible 5ps of marketing in the digital ecosystem include Purpose, Pride, Protection, Personalisation, and Partnership. For example, Nike launched its global slogan “Just Do It” in accordance with the conventional 4 Ps of marketing. However, in 2006, it launched Nike + allowing consumers to track their fitness initiatives, involvement, and communicate with others in the realm. In 2017, they introduced the Nike Consumer Experience Strategy and its app connects 100 million of its customers online. It focuses on consumer relevance and behaviour. Nike's 5 Ps include Purpose( improving fitness), Protection ( risk free transactions), Pride ( symbolic appeal to the brand), Partnership ( consumers lives) and personalisation. Further, various campaigns launched by Nike appealed to consumers with a focus on digital marketing. Their campaigns aim to tell and create true stories to engage and connect with loyal customers. Nike ReactLand was created to launch its running shoes, Epic React, and virtually transports users into a video game, creating their 8-bit avatars. This enables consumers to witness their latest sole cushioning technology. Lastly, among others, Nike partnered with BBH Singapore and opened the Nike Unlimited Stadium in Manilla, Phillipines,the worlds first full sized LED Racing Track allowing users to compete with LED avators with the help of the sensors attached to their shoes. Big Data and Artificial Intelligence have developed with the advancements in technology and play a key role in the digitized marketing ecosystem tracking marketing analytics, data collected, and consumer insights and preferences. Data mining is the process of gathering, analyzing, and processing data to draw conclusions from it. It uses technology to examine enormous datasets, whether automatically, semi-automatically, or even manually, it bases its work on techniques like statistics, database systems, and machine learning. Data mining services assist businesses in analyzing these vast volumes of data and extracting real insights relevant to their line of business. The most effective example of data mining's advantages can be found in activities on social media sites like Facebook and Instagram. Individuals of various ages, tastes, and nations interact. Many of them share basic data like genders, ages, and locations. In addition to these, Facebook users nearly exclusively express their opinions, likes, and dislikes on the site helpful for businesses to amend and adapt their practices. There are primarily 3 main types of Data Analytics: Sales, Inventory, and Customer Analytics. However, sales and customer analytics are integral to the marketing mix. Sales analytics go beyond how many items are sold or how many customers have joined up for the services. It helps in identifying chances to boost sales and profit margins. Additionally, it also assists in identifying ineffective channels, which improves the ability of the business to choose whether to make changes or stop utilizing the sales channel completely. In accordance with Appendix B and a report published by McKinsey and Company, companies implementing customer analytics have seen a 23x increase in customers than their competitors. Customer analytics reveals distinct trends among purchases including their actions, behaviours, and locations both before and just after a transaction. Additionally, customer analytics enables the company to determine whether consumers' behavior patterns have changed so that marketing efforts can be adjusted and maintain their efficacy. Price optimisation using big data and differentiating price methods at the customer-product level are becoming increasingly feasible. According to research by McKinsey and appendix C, standard products typically account for 75% of a company's revenue and only 30% of the hundreds of pricing selections that are made annually result in the lowest price. Pricing provides a tremendous upside potential for increasing profitability, with a 1% price increase translating into an 8.7% gain in operating profits, presuming no volume loss. Big data is transforming how businesses improve customer responsiveness and consumer insights. According to a Forrester report, 36% of B2C marketers actively use analytics and data mining to acquire deeper insights and develop more relationship-driven strategies, while 44% of them use big data and analytics to increase responsiveness. The Metaverse is the future of digital marketing. By 2024, the metaverse market is expected to grow over $ 800 billion according to Bloomberg. Metaverse marketing incorporates the use of physical and digital elements, breaking the boundaries in interaction with physical and virtual realities. The Metaverse provides customers with an immersive experience by connecting with them at a personal level. For example, Gucci launched Gucci Garden on Roblox, an immersive visual virtual exhibition taking inspiration from the Gucci Garden in Florence. Businesses would effectively convey their messages while creating brand loyalty among consumers who frequent their metaverse areas by utilising virtual avatars or dynamic images/videos paired with audio/visual features like 3D animation. Brands are likely to employ 3D spaces as virtual showrooms or to create specialised shopping experiences therein like Samsung, which established virtual stores imitating its real-life shopping environment. Nike bought RTFTK, a virtual sneaker brand and developed NIKELAND within Roblox’s immersive environment. Additionally, businesses can include interactive guided tours around various surroundings that are designed for particular audiences as well as voice assistance in their user experience. Marketers will be able to optimise their campaigns and maximise return on investment despite tight budgets by adding AI into metaverse marketing. Based on user behaviour in real-time analytics, marketers will be able to design highly personalised customer experiences. In order to better advertise goods and services within these virtual worlds and offer a completely new level of interaction, marketing teams could collaborate with gamers, VR influencers, AR art teachers, and other content creators. Gartner predicts that 25% of people will typically spend 1 hour per day on the Metaverse by 2026. Thus, digital marketing has revolutionised the marketing segment with most businesses switching from traditional to new age marketing techniques such as social media, content, video, email marketing and webpage advertisements because of their global reach, easy use, cost effective nature and easily measurable performance. Technology and the use of artificial intelligence chatbots and big data has made consumer analytics and the collection and analysis of data possible paving the way for other future trends such as the Metaverse. Bibliography https://www.shopify.com/in/blog/marketing-strategies#6 https://www.forbes.com/sites/stevedenning/2022/02/28/how-marketing-is-being-reborn-in-the-digital-age/?sh=43a72eb279ec https://www.shopify.com/in/blog/seo-marketing https://hbr.org/2010/12/branding-in-the-digital-age-youre-spending-your-money-in-all-the-wrong-places https://web.p.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=9&sid=d5086854-24c2-4b76-b9f8-2aef6c66c6d0%40redis https://www.investopedia.com/terms/s/social-media-marketing-smm.asp https://www.sacredheart.edu/academics/colleges--schools/college-of-business--technology/departments--schools/marketing/digital-marketing-blog/the-importance-of-a-digital-marketing-strategy-in-todays-world/ https://www.forbes.com/sites/gregsatell/2013/04/16/4-principles-of-marketing-strategy-in-the-digital-age/?sh=d5b2a0e62675 https://themarketingfolks.com/the-shift-from-traditional-marketing-to-digital-marketing-campaigns/ https://www.linkedin.com/pulse/from-traditional-digital-exploring/ https://www.simplilearn.com/history-and-evolution-of-digital-marketing-article https://www.forbes.com/advisor/in/business/social-media-statistics/#:~:text=The%20number%20of%20social%20media,record%204.9%20billion%20people%20globally . https://digitalscholar.in/nike-digital-marketing-strategies/ https://www.nibusinessinfo.co.uk/content/advantages-and-disadvantages-email-marketing https://www.sprinklr.com/blog/advantages-and-disadvantages-of-social-media-marketing/ https://smallbusiness.chron.com/advantages-using-pages-advertisement-47106.html https://iide.co/case-studies/marketing-strategies-of-dove/ https://blog.hubspot.com/marketing/email-marketing-stats https://www.sgstechnologies.net/blog/use-data-mining-digital-marketing https://kevintpayne.com/big-data-analytics/ https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/?sh=1768bd6721cf https://www.integrityxd.com/blog/the-metaverse-the-future-of-digital-marketing#:~:text=As%20businesses%20strive%20to%20find,grow%20to%20over%20%24670%20billion . https://www.growthchain.io/blog/effective-metaverse-marketing-trends-you-need-to-know https://brandequity.economictimes.indiatimes.com/blog/the-marketing-mix-of-the-digital-age/92193567 https://digitalagencynetwork.com/nike-digital-marketing-strategy/ Appendices A B C Previous Next

  • AI – A Necessary Evil? by Krisha Makharia | Podar Eduspace

    < Back AI – A Necessary Evil? by Krisha Makharia Artificial Intelligence (AI) is rapidly transforming the way we all live, our personal life, our occupation, our education, our relationship with other human beings and non-living beings, how we get to fulfil our aspirations etc. AI (and generative AI) is the next biggest transformation we are all witnessing and luckiest to be part of this historical journey. Introduction to AI Artificial Intelligence (AI) is rapidly transforming the way we all live, our personal life, our occupation, our education, our relationship with other human beings and non-living beings, how we get to fulfil our aspirations etc. Internet was considered to be the biggest technological transformation and made us all inter-connected on real time basis. It indeed increases our access to information, enhances our knowledge, changed the way the business was conducted, enhanced efficiency, and made the world one marketplace. AI (and generative AI) is the next biggest transformation we are all witnessing and luckiest to be part of this historical journey. AI is seeking usage responses coming across the globe, sectors, private or government offices, consumers etc. Having said that technology is still evolving, not well regulated, and could be prone to misuse. Though benefits of AI are evident, but time will give verdict whether it is a boon or a necessary evil What is AI (as understood by me) and Generative AI? In the Summer of 1956, a group of mathematicians and computer scientists took over the top floor of the building that housed the mathematics department of Dartmouth College. For about eight weeks, they imagined the possibilities of a new field of research. John McCarthy, then a young professor, had coined the term “artificial intelligence” when he wrote his proposal for the workshop, which he said would explore the hypothesis that “every aspect of learning or any other feature of intelligence can in principle be so precisely described that a machine can be made to simulate it.” The researchers at that legendary meeting sketched out, in broad strokes, AI as we know it today. Artificial Intelligence (AI) in simple terms is using computers and machines (science) to perform certain task which otherwise is performed by human mind. Such task may include analysis of voluminous data, problem solving, and decision making. As mentioned by Deutsche Bank in their report “AI in action dated June 2023” Generative AI is a general-purpose technology that takes unstructured data e.g. text/images, turns them into a digital asset, processes it, and generates a new text or image etc., foundation models can be quickly find-tuned to perform myriad task. In subsequent sections I have presented my thoughts on usage of AI, integration of AI with other products and system, and fear of pitfalls of this transformation. The key objective being to understand the effects of AI as it touches major aspects of our daily life. Some of the examples cited in the report may appear to be of automation and not AI. Mechanical automation is from industrial age technologies but IT automation is the path that leads to development and usage of AI While undertaking this research I have relied on: ● My personal experiences in life as a student and a consumer ● My mentor for this project Mr. Mohit Kumar, Bachelor in Engineering and MBA, currently working as President with Podar Enterprise group. Amongst various responsibilities he is also leading group’s IT projects and digitization. Podar Enterprise (an over 100 years group), is into education, housing and sanitization, consulting etc. ● Relied on various articles, published material reference of which has been given in relevant sections of the report ● Brief conversation with Mr. D. Sundaram, Board Member of Infosys Limited ● Brief conversation with Professor Abir De at IIT, Bombay (who is undertaking research on Generative AI), and ● Interactions with general public selectively to know their views on this My sincere gratitude to my mentor for this project Mr. Mohit Kumar, Mr. Sundaram and Professor Abir De for guiding me, challenging me and also providing deeper insights About Miss Krisha Makharia: Krisha is a 12th standard student with Jamnabai Narsee International School, JVPD, Mumbai. She is pursuing her International Baccalaureate Diploma Program (IBDP). She can be reached on krishamakharia08@gmail.com Section I: Level of involvement of AI in our daily life As a teenager or a student, my life (or daily routine) is incomplete without social media, OTT, my mobile handset, e-commerce etc. Let’s know AI better through various level of involvement AI already has in our daily life rather than get too technical and sophistication around. 1) Personal Assistants and Customer service support/ helplines We are now all familiar with Siri, Alexa and the Google Assistant and they have become integral part of our life through our devices such as Smart TV, Smartphones, Smart Speakers, our Laptops, I-pads etc., helping us with various needs of ours including resolving our queries, guiding us to perform certain action to get what we want etc. On the lighter side my younger sister refers Siri being more friendly and helpful to her than me. Such AI applications may not solely rely on voice commands but also leverage on vast databases. These applications parse numerous quanta of data per second to accomplish certain tasks and deliver the desired results. I had occasions to call malls, large stores, Bank, I witnessed most of them are using virtual assistants and chatbots. I remember I was relatively new to this concept a few years back particularly during the covid phase in when I got a bit exposed to this. Many of these 24/7 services are powered by AI. Relevant, prompt feedback/replies on a real time basis are given by such AI powered chatbots system by processing the Natural language. For instance, many branded apparel national and multi-national stores use such chatbots for customer servicing. The consumer is becoming aware of such technologies and getting comfortable with their experiences. 2) Social media and tracking consumer behavior Let me start with a real-life example. I was planning for our family vacation and therefore was carrying out searches for destinations, hotels etc. including checking some of Instagram accounts etc. Later I noticed in my Gmail account, I am getting advertisements (next to it on the site) related to the destination I searched. AI is working to track users, what they are looking for, their needs or preferences, and then accordingly address them by giving customized service or experience or satisfaction. Also, it is worth noting it not just about marketing or commerce, but AI powered social media could also take care of undesirable content including abusive language, fake news, fake content etc. by eliminated them. A report compiled by OneSpot Research revealed that 88% of the surveyed consumers stated that more personalized content makes them feel better about a brand. 3) Autonomous and smart devices We have all heard about the automated car of Tesla. Tesla is a great example of AI powered cars where you technically don’t need a human being to drive. Though for a moment it is difficult to accept something like this, as the immediate question obviously comes to our mind is whether are safe? However, it is believed by those technically familiar with the features of this AI powered vehicle that one should expect to be safer compared to human error which includes incident such as collision. Though I am yet to experience having a ride without human driver, I did interact with my uncle in USA – Houston, who recently bought a Tesla as part of this project. Path planning is being made possible through various predictive AI models. It is SLAM (Simultaneous Localization and Mapping) technology that predicts accurately when neighboring vehicles will swerve, and other such unforeseen events are being taken into account. I also visited my father’s office building in Bandra- Kurla Complex in Mumbai where it is the machine which takes your car for parking (without the driver) and gets back when you need, though may not be completely powered by AI but seems to be a comparable example with which one can relate. Other smart devices such as thermostats, lighting systems and security systems use AI and based on user preferences can deliver the outcome. Such systems are also well integrated with smart phones which in way act as a control panel or there are systems based on voice instructions. For instance, Philips Hue uses AI to adjust lighting based on user preferences and ambient light levels. How can we miss talking about mobile keyboard apps with the features of autocorrection and language detection to provide a user-friendly experience. Such AI powered apps can efficiently rectify mistakes, predict the next word, translation and if required some of them also has options to swap languages. Apps such as Typewise and Swiftkey have gained popularity with integrated of over 300 languages and dialects. 4) Facial Recognition Technologies We are familiar with the popular application of this technology as the Face ID unlock feature in our smartphones. Some of the players globally are also said to be working towards AI software that picks up facial expressions to identify mood and intention. Such AI powered software is the new area of consumer experience that’s emerging. 5) Entertainment, gamification and other content We all became fairly used to OTT platforms such as Netflix and other streaming platforms like Spotify, and Hulu. Such platforms feed their content/data into ML algos for seamless experience of the users. Using AI to screen through the wide range of options/data such AI powered platforms create catalogs of music, movies, and TV series suited to each individual user's liking. AI usage goes beyond this, to also ensure uninterrupted streaming experience by using the servers which could be closer to us as users. Eventually it is all about consumer satisfaction not only from the content but also the way it is made available. Gamified applications are now being designed to gauge the gamer's mental fortitude. This is helping to study various ways in which one can mitigate depression and anxiety in gamers or public in general. 6) Security and Surveillance Large complexes, housing societies, factories, muti-storied departmental stores etc. it is difficult beyond a point to employ too many people to keep an eye on their numerous monitors and that too for constant monitoring. As a natural outcome the AI producers saw an opportunity to design automated systems powered by AI for such surveillance tasks. Such technologies reduce the cost of surveillance, making it more perfect and efficient with the human surveillants concentrating on critical aspects and act upon them. From an access security perspective AI-based facial recognition software is being used by Government complex/offices. 7) Navigation and Travel Most of us are regular users of AI programmed navigation apps like Google Maps. Recently, researchers at MIT developed a navigation model that tags road features in digital maps, all in real-time. These digital maps are also created simultaneously based on satellite imagery incorporating information about cycling lanes and parking spots. AI also helps ascertain routes on satellite images covered by natural overgrowth with the help of predictive models. Section II: Two Categories for AI Usage One can simply classify the way AI is being used in our everyday life into two broad streams. 1) Software/Methodology: Prominent examples of AI software used in everyday life include examples cited above such as voice assistants, facial recognition etc. 2) Embodied: The hardware side of AI includes its utilization in drones, automated and self-driven vehicles, assembly-line robots etc. This involves the design of specific devices that are based on AI capabilities. As users of AI, we may not be too interested in getting into technicalities. Section III: Various approaches to integrate AI seamlessly Innovation is consistent but not constant. As we read this report something new in AI globally would have emerged. The expectation of technology user is very high whether it is to do with their personal life or occupation. The expectation of intelligence and innovation together leads to AI integration. Integration further only empowers the value of AI and its usage whether it is to do with business processes, decision making, automation, performing repetitive task etc. An illustrative approach to integration could be as follows. 1) Integration of products and AI software Integration of AI in software and mobile apps can make them more usable, efficient, and intelligent. AI and ML are two powerful combinations for solving/addressing customer usage and services. For example:Apps like Ola, Uber and Google Maps use AI to provide the best possible route for their users. Such a feature helps the customer to reach faster and relatively more economical for all. Such real time features help in replacing the task to be otherwise performed by humans and that too with precision i.e. there is no human subjective assessment involved. OTT platforms like Netflix and Amazon Prime are another set of examples where there is a every growing viewer base, there is a trust in terms of quality of delivery, and therefore high customer loyalty. Their applications consider the customer’s preferences based on age (which may also be regulatory compliance), gender, location etc. We have all seen how our preferences are suggested by such platform instantly based on our profile and makes our life easy in terms of decided what to view. Ultimately it addresses convenience and easy decision making. 2) Integrating AI with business processes AI automation today is rapidly reshaping industries and revolutionizing the workforce. According to a 2022 IBM Global AI Adoption Index report, 35% of companies are already leveraging AI automation in their operations, with an additional 42% actively exploring its potential. Today for any business to grow or even survive it has ensured it is globally competitive, innovative and delivers to the satisfaction of their customers. At the same time, it has to be commercially viable. Therefore, technology innovation and AI powering plays a key role for any efficiency, customer experience and their decision making. AI-powered automation seamlessly integrates artificial intelligence into various processes, thereby streamlining operations and enhancing efficiency. With the use of sophisticated algorithms, AI automation analyzes data, identifies patterns, and makes informed decisions, ensuring swift and accurate completion of repetitive tasks. Furthermore, it optimizes resource allocation, leading to a reduction in human errors and operational costs. One can follow a 4-step process for AI integration: a) Review the requirements of the organization particularly the processes where AI integration is required b) Selected processes, basically which platform option is desirable c) Checking for optimizing the benefits, and d) Final integration 3) Integrating AI and social objectives Whenever someone tries to take your data and attempts to impersonate any online transaction without your knowledge, the AI system can track the uncommon behavior and stop the transaction there and then. Governments across the global is tracking spending by its citizens, linking it to their tax database, with objective of maximizing revenue for the Country. Such leads to integration of credit numbers with PAN, Bank account, Aadhar etc. Integration and linkage of vaccination during covid with Aadhaar was another great integration model in healthcare. Section IV: Impact of AI and its Major benefits We have a fair idea about what AI is and where all it can be implemented or rather has been implemented and the reasons for the same. This section I intend to specifically highlight the impact and benefits of AI: 1) Economic growth and larger public interest 2) Automation, managing tasks and enhancing productivity 3) Achieving social objectives such as disaster management and defense 4) Decision Making and solving problems which otherwise could be complex 5) Lifestyle and personalization 1) Economic growth and public interest Economic and commercial use of AI would add to productivity and efficiency in various industries and sectors which would also result in overall growth of economy. Some of the studies being carried out suggest it could be in the region of $15 trillion. Such estimates are likely to only go up as time passes and we see further innovation, integration, acceptability and productivity. Such studies also suggest countries like China and North America may benefit the most, however there is no dearth of talent in India, like IteS India should certainly aspire to be major contributor in this field. What is desirable is there should be balance in usage of AI between the commercial and social purpose so that public at large benefits from this revolution rather restricting to select. Therefore, sectors such as Defense, Healthcare, Education etc., is equally important for a balanced and inclusive benefit of AI. 2) Automation, managing tasks and enhancing productivity Artificial Intelligence driven automation can perform tasks that involve extreme labor to the process of recruitment to managing logistics to undertaking customer surveys etc. Have we come across interesting AI powered recruitments? An example of this is the conversational AI recruiter MYA. Mya is trained by using advanced Machine Learning algorithms and it also uses Natural Language Processing (NLP) to pick up on details that come up in a conversation. Mya creates candidate profiles, perform shortlisting based on certain criteria and then candidates get shortlisted. This could be very efficient for an organization where recruitments are quite a bit of task and is a continuous ongoing process such as facility management companies. Certain studies suggest AI has already made inroads into most of the companies and enhanced their productivity. Increased Productivity – Benefits Of Artificial Intelligence – Edureka. A differentiated example could be the Legal Robot. This AI powered tool can understand and analyse legal documents, find and fix critical legal errors, allows you to set a benchmark with industry practices so that you don’t loose out on any of the good practices. Performing repetitive tasks is not only frustrating, time consuming and may not be efficient from a cost perspective with humans performing it. We have many Banks using (AI) the Virtual Financial assistant with different names. Such AI empowered system operates with access of information about the client and most of the routine requirement cannot be sorted out through this rather than human intervention. This makes it very convenient for all and efficient. Examples which we relate to in our routine life are asking for bank balance, bank statement, requesting for cheque books etc. Manage Repetitive Tasks – Benefits Of Artificial Intelligence – Edureka 3) Achieving social objectives such as disaster management and defense Defense for obvious reasons is one of the most sensitive areas for any country or the government. From nuclear war we are now going towards the threat of a tech driven war. Robots are being built and deep research being carried out keeping Defense application in mind. This may one such extreme use of technology but should be fine till is intentionally not misused. Use should more of a preventive measure rather than damaging. The AI-based robot developed by the China is an example to cite where the robot can screen the criminal records of any human being, therefore acts like a police officer. This can be extremely useful in difficult terrains where human life is not easy. For most of us, precise weather forecasting makes vacation planning easier, but even the smallest advancement in predicting the weather majorly impacts the market. Many of us use weather forecasting as a tool to plan out our vacations. However, it’s usage goes beyond that from addressing the farmers requirement to saving peoples life as the government and society can take certain precautionary measures in advance. Weather Forecast – Benefits Of Artificial Intelligence – Edureka 4) Decision Making and solving problems which otherwise could be complex In today’s competitive world one needs smart decision making and not just decision making. Some of the smartness can be sourced through AI. AI has also transformed to advanced level over the years from simple Machine Learning algorithms to advanced machine learning concepts such as Deep Learning. This has resulted in AI helping in solving some of the complex issues such as fraud detection, medical diagnosis, weather forecasting and so on. For example, PayPal is able to identify possible fraudulent activities very precisely. 5) Lifestyle and personalization Various Research suggests that brands that excel at personalization deliver better sales, and profits returns. Just imagine how personalisation can be time-consuming, costly and limitation in terms of volume, human judgement error etc. An example of this is the UK based fashion company ‘Thread’ that uses AI to provide personalized clothing recommendations for each customer. Personalization – Benefits Of Artificial Intelligence – Edureka It seems Thread uses a Machine Learning algorithm called Thimble that uses customer data to find patterns and understand the likes of the buyer. It then suggests clothes based on the customer’s taste.Won’t we all as consumers prefer personalised stylist without any additional cost and convenient in terms of access? AI has completely changed our brands and product companies can sell to customers, meet their preferences, target them with right set of choices and overall enhance the customer experience. Have we all not experienced how Amazon monitors our browsing habits while google decides what results to give us and they are able to deliver this by tracking and analyzing our search activity. If we have to summarize the benefits of AI it could be around reducing human error/intervention, efficiently and effectively handling big data, safety and security of data/information, faster and precise decision making, replacing humans for some of the repetitive tasks, improving workplaces and processes, give society a better life and being available at disposal 24X7. Section V: Associated problems and pitfalls The intention usually while developing any new technology is concerned is for the betterment of business and society. However, the possibility of the same being used against the interest of humankind cannot be ruled out. We have witnessed this how some of internet usage, drones and gaming sites have worked against the good of society. Though the pace of AI is exponential, it is equally important to ensure it is used for the right purpose and not abused against the good of society. While doing this research I came across a article in The Economics Times (front page no. 16 dated 3rd August, 2023, “Crooks blackmailing influencers using AI-made Deep nudes”) wherein it was mentioned there are AI tools which can produce naked picture/photo of anyone. Just imagine if AI is abused what danger it brings to all of us? Some of pitfalls and risk of AI are highlighted below: 1) Loss of jobs: There is a belief or rather precedents where with automation there is a reduction in job/employment. The moot question is to what extent and is it something which can be addressed through alternate of options? There is also a fear of this leading to social-inequality. According to PwC, 7 million existing jobs will be replaced by AI in the UK from 2017-2037, but 7.2 million jobs could be created. This uncertainty and the changes to how some will make a living could be challenging. 2) Risk of overdependence on the technology and increased laziness in humans or loss of activity/active mind 3) Increasing usage of AI-driven communication and interactions could lead to diminished empathy, social skills, and human connections. This could have its on social implications in terms of inter-personal human relationship. A simple example could be earlier we use to know our bank branch manager and other staff well, now we know Siri and less of humans 4) AI should not be so proficient at doing the job it was designed to do that it crosses over ethical or legal boundaries otherwise it may negatively impact society. 5) AI technologies are getting intensely sophisticated, with sophistication also come sophisticated security risk relating to the potential for misuse. Hackers can leverage on AI to develop more advanced cyberattacks and bypass security measures 6) AI can further add to the risk of war which earlier was confined to nuclear war now AI enhances this risk further through autonomous weapons. It might be a situation where the nuclear arms race will be replaced with an autonomous weapon. Russia’s president Vladimir Putin said: “Artificial intelligence is the future, not only for Russia, but for all humankind. It comes with enormous opportunities, but also threats that are difficult to predict. Whoever becomes the leader in this sphere will become the ruler of the world.” I magine the danger with some irresponsible individual or government that doesn’t value human life. 7) AI needs commensurate hardware for many of the applications which means usage of other materials like plastic and other minerals for chips. This will have its own environment impact. 8) AI can be exploited to spread misinformation instantly leading to incorrect public opinion and sometimes decision making 9) Invasion of privacy is another major pitfall of AI. We are all getting tracked by various companies 24X7 and every move of us is getting analysed. When someone is watching you and making your decisions it’s not only an invasion of privacy, but it can also even result into social oppression. 10) Should humans develop non-human minds that would replace them and to some extent make human redundant? Would it impact our civilization?” When Chatgpt was released a million people had used it within a week; 100m within two months. It was soon being used to generate school essays and wedding speeches. Section VI: Proposed applications of AI in coming years AI is relatively new and evolving still an evolving technology. We have discussed some of the existing usages of AI while they exist but still there is a scope for further transformation and penetration. Some of desirable uses of AI application in coming years include: 1) AI can be further developed for personalized learnings and help students learn the way they want. 2) Meeting social objectives such as healthcare, public transportation and education, pollution, waste management etc. both public and private sector AI may have an ability to provide the technology to detect disease based on symptoms without visiting a doctor? AI may read the data from Fitness band/medical history of an individual to analyze the pattern and suggest proper medication. This is just one such example when it comes to inclusive healthcare, similar possibilities exist for other social objectives to be met. 3) Space exploration: AI will be used to develop new technologies for exploring space and colonizing other planets. Astronomy is a largely unexplored topic currently. 4) AI-assisted Military technologies won’t need humans at all and therefore might be one of the safest ways to enhance the security of a nation. We can rule out a possibility of a military team with robots to perform certain task and then it becomes a AI powered war capability rather than anything else. 5) AI can transform the foreign policy of a Country. Today the policies are largely driven by power in terms of wealth, resources, climatic conditions etc. Going forward it would also consider the strength of a Country based on its positioning in AI. 6) Just thinking a loud whether AI can address the barrier of human language v/s animals. Scope of AI exists in every field going forward, above just are some examples where the future is. Section VII: Future predictions – Boon or Curse Mr. D, Sundaram Board Member of Infosys Limited says “New technologies like AI initially look threatening jobs of people and culture of work. But over time, people learn new skills and learn to do new jobs in domains like AI. When PCs and software’s came into operation in the early days same kind of fear prevailed, but over time new technologies create new and more jobs." "AI can have unforeseen social implications which need careful handling through regulations and responsible behaviour." My views are as follows: 1) Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by humans or by other animals. “Intelligence” encompasses the ability to learn and to reason, to generalize, and to infer meaning. 2) The dilemma is that the coming of AI is a blessing or a curse. One may term it as a bane claiming that the coming era of AI will be the destruction of humans because many jobs are likely to be taken over by robots. 3) The recent accelerated development of AI powered systems has made the tech community worried whether one can control this safely. It is the question of human existence and not loss of some jobs? 4) The counter argument is that we are unnecessarily feeling insecure and reminds us of days when computers were penetrating in every house, every office, factory etc. and some of people were of the view that computers would replace staff and there are massive job cuts and no jobs for public as large. Computers have only made us efficient, more productivity, skills have undergone a change and there is job for everyone. 5) The is no end to the debate of whether we are giving birth to another community which is alternate to humankind. To add not just alternate but even more efficient and powerful. 6) AI developers claim that eventually AI is a creation by humans for themselves and eventually they decide the programming or the task with AI powered tools need to perform. Therefore, the master/principal of AI is still we humans. 7) Any new technology has its own positives and otherwise. Do we not know internet banking, digital banking, digital signatures? Have they not made our life easy, but fact is that it does brings with it the risk of cybercrime, some of them would have lost their wealth. 8) The answer depends upon the intent of such technology, regulations around it, moral obligations of developers, responsible usage etc. The views are divided amongst the different regulators whether it should be subject to lighter -touch and a strict regulation So, is the changing era of AI, a boon or bane? Only time will answer Bibliography Reference was also drawn from following: https://cointelegraph.com/news/7-artificial-intelligence-examples-in-everyday-life , https://insights.daffodilsw.com/blog/10-uses-of-artificial-intelligence-in-day-to-day-life , https://locobuzz.com/blogs/artificial-intelligence-boon-or-bane-or-way-to-a-better-future/ https://timesofindia.indiatimes.com/readersblog/trivialtopics/artificial-intelligence-boon-or-bane-55697/ https://appinventiv.com/blog/ai-integration-and-implementation/ https://www.appsierra.com/blog/integrate-ai-technologies-in-business https://bernardmarr.com/what-is-the-impact-of-artificial-intelligence-ai-on-society/ https://www.edureka.co/blog/benefits-of-artificial-intelligence/ https://www.upgrad.com/blog/top-challenges-in-artificial-intelligence/ https://learn.filtered.com/thoughts/ai-in-learning-and-development-pitfalls https://www.greaterkashmir.com/op-ed-2/the-emerging-pitfalls-of-artificial-intelligence https://www.simplilearn.com/tutorials/artificial-intelligence-tutorial/artificial-intelligence-applications#:~:text=AI%2DPowered%20Assistants,time%20engagement%20with%20your%20customers https://www.forbes.com/sites/forbesbusinesscouncil/2022/05/05/the-future-of-ai-5-things-to-expect-in-the-next-10-years/?sh=62a029cb7422 https://www.educba.com/future-of-artificial-intelligence/ https://www.economist.com/leaders/2023/04/20/how-to-worry-wisely-about-artificial-intelligence Previous Next

  • Nuclear Power: Boon or Bane by Janki Padia | Podar Eduspace

    < Back Nuclear Power: Boon or Bane by Janki Padia Several academicians believe that a mixed assortment of alternative energies will be needed if we are to replace fossil fuels and 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels and to secure net-zero emissions by 2050. However, nuclear power is not an easy pill to swallow, not even in the progressive or climate circles. INTRODUCTION Nuclear power has been one of the most contentious issues in the environmental community. Today, nuclear power is at the forefront of energy policies for many countries once again as climate change only worsens. Several academicians believe that a mixed assortment of alternative energies will be needed if we are to replace fossil fuels and 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels and to secure net-zero emissions by 2050 . However, nuclear power is not an easy pill to swallow, not even in the progressive or climate circles because firstly, the nuclear industry is a large orthodox industry with a stern hierarchy. They have been hawking massive plants worth billions of dollars whilst producing hazardous nuclear waste with a history of corruption, special pleading, etc – not an appealing investment pitch for any progressive. Secondly, it is the men, no, mansplaining men who have flocked the industry, the internet calls them “Nuclear bros.” Limited success is only met by nuclear bros to outdo the environmentalist; however, things are changing on the gender front as more and more women are coming into the field out of environmental concerns, one such all-female nuclear advocacy group is Good Energy Collective. Not only that but there has been a revival of debate, on whether or not that nuclear power is green energy as European Union declared nuclear power and natural gas to be green energy in February 2022. This inevitably also leads to the age-old question, is nuclear power a boon or bane? Before we come to any conclusions, we must explore the topic widely and thoroughly. ORIGIN and HISTORY Nuclear power came to the worldwide forefront after the nuclear bombing of Hiroshima and Nagasaki in World War II. The American government had launched the Manhattan Project, successfully creating the atomic bomb technology working on the principle of nuclear fission. In the post-war period, it was only military technology that was sorted by countries the world over, which led to information censorship and stern control over technology & materials. It was only after President Eisenhower’s 1953 speech, Atoms for Peace that the idea of nuclear energy for civilian usage began to diffuse worldwide. The famed idea whilst acting as the pioneer of several nuclear programmes in developing countries also created anxiety as misuse of such a technology could lead to devastating effects as it spread. However, the threat of nuclear proliferation in the post-war era was restrained, some would even say confined to only 9 countries, which had created nuclear weapons out of 30 countries, which had nuclear knowledge and working reactors. Nuclear energy gained the most attention as the alternative source of clean and secure means of energy as the climate crisis came to the forefront, which did not prove to aid the nuclear industry as it experienced stagnation since the 1980s, though recently there has been an uptake in the 21st century. International Atomic Energy Agency (IAEA) during the Cold War predicted the possibility of a nuclear renaissance hinged upon the non-OECD countries, which were likely to experience expansion in nuclear energy whilst the OECD (Organization for Economic Cooperation and Development) countries between 2003-2030 would see no nuclear energy growth. These predictions hardly materialized as, at the end of 1983, six developing countries (Yugoslavia, the Republic of Korea, Argentina, Pakistan, Brazil, and India), all members of IAEA had in total of thirteen nuclear power plants with a combined capacity of around 5100 MWe, accounting for less than 2% of developing countries' total electricity production. The Chernobyl disaster of 1968 as well as the Three Mile Island accident of 1979 only added to the stagnation but some believed that end of the nuclear era had arrived after the Fukushima nuclear accident in 2011. It had encouraged a speedy shut down of nuclear power plants in Taiwan and Western Europe, Germany and Belgium, and Italy (wherein the votes were crushingly against renewal and reconstruction of the nuclear sector). However, the truth of the matter remained that the Fukushima disaster did not alter paths for the nuclear energy field because few of these governments had already planned to phase out nuclear energy before the disaster, the catastrophic event only nudged them faster in the same direction. Parallelly, other countries that were planning expansion before the disaster, stayed committed to their decision according to reports provided by OECD and NEA (Nuclear Energy Agency). Another observation of the same event after the Fukushima disaster could be made, wherein the perception of nuclear power was likely to be changed and nuclear safety became the chief issue, costs would increase on security whilst more severe precautious were taken by the operators and engineers. Profits would decrease. Public most of all became the biggest skeptics of nuclear energy and it would be the most cumbersome task to garner public support for the same. In the meantime, through the economic lenses economic, even the Western countries could not afford to pour billions into nuclear power and technology due to level high public debt and so, stagnation and a slow downward spiral continued worldwide for years to come as more nuclear power plants started closing thereafter. Nuclear energy became one of the alternative clean energy once again as the climate crisis came to the forefront through COP26. Nuclear energy was predicted to be a major player in the initiative launched by the UN, the 24/7 Carbon-free Energy Compact. It led to various government commitments to expand nuclear power both at home and abroad. Yet, the nuclear industry did not bounce back and more nuclear power plants shut down in turn the reduced number of new nuclear plants did not produce the same amount of total output as the previous plant did. Despite some reactors curtailing generation to account for reduced demand or to offer load-following services, the global capacity factor in 2020 was still high at 80.3%, down from 83.1% in 2019, but maintaining the high performance seen over the last 20 years. Safety issues, environmental issues, and nuclear waste issues are core matters behind the shutdowns. In 2021, there were 10 shutdowns worldwide, of which three were in Germany and three in the UK. However, the clear boost to the nuclear industry was provided by the Russia – Ukraine war which has disrupted the energy market entirely. Whilst Germany has decided to fire back their coal power plants and boost the production of renewables, Belgium has decided to keep two of its nuclear plants open which were previously to be shuttered down. France proclaimed to build fourteen new reactors and even Japan after the Fukushima disaster has decided to kickstart their nuclear production due to the energy threat provided by the Russia-Ukraine war as well as the threat of blackout in Tokyo in the middle of the highest heat wave ever recorded in Japan after a strong earthquake this spring. Out of 60 reactors in Japan, 24 have been decommissioned and five are currently operating. Another five have been approved to restart but are suspended for routine checkups, and three are under construction. The rest have not been approved to restart. Meanwhile, in the US, the Biden administration is spending billions to subsidize existing plants, while states like New York and even California are looking to keep open plants that had been scheduled to close. With the energy threat presented by the Russia-Ukraine war and the worsening climate crisis, there is a renewed hope for nuclear power. Currently, there are six types of nuclear reactors used in nuclear power plants and they are: Fast Neutron Reactor (FNR), Gas Cooled Reactor (GCR), Boiling Water Reactors (BWR), Light Water Graphite Reactor (LWGR), Pressurized Water Reactors (PHWR), Light Water Reactor (PWR). Currently, three key strategies with intention of reducing costs and increasing sustainability and safety have been adopted as new theoretical and technological innovations made in the nuclear power field: Create new types of large LWRs - which are to be cheaper to build and operate whilst being safer. Areva with EPR designs and Westinghouse with AP1000 have taken these paths but have not been successful in their endeavors. Whilst simultaneously, several countries are trying to develop new types of “accident tolerant” fuels for LWRs, which would lessen the meltdown risk. However, data remains sparse, and early results have not been promising (Khatib-Rahbar et al. 2020) Small modular reactors (SMRs) –are small LWRs with capacities of 300Mwe or below. Small modular LWRs could be somewhat safer than large LWRs by virtue of their size and lower rate of heat production, but they would produce more expensive electricity without employing measures to significantly cut capital and operating costs per megawatt (Lyman 2013)viii . Reduced construction and financing costs act as an attractive feature to SMRs which could be manufactured in factories and installed in either group or singularly to meet the electricity demand. SMRs are still developing technology, such as that of the 77 MWe NuScale reactor. SMR designs though sporting new features are fundamentally modified LWRs. Non-Light-Water Reactor (NLWRs) – are reactors that are cooled by molten salts. liquid sodium and helium gas instead of water. This technology is pursued by start ups as well as established companies and could be built different range capacities of contemporary LWRs to micro-reactors of less than 10 MWe. To qualify as SMRs, the NLWRs must produce 300MWe or less. Various NLWR designers have put forward several designs, each claiming their designs to not only cut cost but also increase safety, decrease nuclear waste, reduce the risk of nuclear proliferation as well as efficient and resourceful use of uranium; such as the unsuccessful NLWR technology pursued by Transatomic. Apart from previously mentioned attractive aspects of the technology, they even promise features such as underground placement, modular structure as well as passive safety, some designs propose to have the capacity to deliver high-temperature process heat for manufacturing electricity. Whilst attractive, only a few NLWR developers have claimed that their designs not only would be demonstrated and licensed but also could be distributed and employed on a large scale in a decade or two. Thorium reactor technology is also being pursued by India, the Western start-ups, and China pledged $3.3bn in 2017. The carbon-free thorium-based reactor is supposed to be less dangerous with a lower risk of meltdowns and hard to weaponize. However, the journey of the reactor is uncertain because of the rise of quick and cheap renewables in comparison to the slow and costly road of the thorium reactor, whilst the unknown risk of environmental and health hazards loom overhead. CURRENT SCENARIO, MARKET SHARE, AND PIPELINE PROJECTS The Russia-Ukraine war has not only negatively impacted the climate crisis as well as energy markets. Whilst countries and companies push harder to counter these problems, the nuclear power firms are still clambering to live. Électricité de France, Europe's largest nuclear power operator is on the road to being nationalized by the French government. The debt-riddled EDF was suspended on 13th July with shares suspended at the price of 10.2250 euros on 12th July. Concrete plans as to how the nuclear power firm will be nationalized will be unveiled before markets open on the 19th of July, commented the fiancé ministry. The French government has taken these steps as, EDF has been grappling with extraordinary outages at its nuclear fleet, delays and cost overruns in building new reactors, and power tariff caps imposed by the government to shield French consumers from soaring electricity prices. The French government already has 86 percent of the stake in the company and it's likely to buy out the rest 16 percent by paying up to 10 billion euros according to Reuters sources by making a voluntary offer on the market than to push a nationalization bill through Parliament. The EDF purchase would also include convertible bonds and premiums offered to minority stakeholders. That would translate into a buyout price of close to 13 euros per share, a 30% premium to current market prices but still a big loss for long-term shareholders, as the group was listed in 2005 at a price of 33 euros per sharex . As Europe deals with the energy crisis, it makes the EDF nationalization important because it would allow the French government not only control over the nuclear plants around France but also, it can easily restructure the group to its whims and demands. The nuclear power firms in the United States of America have had rocky histories. The Westinghouse Electric Company, a nuclear designer company scrambled to finish its constructions whilst the FirstEnergy Solutions Corporation, a utility company competed against the cheap prices of renewables, both going bankrupt and only to emerge over the years. Even then FirstEnergy has been embroiled in several lawsuits, one wherein the company bribed several officials to gain application of Ohio House Bill 6, an energy policy with an overhaul value of approximately $1.3 billion, and secondly, another wherein the stockholders filed a suit against former executives for hurting the stock value. Westinghouse in contrast filed bankruptcy in 2017 and emerged out of it in August 2018, after it was sold to Brookfield Business Partners by Toshiba. Their ratings were lowered as Fitch Group, a credit rating firm commented, “ little demand for new nuclear power plants due to environmental risks, political/regulatory resistance, and lower priced natural gas .” However, those ratings have been improved as the same organization provides a positive outlook for the company as its derivation summary reads: WEC's ratings reflect its leading market position servicing the nuclear reactor market, strong technological capabilities, recurring demand-focused offering and prospects of improving profitability. These factors are weighed against its concentration in the nuclear energy market, which has faced secular challenges in core geographies and execution risks associated with its growth strategies. From a financial profile perspective, WEC's EBITDA margins are expected to exceed 20% and are relatively strong compared with 'B' category industrial issuers. Debt/EBITDA trending toward the low- to mid-4.0x range is consistent with the rating category. A deal has also been signed between Ukraine and Westinghouse to supply nuclear fuel to all the Ukraine nuclear power stations, whilst contracting them to build nine new nuclear units instead of five as well as an engineering center in the country. Westinghouse as July 15th stands at 24.81 CAD, which means 19.04 USD. Canadian Brookfield Asset Management, owns Westinghouse Electric Company through its subsidiary Brookfield Business Partners. The company bought Westinghouse at $4.6 billion in 2017 from Toshiba company, allowing Westinghouse to recover from status 11 or bankruptcy in 2018. Even though Westinghouse has been performing well, Litvak in Pittsburgh Post-Gazette reports that Brookfield Business is wanting to sell Westinghouse, Litvak’s piece, which quotes Cyrus Madon, Brookfield’s chief executive officer: “Look, we’ve made many times our investment in Westinghouse. We’ve already pulled out more than our invested capital just through regular dividends. And I would say our job is sort of done here. ” xiiIn 2021, whilst seeking out minority stakeholders, no sales were made. However, this year, they are wanting to sell the whole of the enterprise. The question remains as to why? The Russia-Ukraine war has already disrupted energy markets and nuclear energy has seen a surge in demand, is their wanting to sell Westinghouse out more than wanting to cash out at the right time? There are several newcomers in the nuclear industry such as Trasatomic Power founded in 2011, which shut down in 2018 after running out of funding and backtracking its bold molten salt reactor claims. They have open-sourced their research if anyone would further like to work on it. NuScale Power, a company designing SMRs is one of the most popular nuclear firms in the U.S currently. In 2020, 8 out of 36 public utilities backed out of the UAMPS deal to help build the plants, which would completion delay of three years and finish in 2030, with costs increasing to $6.1 billion from $4.2 billion. In May 2022, NuScale Power signed a merger with Spring Valley Acquisition Corporation and became the world’s first publicly traded company focused on the design and deployment of SMR technology and today said that development, together with the newly announced strategic shift, will "bolster and accelerate" commercialisation of its technology. The NuScale stock price as of 15th July stands at 10.45 USD. On 14th March, TerraPower was founded by Bill gates and privately owned. The firm is set to receive $.8.5 million in funding from the U.S. Department of Energy Advanced Research Project Agency – Energy (ARPA-E). The funding is part of the ARPA-E Optimizing Nuclear Waste and Advanced Reactor Disposal Systems (ONWARDS) program. Through the grant, TerraPower will research an experimental method for the recovery of uranium from used nuclear fuel with integrated safeguards that harness the volatility of chloride salts at high temperatures. On the Asian front, Toshiba was a techno giant as well as the crown jewel of the Japanese industry with Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) as its nuclear leg. However, the company lost face with its investors after a series of scandals and the misfortune of investment in Westinghouse, an American nuclear power firm. Then no more than three years, Toshiba was ousted from the top rank on Tokyo Stock Exchange. Mired in serious debt, the company was forced to sell off a valuable memory chip business and issue new shares to help pay down its liabilitiesxv. Effissimo (Singapore group) with ten percent of the company stake became the biggest stakeholder of Toshiba, becoming part of the foreign investors, who owned seventy-two percent of the company stake, unusual for a Japanese firm of high caliber. Toshiba of 2022, initially opposing buyout, now plans to solicit proposals from potential investors in a drastic change in stance. The nuclear unit, which is deemed important to Japan’s national security, could be the biggest obstacle to any deal. Meanwhile, Toshiba ESS with its American counterpart Toshiba TAES has signed a deal for equipment delivery with Bechtel Power Corporation, an American construction, and engineering company for building Poland’s first nuclear power plant. Toshiba ESS as of 15th July stands at 5,330 JPY, which means 38.48 USD. Nuclear power is promoted based on negligible greenhouse gas emissions, some experts believe that it should play a more important part in existing the use of fossil fuels. However, the problem at the heart of nuclear power lies according to Patrick Fragman, chief executive of Westinghouse Electric, “is a mix: It’s capital intensive but that doesn’t explain everything. The other side of the coin is the uncertainty .” He believes, unreliable and erratic political support along with fluctuating power cost does not make a fetching pitch. However, things are looking up for nuclear power as of now. Pipeline Projects: There is a surge in demand for nuclear power as nuclear power capacity increases worldwide. Presently, 440 nuclear reactors are running in 32 countries + Taiwan, providing 10 percent of world electricity (2553 TWh) in 2020. Fifty-five new reactors are under construction in 19 countries, the majority of these new plants are stationed in the United Arab Emirates, India, China, and Russia. Whilst new reactors are underway, some of the countries to be more cost-effective have upgraded their existing plants, hence, increasing their nuclear capacity. In the USA, the Nuclear Regulatory Commission has approved about 165 uprates totalling over 7500 MWe since 1977, a few of them 'extended uprates' of up to 20%. In Switzerland, all operating reactors have had uprates, increasing capacity by 13.4%. Spain has had a programme to add 810 MWe (11%) to its nuclear capacity through upgrading its nine reactors by up to 13%. Most of the increase is already in place. For instance, the Almarez nuclear plant was boosted by 7.4% at a cost of $50 million. Finland boosted the capacity of the original Olkiluoto plant by 29% to 1700 MWe. This plant started with two 660 MWe Swedish BWRs commissioned in 1978 and 1980. The Loviisa plant, with two VVER-440 reactors, has been uprated by 90 MWe (18%). Sweden's utilities have uprated three plants. The Ringhals plant was uprated by about 305 MWe over 2006-14. Oskarshamn 3 was uprated by 21% to 1450 MWe at a cost of €313 million. Forsmark 2 had a 120 MWe uprate (12%) to 2013. Apart from that, another method to be more cost-effective to increase the lifetime of a nuclear plant. The usual lifetime of a nominal nuclear plant lasts 25 to 40 years however, engineering examinations believe it several reactors can function for a long time about 40- 60 years. Hence, license renewals were accorded to 85 reactors by NRC. These licenses were only granted to reactors that had already served 30 years of their lifetime, warranting the renewal of worn-off equipment and outdated control systems. In France, there are rolling ten-year reviews of reactors. In 2009 the Nuclear Safety Authority (ASN) approved EDF's safety case for 40-year operation of its 900 MWe units, based on generic assessment of the 34 reactors. There are plans to take reactor lifetimes out to 60 years, involving substantial expenditure. The Russian government is extending the operating lifetimes of most of the country's reactors from their original 30 years, for 15 years, or for 30 years in the case of the newer VVER-1000 units, with significant upgrades. While some pieces of legislation have allowed nuclear power plants a longer life, some have allowed premature closure of nuclear power plants, in Europe, and Japan, especially in the USA, wherein reactor numbers have reduced to 93 from 110. COMPARING WITH OTHER ALTERNATIVE RENEWABLES Nuclear power is but one of the renewable power options for lower greenhouse emissions, other available sources of renewable energy would be: Solar – Photovoltaics (PV) and Solar Thermal The PV market is ninety percent dominated by Crystalline silicon solar cells. The top commercial PV solar cell tech is grounded in screen printing of the metallic contacts, attaining 14% to 20% efficiency. At the top price, the efficiency of 22% to 24% can be gained through the heterostructure with intrinsic thin layer silicon solar cells and interdigitated back contact. Theoretically, the maximum efficiency of a laboratory cell is 29%, however, in practical working, the efficiency ranges from 25% to 26%. Solar panels usually do not need much maintenance, however, if you see a deep in production of solar power, perhaps, it is time to clean the panels. It is recommended they are cleaned at least 2 to 4 times a year. If the solar panels are titled, the rainwater will clean away the dirt in monsoon, whilst in dry seasons a quick water down or wind blower blow would do. Usually, warranties do not cover the cleaning of solar panels but only replacement if they are damaged. Typically PV has a 25-year warranty and they can last up to 50 years if they are placed in dry locations. The prices of Solar PV are higher than the pre-pandemic level in 2022 and they shall remain so in 2023 as well due to elevate commodity and freight prices according to IEA’s report, Renewable Energy Market Update: Outlook for 2022 and 2023. The report adds, However, their competitiveness actually improves, due to much sharper increases in natural gas and coal pricesxx . India is one of the leading players in solar markets and the government in 2021 under AtmaNirbhar Bharat –Production Linked Incentive scheme (PLI), schemes to create manufacturing global champions for an AtmaNirbhar Bharat have been announced for 13 sectors including manufacturing of ‘High Efficiency Solar PV Modules’. The government has committed nearly Rs. 1.97 lakh crores, over 5 years starting FY 2021-22 including Rs. 4500 crore for ‘High Efficiency Solar PV Modules’ which will be will be implemented by Ministry of New & Renewable Energy (MNRE). This commitment would also cover research and development costs for solar power as well. Solar thermal Good building design, which allows the use of natural solar heat and light, together with good insulation, minimises the requirement for space heating. Solar water heaters are directly competitive with electricity or gas in many parts of the world.xxii Sunlight is concentrated onto the receiver by the arena of sun-tracking mirrors, the collected or resulting is heat then used to create which powers the turbine to produce and yield electricity . The commercially established methods of concentrating sunlight are line focus concentrators (troughs, both reflective and refractive) and central receivers (heliostats and power towers). The concentrator methods can be implemented on CPV systems. There is the possibility that it can create a round-the-clock power flow manufacture by storing heat at high temperatures in molten salt and creating thermochemical through concentrated sunlight. An identical amount of temperature as fossil and nuclear fuels can be realized by thermochemical or using mirrors. To keep them efficiently working, one must note that these concentrators must be placed in dry locations with low levels of diffuse radiation. Whilst solar thermal electricity is part of the analogous market as PV, this tech to acquire competitive costs must be used on a big scale which acts as a cost barrier as well as a financial risk factor. As of now, PV tech evolution as well deployment is a hundred times quicker than solar thermal and the future of solar thermal with thermal storage is uncertain whilst it competes with PV tech which comes along with load management and storage. The solar thermal plant must be serviced once a year for maintenance. As of 2022, USA is funding $25 million for innovative projects as part of research and development for solar thermal energy. Hydroelectric energy Sixteen percent of the world’s energy is created by hydroelectricity, one of the most advanced technologies. Generally, hydro involves construction of a dam on a river impounding a lake; construction of pipes or tunnels; and installation of an electrical turbine and power lines. Some hydro systems are ‘run-of-river’, which means that only small offtake weirs are needed. Hydro cites are most developed in already developed countries whilst developing countries may have opportunities but they are often hampered by stern and fierce socio-environmental moments on the accounts of widespread flooding of farmlands, cities, and delicate river valleys. The maintenance of hydroelectric power plant is divided in 3 check-ups: Hydropower system routine and non-routine service contracts, Hydropower system review and operational optimisation, Hydropower system upgrades and improvements xxv. As of 2022, USA has pledged no less than $47 million on hydropower and Indian hydro power giant NHPC has also been hiked investment to Rs 7,361.05 crore for 2022-23, from the revised estimate (RE) of Rs 6,772.21 crore for the ongoing fiscal. The budget estimate stood at Rs 8,057.44 crore . Geothermal and tidal Geothermal and tidal energy fall are regional energy resources and hence, cannot participate as a global resource. Geothermal energy is gained by the heat present beneath the earth. There are several ways to do it, steam can be harvested for direct use or to produce electricity. Another way is derived heat is from the hot rocks available on the surface of volcanic regions such as that Indonesia, Iceland, etc. Lastly, hot dry rock technology can be used in specifically correct geological regions, wherein masses of slightly radioactive rock buried kilometres below the surface become hot, allowing harvesting of heat at a temperature of around 300 degrees Celsius. Cold water is injected under pressure to fracture the rock, and allow steam to be extracted. This technology is not heavily used. Geothermal is low maintenance due to the fact that geothermal systems only have few movable parts which are sheltered inside a building, the life span of geothermal heat pump systems is relatively high . Heat pump pipes even have warranties of between 25 and 50 years, while the pump can usually last for at least 20 years . As of 2022, it is forecasted that the geothermal market would worth $7.1bn by 2030. Standard hydro tech is used to harvest energy from tidal flows. In a typical system, a weir is constructed across an estuary, and water flows through turbines as the tides rise and fall. It is uncommon to come across a site which not only affords large tidal ranges as well as a modest environmental impact. Inspection and maintenance are costly. As of 2022, USA has pledged $25m on tidal or wave energy research and development. Bio and ocean energy Bioenergy is biomass energy, wherein sunlight is turned into chemical energy. It cannot compete against PV and solar thermal energy. Bioenergy conversion efficiency is generally much less than 1 percent, while solar thermal and PV is 15–50 percent efficientxxx. Not only that but producing biomass needs vast lands, fertilizers, water, and pesticides. Biomass is an essential commercial energy contributor to small developing economies but it would play no large part in advanced economies because of its intrinsic production restrictions. Developing countries extensively use biomass energy for cooking or heating, however, there is a ready swap of biomass in exchange for electricity or gas when family income increases. The great flexibility of PV systems in terms of scale of deployment is likely to make a large impact in this respectxxxi . Biomass boilers are low maintenance and cleaned daily, should be kept ash free. Ocean energy comprises energy from waves, ocean currents, temperature gradients within the deep ocean, and gradients of salt concentrationxxxii. It is only with more advanced technology than the present time that wave energy can act as a substantial source of energy, however, even then exposure to a high level of seas as well as specific seafloor conditions are to be needed. Being more inherently limited due to its production needs, it can only become a minor energy source at a universal scale. Ocean thermal energy conversion application typically includes maintenance of machinery and removal of biological growth on submerged sections. The life cycle of a platform for this type of facility is straightforward and has well-established procedures. The ocean thermal energy conversion working fluid pumping systems are commercially available and have a relatively low cost, however, they require significant maintenance. Cable operation and maintenance includes periodic marine growth removal, full cable inspection, and annual maintenance of substations. Other maintenance costs include replacement parts, component design duty and known service intervals, time to complete service, cost of personnel, and material standby. Wind energy If put placed in a suitable place, Modern MW-scale wind generators are part of the cheapest electricity generation tech on market. A modern wind generator comprises a tower, a rotating nacelle atop the tower housing generator and control electronics, and three blades facing into the wind . Wind farm constitutes of hundreds of wind generators equally spaced apart at 5-10 rotor diameters. Usually, farming continues around the wind generators that are placed in the farmlands. Shallow offshore wind farms are expected to grow in large numbers in the future, because not only does it provides increased space but also wind speeds are usually higher over water. Wind and PV are often a good combination in that they counter-produce; it is often windy when not sunny, and vice versa . For the next many decades in numerous countries, it’s possible for PV and wind to highest deployment rates for electricity production, however, they are likely to meet with mechanical or technical and economic barriers. Commercial wind generators have power ratings of 1–8 MW. Vestas V164 as of now is the largest existing wind turbine with a capacity of 8MW with 220 meters maximum blad tip height and 164 rotor diameters. Tall towers in windy sites are preferred because higher average wind speed means a higher capacity factor, which in turn means lower energy cost. Offshore wind farms have a higher capacity due to speedy winds blowing over the water, hence, new bigger, and taller machines are replacing the initially installed small and now old machines. Wind electricity is now fully competitive with fossil and nuclear electricity in many places throughout the world (IRENA 2015). There are four types of maintenance for the wind farms and they are: Corrective Maintenance, Preventive Maintenance, Condition-Based Maintenance, Predictive Maintenance. As of 2022, USA has pledge $114m for wind energy. COMPARING WITH CONVENTIONAL FUEL Unlike conventional fuel (fossil fuels), nuclear power is harvest energy from an atom, either through nuclear fusion or fission. The electricity is produced, when the fuel has its atom split into one or more nuclei, releasing heat which is then used to boil a cooling agent, usually water. Steam or pressurized water then produced is used to spin turbines to create electricity. As of now, only nuclear fission reactors are working commercially to produce electricity, wherein they uranium as their chief fuel. If not for conventional fuels, petroleum, coal, and natural gas, the industrialization of modern economies would not have been possible. It is only in the recent past that energy alternatives have been embraced by governments worldwide and as a result, renewables and nuclear energy has boomed. Nuclear power commercially came into practice in the 1950s, and since then, it has been a source of contention for policymakers, citizens, scientists, etc. The question was asked then and it is asked even today, whether nuclear power is a safe sustainable source of energy? As of 2022, the EU has declared nuclear and natural gas to be “green energy,” however, this move has divided the EU into two camps pro-nuclear and anti nuclear with Austria and Luxembourg threatening legal action against the decision. However, the paradox of nuclear energy is not felt by the EU alone but the entire world and hence, it has become increasingly important to be informed about the advantages and disadvantages of nuclear energy before any decisions are taken by policymakers, politicians, and most importantly by citizens. Advantages: Carbon Free electricity – Nuclear energy does not produce green gases such as carbon dioxide, one of the major drivers of climate change. However, it does not mean that there is no pollution in process of gaining nuclear fuel (uranium) through mining, refining, etc. Not only that but it also creates the problem of nuclear waste. Small Land Footprint - Nuclear power plants need more space than other renewable options such as that wind and solar. According to the Department of Energy, a typical nuclear facility producing 1,000 megawatts (MW) of electricity takes up about one square mile of space , whilst solar PV takes up 75x and wind farms take 370x more space. High Power Output – Nuclear power plants have a higher capacity for energy production compared to renewables. The pro-nuclear camp promotes nuclear energy as a firm energy source providing “baseload electricity,” which means minimum amount of electric power needed to be supplied to the electrical grid at any given time . One must also note that the demand for power in the grid fluctuates. There is a murmur of nuclear power potentially becoming a baseload electricity supplier instead of coal power plants, especially in the USA as nuclear energy generated one of fifth the energy consumed in 2020. However, the question remains is it the only reliable source of baseload electricity? Renewables generated 20% percent of the USA's electricity and will produce 40% by 2050 according to EIA but it still cannot entirely decarbonize the grid by 2035 to stall climate change. Yet, hope for renewable supplying the baseload is on the horizon as the market for utility-scale battery storage is exploding; it increased by 214 percent in 2020, and the EIA predicts that battery capacity will surge from its current 1,600 megawatts to 10,700 by 2023. Whilst nuclear has a reduced carbon footprint than renewables, some consider the by products of nuclear power too high a price to pay. We must also note that whilst the carbon footprint of nuclear energy is lower than any renewables and if we increase the nuclear power plant numbers by threefold, it would result in a modest 6% carbon reduction. Meanwhile, the boost and consumption of renewables such as solar will surpass the mere 6%. Herein, the future is more important than the present because we need a quick rate of carbon reduction which can only be solved by renewables as they are easily available, cheap, and flexible. With increased consumption of renewables, they are likely to more suited to carbon mitigation than nuclear power plants, which are slow, risky, and expensive endeavors. d. Reliable Energy Source – the availability and perpetual generation of energy certainly make nuclear an attractive option to be a reliable supplier of baseload electricity to the grid. It also provides maximum output energy (93%), higher than any other fuel. Disadvantages: Uranium is a non-renewable resource – the nuclear fission reactors chiefly use uranium as their fuel, however, uranium core is a limited resource. Based on the known mining reserves of uranium there is about 200 years of uranium, if we consume it at the current rate. Even so, the number of reactors being built is increasing, hence the speedy depletion of uranium. Not only but uranium mining and processing contribute to climate change. The pro-nuclear energy camp in their idealistic belief always points out the factor of undiscovered uranium, which is a gamble too risky. They also speak of the 5000-year worth of uranium buried beneath the ocean, a mere concentration of 3.3 parts per billion. The energy it takes to lift a bucket of seawater by 50 metres is equal to the energy you'd get from its uranium. The energy return on investment simply doesn't add up. Another suggestion is a technological upgrade lifetime of fuel, a promise of breeder style Generation, allowing the fuel to last sixty years. Such pieces of machinery would be impressive, and so would be the advanced materials in them but the same aspect can create a problem because we do not have fixes to all the issues an advanced material. Higher upfront costs – Building a nuclear power plant is an expensive endeavor but operating one is a low cost. The nuclear power plant needs several safety measures, not only for the reactor but the building, and people themselves, hence, the costs increase. On top of that is the cost of acquiring the fuel, which involves mining, processing, transporting, and then burning it, not to mention then deal with nuclear waste. When the fuel cycle ends, the nuclear power plants are decommissioned at a costly prove. For example, UK nuclear power stations’ decommissioning cost soars to £23.5bn in 2022. Nuclear Waste – Nuclear power plants globally produce about 10,000 tonnes of spent fuel waste per annum. When a spent fuel rod is removed from a reactor, the radiation level is so high that a one-minute dose at a metre's distance is lethal to humans . The used rods are hot and they need to be cooled, hence, they are placed into the water pool for 5-10 years and when the space in the pool runs out, they are transferred into dry casks, a thousand-tonne container. An expensive robot arm is used to transfer the rod from the fuel or water pool into a dry cask, which costs $ 1 million each, and another $50, 000 is spent on filling the cask with helium and welding it shut. The dry casks can rest on the ground for the next 50 years to cool down before they are placed into a deep expensive underground depositary but no country has ever been able to succeed to create one, even USA. They had decided to store all their nuclear waste in the desert region of Nevada with all the safety measures but the state voted against it and the depositary never came to be. Dry casks are too overly reliant because there is always a possibility of leak or corrosion and replacement casks are simply added expense. The underground depository is also preferred because some of the isotopes remaining in the casks have a lifetime of ten thousand years and so, they must be stored safely but the transfer of rods from dry casks into a special depository canister is an extremely pricey affair of $50 billion (which includes the price of special canister and repackaging equipment). After the special canisters are stored underground, bentonite clay is used to delay the penetration of water and moisture. Even then, their safety is not guaranteed because canisters over time crack and this process can be accelerated by the isotopes presented within the canister and externally by the natural bacteria. Once there is a leak, radioactive iodine-129 isotopes from the fuel can diffuse through rock. Radioactive actinides from the spent fuel are released into the biosphere through the water. If the depository for any reason is flooded and the canisters are broken, several chemical reactions will transpire, counting the volatile blends of oxygen and hydrogen. There are murmurs of recycling the waste and using reactors, however, that too will be a costly affair, with other millions spent. Malfunctions can be disastrous – Nuclear meltdowns occur when the heat transferred to cooling systems is lower than the heat produced by the reactor, which causes a meltdown. Hot radioactive vapors can pour out of the reactor and meltdown or explode the entire power plant whilst spewing injurious radioactive material into the vicinity. The worst nuclear disasters ever to be recorded are Chernobyl, Three Mile Island, and Fukushima. IN-DEPTH ANALYSIS OF ASSOCIATED RISKS The nuclear accident at Fukushima and Chernobyl as well as Three Mile Accident remain fresh in the public memory. Before we invest in nuclear energy, we must thoroughly know the risks. Some of them are: Safety Questions The public perception of nuclear power in terms of safety has always been a major obstacle, one of the chief reasons why so many nuclear power plants are shutting down and several governments have decided on the phase-out policy for nuclear power plants. However, the truth is that nuclear power is much safer than fossil fuels. Indeed, coal and oil act as ‘ invisible killers ’ and are responsible for 1 in 5 deaths worldwide . In 2018 alone, fossil fuels killed 8.7 million people globally. The public apprehension is caused by only three nuclear accidents: the 1986 Chernobyl disaster, the 1979 Three Mile Island Accident, and the 2011 Fukushima disaster, and it was only the Chernobyl disaster that caused any direct deaths. Technological evolution in the nuclear field has made new reactors much safer, especially in the case of reactors with passive safety features. These features automatically deploy safety protocols if there is any danger, not needing any personnel to do so. Today’s new-generation reactors are already ten times safer than the previous generation of reactors, as addressed in the referenced Center on Global Energy Policy study on advanced reactor design. Even beyond reactor design itself, nuclear fuel is increasingly safe, with material improvements that reduce the risk and potential severity of accidents. Not only but nuclear safety has almost become a culture that is regulated by the IAEA, which has published 128 documents regarding nuclear safety and cratering to safety concerns of various types of power plants. These safety standards and protocols are revised with time and evolving technology. They even work closely with the government, other organizations, and programmes that need technical aid in the nuclear field. The Convention on Nuclear Safety (1994) is considered to be the principal international nuclear safety agreement, ratified by eighty countries. The World Association of Nuclear Operators and the Institute of Nuclear Power Operations are organizations established by nuclear companies to share information and techniques in the nuclear industry. All the promises still raise eyebrows around the world as Iran and North Korea are not parties to the Convention of Nuclear Safety, whilst still running nuclear programmes. The Iranian Bushehr Nuclear Power Plant is sitting in a high seismic zone, which potentially puts not only the country itself but other West Asian countries at risk. It was in 2015 that the Joint Comprehensive Plan of Action (JCPOA) or Iran deal was reached between P5+EU and Iran, establishing that the Iranian nuclear programme is solely peaceful. It also includes Iran working closely with IAEA and EU on front of safety standards and concerns. IAEA as an international regulator of nuclear programmes has also helped grow and sustain independent regulators in domestic industries to implement safety standards. Waste Nuclear waste remains the unsolved obstacle to nuclear power, especially when it is coupled with the safety issue. However, the issue is not only technical but more political in nature if given second a glance. Proliferation is one highest risks when it comes to reprocessing nuclear waste, not only that but the question of storage comes in and it is then that the issue becomes more difficult. The spent nuclear fuel has long lived hazardous substances such as plutonium, which increase the risk of nuclear hazards, even if they are to be stored in the nuclear repository, which is hard to come by in the first place. It is here that the issue turns political because no territory wants to become a nuclear waste dumping ground, it has been seen in the case of Yucca Mountain, USA . After billions were spent to develop and prepare a site to house spent nuclear fuel, the facility was scrapped in 2009 due to policy – and, according to some, political – concerns with the plan in Nevada . Viewing from the lenses of technology, there are only two viable options when it comes to nuclear waste: new advanced reactors are built to burn the entire element in the reactor, leaving no waste, or build reprocessing technology with deployment for spent fuel to harness useful substances such plutonium or uranium. Today, there is a surge in the number of nuclear power plants, bringing along the issue of proliferation and the high potential of nuclear disaster. Technical solutions then become vital to the nuclear industry, otherwise, nuclear waste management will forever remain politically charged even when it is a much safer source of energy than fossil fuels. One of the political solutions was the deal reached between Russia and Iran, wherein Iran sent spent fuel to Russia for reprocessing. However, such agreements are always changing with times and leaders in power, hence, a much more domestic and long-termed sustainable tactic is welcomed. Nuclear proliferation can also be considered a risk to energy technology because for any new reactor or reprocessing design to be viable politically, it must demonstrate that the risk of contributing to future proliferation is less than whatever system it is replacing. However, the non-proliferation remains strong, when it comes to new reactors. Nuclear Proliferation The nuclear proliferation of not just a technological issue as already established but also a deeply political one. Nuclear proliferation especially becomes a risk in terms of nuclear weapons programme such as that of North Korea as well as Iran (even after the JCPOA). The diffusion of nuclear technology also brings to the forefront, the issue of the advent of 3D printing (which can create nuclear pertinent gears without worrying about a transparent supply chain) and internet accessibility of explicit technical data. Initially, regional security in terms of the nuclear programme was not an issue because, before the 2000s, not all countries could afford nuclear weapons to compete with their nuclear-armed neighbor as they did not have adequate tech or the resources. However, there are exceptions to be made such as China in the 1960s, India and Pakistan in the 1970s and 1980s, and Iran and North Korea in the 1980s and 1990s, who were prepared to take a needed gamble to make a much-required investment for their strategic motivation. However, this momentum lost support with the Non Proliferation Treaty, which today has 191 signatories and acts as the cornerstone of nuclear non-proliferation, seeking nuclear disarmament. However, heightened regional tensions have recently had several countries reconsider the status of their non-nuclear weapons. Ukraine war has revived the nuclear question in South Korea as well as Japan. South Korea already troubled with North Korea’s increasing arsenal is worried that nuclear-armed North Korea would get away with a lot in a war scenario as nuclear-armed Russia has with unarmed Ukraine due to the fear of nuclear war. In one recent survey of South Koreans, 71 percent of the respondents supported arming the country with nuclear weapons, according to a research paper published in February by the Carnegie Endowment and the Chicago Council on Global Affairs. Even the former Japanese PM had begun saying loudly and publicly that Japan should, indeed, think seriously and urgently about nuclear weapons , when Ukraine was invaded. Looking through regional security lenses, he makes an essential of Japan surrounded by nuclear-armed North Korea and China (which are becoming increasingly aggressive). Mr. Abe’s nuclear policy was not to build Japanese nuclear weapons but to borrow US nuclear weapons on Japanese soil as do many countries such as the Netherlands, Belgium, Italy, etc. Non-proliferation also acts as foreign policy, especially when states engage in nuclear trade. Nonproliferation standards were adopted as conditions for nuclear trade by the USA and even Japan as it engaged with India for nuclear cooperation in 2016. However, this is not a standard policy for all states as Russia exported its reactors to Iran and China too built reactors in Pakistan. Coming to the technical part of the proliferation, in the past, national industry and sophisticated procurement networks were necessary to facilitate proliferation, but future proliferators might need far less infrastructure and support, reducing their detection risk and identification profilesliii. There is a real risk of unobserved proliferation due to the extensive availability of mechanical or technical data on complex nuclear processes and state capacity to create their own gears to evade limitations set by the international export. This risk pushes countries to secrecy as well as sets limitations on nuclear commerce. IAEA and NSG are a few organizations striving to better nuclear safeguards, security, and export controls. Perhaps, the evolution of tech and reactor design in itself could lessen the proliferation risk. The potential and value of nuclear power for energy production, climate change management, and contributions to a reliable alternative to existing sources are real but, clearly, so are the challenges. ENVIRONMENTAL AND SUSTAINABILITY CONCERNS Environmental Concerns Radioactivity is the core of the environmental concerns when it comes to nuclear power as it not only affects the large vicinity of the area but also takes a long time to retreat if it ever does. Stern regulations implemented on the civil nuclear power plants, only small limited exposure of iodized radiation to be emitted into the atmosphere as part of natural background radiation. Apart from that uranium mining, nuclear waste, and climate change are at the center of environmental concerns. Uranium mining (3 ways): Underground mining – wherein there is workers are exposed to extreme or high levels of colorless, odorless radioactive radon gas. The gas is forged through the natural breakdown of uranium into water, soil, and rocks. It only increases the risk of lung cancer among the uranium miners but also pneumoconiosis in case of cave-ins. Open pit mining – as the name suggests, it’s a pit that is created on the surface of the terrain by blasting 30 times more earth or there is the removal of rock, soil, and trees from the terrain with help of industrial equipment. The mining leave behind the waste rock, which is stored by the mine and is radioactive and toxic in nature. The exposure of the rock may also cause hazards by polluting air or water, not only that but the removal of the top surface from the terrain leaves the area suspectable to erosion as well as landslides. ISL mining – herein, a uranium dissolving liquid is pumped underground to uranium ore, only to channel the liquid uranium mineral to the surface. It is the most popular mining technique and has chief operations in Texas, Wyoming, and Nebraska. It releases a high amount of radon gas and creates wastewater and slurries for the recovery of uranium from the liquid which is pumped back to the surface. The gravest concern is the restoration of natural groundwater, which is leached away as the project commences. All the attempts of restoration have failed as it's virtually impossible to do so. Uranium mining dropped after the 1980s in the USA but its effects still linger. The case of environmental injustice is made by the thousands of abandoned uranium mines littered around in the southwest of the country, for example, several mines present in Navajo Nation by the Grand Canyon National Park. These mines act as a health threat to the Colorado River ecosystem as several communities in the vicinity are already suffering from environmental contamination. Noticeable symptoms are under-addressed cancer and disease clusters, and toxic spills. Nuclear Waste: More than quarter million metric tons of highly radioactive waste sits in storage near nuclear power plants and weapons production facilities worldwide, with over 90,00 metric tons in the US alone. It is not only a notorious safety risk but also an environmental risk. Nuclear waste can be categorized as: Low-level waste (LLW) –is all the items that are exposed and contaminated by neutron radiation. Starting from shipment containers and clothes, bags, etc of the NNP worker along with everything used in clean-up of the nuclear waste. Usually contains only one percent of the radioactivity in nuclear waste and is sent to land-based disposal. High-level waste (HLW) - is the waste found in the pools of nuclear power plants. After they are sufficiently cooled for a few years, they are stored in dry casks for further cooling and then transferred to special canisters to be placed into the underground repository. Intermediate level waste (ILW) –are long-living radioisotopes that are stored and then transferred to a geological repository. Defense-related waste in the USA is similar to ILW and they store it in New Mexico's deep geological repository of Waste Isolation Pilot Plant. Spent nuclear fuel –is used fuel from the reactors which are no longer functioning . “It is both deadly and long-lasting,” says Geoffrey Fettus, a senior attorney at NRDC and director of NRDC’s nuclear team.lvi “It remains dangerous to people’s health and the environment for millennia.” Even a U.S. federal court described the time frame as “seemingly beyond human comprehension. For example, iodine-129…has a half-life of 17 million years.lvii” Previously the spent nuclear fuel would only be considered waste but with the evolution of technology, the spent fuel can be reprocessed to option materials such as leftover uranium, plutonium, etc. Lowering the age of the spent fuel by a hundred or more years. However, reprocessing spent fuel remains a costly affair and any accident occurring through the process may cause health as well as an environmental hazard. Climate Change: Like any other plants, nuclear plants are susceptible and vulnerable to climate change. The fluctuation in temperature of air and water, increases in sea levels, wind speed and pattern, etc can affect the efficiency of nuclear reactors or plants. Not only can it cause operators to shut down or cut back generators but also increase environmental and safety risks along with the cost of nuclear power. An increase in water temperature can heat the cooling water which is needed to cool and ensure the safety of spent fuel, etc. the nuclear power plant. River water is used as cooling water in inland reactors, however, due to the rising temperature of waters along with heatwaves, several nuclear power plants have either temporarily shut down or cut back the generation. The cooling water is released back into rivers; however, nuclear power plants have fixed temperatures for the water which is to be released back into the river. With warm water entering the nuclear power, even warmer water is being released back into rivers as several power plants, such as Turkey Point and Millstone Plant have asked NRC to increase the temperature limit of water that is to be released into the environment. The released warmer waters are hazardous to the ecosystem. Flooding and hurricane have extensively damaged nuclear power plants in the past and they continue to do, they even pose a risk by cutting access to much-needed cooling water. Whilst the Fukushima disaster of 2011 is one example of flooding, the NRC has concluded that 55 of the 61 evaluated U.S. nuclear sites face flooding hazards beyond what they were designed to withstand (yet it has failed to require updates based on that information). Even the storage of nuclear waste in decommissioned plants is threatened by climate change through flooding, earthquake, etc causing a health and environmental disasters. Sustainability Concerns Nuclear power has been labeled as a “green source” of energy by the EU as of 2022. Compared to conventional fuels, nuclear power provides several advantages such as low life cycle GHG emissions, energy security during periods of price volatility, stable and predictable generation costs, previous internalization of most externalities, small and managed waste volumes, productive use of a resource with no competing uses, firm base load electricity supplies, and synergies with intermittent energy sources . Another label given to nuclear power is that of “weak sustainability” because it is not sustainable by itself but aided by manmade machines such as fuel cycles, advanced reactors, etc and also. While advantageous, the nuclear area has several areas to improve and those are: lowering the construction costs, achieving public acceptance, disposing of nuclear waste, the risk of nuclear weapons proliferation, nuclear fuel cycle, etc. Some fear the nuclear industry will fade away if there are no further breakthroughs and innovations in tech. Not only that but even the public and governments must be actively engaged in the field. As of 2022, USA in an effort to stave off more closures, the federal government began subsidizing older nuclear plants, opening up a $6 billion fund authorized in 2021's Infrastructure Investment and Jobs Act this year. That law also set aside an additional $2.477 billion for the research and development of advanced nuclear reactor technology. Sustainability as the Department of Energy (USA) puts it “extend natural resource utilization” and “reduce the burden of nuclear waste for future generationslxi.” We are looking for long-term energy solutions, long term nuclear sustainability is advised as well as needed. This can be achieved in two ways: Use natural uranium more efficiently than LWRs: It would be remarkable if we could produce the same amount of energy from reduced usage in advanced nuclear reactors, it would help conserve uranium. The radioactive resource is by no means renewable or infinite but it is not going out of supply anytime soon and hence, there is less motivation in the nuclear industry to craft such generators. The latest assessment of resources by the Nuclear Energy Agency and the International Atomic Energy Agency in 2020 found that identified recoverable uranium resources would be sufficient to fuel the global nuclear reactor fleet for more than 135 years at the 2019 rate of consumption (just under 400 gigawatts of electricity) (NEA 2020). Better recovery methods could make available up an additional 40 years’ worth of consumption. In the worst-case scenario, even if we do run out of surface uranium, there is a large amount of low-concentration uranium present in the ocean. However, this scenario then pushes for uranium efficient generators and increased prices of uranium. Uranium mining is another issue that must be dealt with because not only does it causes health hazards but environmental too. There is a need to explore more modern and effective uranium mining and processing techniques (many not entirely harmless) and they must be regulated with stern measures and supervision. Uranium efficient reactors would not only conserve the uranium resource but also aid reduces environmental and health hazards by dipping the necessity for mining. Even if it is possible, we must then deal with the environmental risks that the fuel cycles of uranium efficient reactors pose. Increasing uranium efficiency usually entails reprocessing spent fuel, which generates a number of different radioactive waste streams and emits radioactive gases into the atmosphere—many with wide-reaching health and environmental impacts themselves. To capitalize on the natural uranium utilization, NLWRs must be able to effectively use depleted uranium (remaining material generated through the enrichment process) as fuel. Depleted uranium has a U-235 content of 0.3 percent or belowlxiv. Current LWRs are fuelled by enriched uranium, which is only a minor portion extracted from natural uranium whilst the leftover uranium or depleted uranium is called “tails;” which is nothing but nuclear waste stored in the repository. As of 2020, the production of one year’s supply of enriched uranium for a typical LWR—20 metric tons—generates about 180 metric tons of depleted uraniumlxv . This leftover material is gathered as nuclear waste because there is not enough capital in the market to re enrich as fuel for LWRs. The DOE now holds more than 500,000 metric tons of uranium tails in the form of uranium hexafluoride gas, requiring hundreds of football fields’ worth of storage space as of 2020lxvi . Though “tails” is less radioactive, they would in long run needed to be deposited in a geologic repository. b. Generate less waste requiring long-term disposal or use of reprocessed or “recycled” material from the spent fuel. Long-lived isotopes make up the part of spent fuel produced by the LWRs and they must be isolated from the environment for thousands of years to avoid health or environmental hazard; the only way to do so is to store the waste in a geological repository. The issue with a deep geological repository is that no territory wants to become a dumping ground for nuclear waste and hence, no countries have been able to make progress in this direction except for Finland (whose reserves of nuclear waste are lower as it a small country). The spent fuel or radioactive waste is produced by all reactors and fuel cycles and they must be disposed in a safe geological repository. It is a cumbersome process to establish a geological repository as it is littered with several technical trials and political complications. However, some pro-nuclear advocates of reprocessing reason that, geologic disposal space will be scarce and valuable in the future and must be conserved by reducing nuclear waste volume . New generations of reactors can contribute to the nuclear waste and storage issue by producing less nuclear waste than LWRs, whilst producing the same amount of electricity. It would even be more impressive if the new reactors could proficiently use actinides extracted from existing LWR waste as new fuel , in other terms, it is falsely worded as “burning” of nuclear waste, this would not only reduce the current stockpile of nuclear waste but also conserve space in the repository. Forecasts Today the world is going through not only an energy crisis but a climate crisis as well and nuclear energy can lend help in both arenas. Governments worldwide have increasingly become aware and pushing for reliable alternative sources of energy in hopes of reducing dependence on imported fossil fuels. They are also trying to achieve their goal of zero greenhouse emissions by 2050. Nuclear energy, with its 413 gigawatts (GW) of capacity operating in 32 countries, contributes to both goals by avoiding 1.5 gigatonnes (Gt) of global emissions and 180 billion cubic metres (bcm) of global gas demand a year. While wind and solar PV are expected to lead the push to replace fossil fuels, they need to be complemented by dispatchable resources. Nuclear power is still developing but has huge potential along with deployment or shipment feature, allowing to help create diverse low emissions electricity systems in countries which does allow nuclear power. Advanced economies have lost market leadership - Whilst seventy percent of universal nuclear capacity belongs to the advanced economies, the domestic markets are not doing well. There is a lack of investment, the projects underway are already behind the schedule with increasing costs that are way beyond the budget. As a result, the project pipelines and preferred designs have shifted. Of the 31 reactors that began construction since the beginning of 2017, all but 4 are of Russian or Chinese design. In May 2022, the Palisades nuclear power plant in Michigan shut down as planned. This retirement of 769 megawatts (MW) of capacity contributes to our expected slight reduction in U.S. nuclear generation in 2022. Two new reactors at the Vogtle plant in Georgia are scheduled to come online in 2023, adding 2.2 GW of nuclear power to the system. We expect the nuclear share of total generation to be 19% in 2022 and 2023, about the same share as last year. Safety and waste concern still has few countries wary of nuclear power and hence, still is banned - Chernobyl in Ukraine (1986) and then Fukushima-Daiichi plant in Japan (2011) still have public suspicious of nuclear power plants. The bans and phase out plans of nuclear power are due to fear of another accident but this time, it is in their backyard. Whilst advancement has been made in the disposal of nuclear waste, only three countries in the world have approved sites for deep geological repositories for nuclear waste, however, not all these sites are in function. Hence, we can see once again how big a challenge it has been and will continue to be so to gain public support and political support. There is the possibility of a nuclear comeback as more policies have become nuclear friendly - Pledges of net zero greenhouse emissions were made by seventy countries, who altogether contribute about seventy-five percent of energy-related GHG emissions. Renewables are being boosted to the frontline as they are the largest source of low emission electricity, especially by the countries which do not use nuclear energy and nor do they have any plans underway to do so in the future. However, other countries such UK, France, China, Poland, and India have not only invested in nuclear power but also proclaimed it will play an important role in their energy strategies. The USA unlike others is investing in advanced reactor designs, especially, SMRs. The entire energy markets have been disrupted due to the Russia-Ukraine war, seeing a spike in energy prices worldwide. The war not only highlighted the unreliability of imported fossil fuels for domestic energy but also, how governments need diverse domestic energy sources. Hence, the UK plans for eight nuclear reactors whilst Korea and Belgium have postponed shutting down their nuclear power plants. Not only that but after obtaining safety approvals, Japan is planning to restart its nuclear power plants, which allows LNG resources to be shipped off to distressed Europe and the rest of the Asian markets. Nuclear power can have revival if only government interferes through policy support and tight controls. Trend Drivers Economics – The Russian invasion of Ukraine has disrupted energy markets and spiked oil and gas prices, hence, presenting a competitive market for nuclear energy. The energy would have the same effect due to the worsening climate crisis, which already had put several policymakers thinking about carbon pricing, and if this policy is pursued aggressively in the future, not only will be nuclear energy needed but be a competent resource. Security of energy supply – Political disagreement can disrupt of energy supply, as we have seen in wake of the Russian invasion of Ukraine. Russia has stopped exporting gas to Finland, Poland, and Bulgaria as they refused to pay in rubbles as per Russian demand for payment instead of euros or dollars. Even Nordstream 2 project has been put on halt by Germany, a country that in 2020 relied Russian supply of more than half of Germany’s natural gas and about a third of all the oil… and roughly half of Germany’s coallxxii. The event worldwide has made countries realize the dangers of reliance on imported fossil fuels and the need for a steady domestic energy supply source. Nuclear power can act as a hedge against the susceptibility to disturbing oil and gas supply. Rising energy and water demand along with constrained supply sources – Global population has boomed along with technological evolution and ambition of a high standard of living, which no doubt would mean a doubling of electricity consumption by 2030. To cater to the freshwater needs of rising populations, desalination plants have been opened in several countries such as Saudi Arabia, the USA, etc. These plants consume a large amount of electricity, something nuclear power plants with lower emissions than fossil fuels. It can help produce industrial fresh water on a large scale whilst supplying baseload electricity to grids. CONCLUSION Nuclear power is but ungainly technology borne out of the long-gone Cold War era, a bane if you will. The risks are simply too high to give in to the greenwashing image of nuclear power pandered by the nuclear industry, nuclear advocates, and pro-nuclear governments. Nuclear power may produce zero GHG emissions but nuclear waste can produce far worse consequences if it is not properly stored. Nuclear power is also treated as an existential choice because climate change has become an existential problem or will be one soon if the GHG emissions are not brought down soon. However, the truth remains that nuclear power cannot rapidly develop within the time frame we need, the SMR designs are not going to be commercialized anytime soon because of heavy and several safety checks. Renewables, on the other hand, is evolving and deploying at a much faster and cheaper rate, not only that but they are more flexible. Looking through the economic lenses, the standardized reactors acted as an effective strategy for nuclear power in many countries such as France, however, then they decided to build even bigger reactors such as the European Pressurized Reactor. For example, the Flamanville plant, which was initially was expected to cost 3.3 billion euros and start operations in 2012 lxxiiiwith delays and additional costs is set to start operation in the second quarter of 2023, and the latest count the estimate cost had risen to 12.7 billion euroslxxiv. The UK with its Hinkley Point as 2022, has revised the operating date for the site in Somerset is now June 2027 and total costs are estimated to be in the range of £25bn to £26bn and if it finally comes on stream, British consumers will be burdened for decades with the price of the electricity produced there index-linked for 35 years from the exorbitant level of £92.50 per megawatt hour originally set in 2013lxxv. Nuclear power put its bet on the SMRs, however, there is no guarantee that they will successively work as they are developing stages and even if they do, they will not be deployed until the 2030s. A nuclear fade case is ideal possibility, wherein the number of underway projects do not increase and no further reactors are built nor are there any lifetime extension of older reactors. The nuclear fade case was much realer in 2019, when they were explored by the IEA and World Energy Outlook by implementing them in: New Policies Scenario and the Sustainable Development Scenario respectively. However, as of 2022, there have been regulatory decisions to extend the lifetime of over 50 GW reactors. In the United States, an additional reactor has been granted an initial 20-year extension and six others approval for a subsequent 20-year extension since 2019. In France, regulatory approval has been granted for 32 reactors to be extended by ten years. These approvals are alongside EDF’s Grand Carénage programme, which runs from 2014 to 2025. It involves substantial investment in enhancing reactor safety through maintenance and technical modifications, with the goal of prolonging the lifetimes of most of the fleet of 56 reactors beyond 40 years. In Japan, two additional reactors received regulatory approval to re-start since 2019. Nuclear energy as of now persists and bright future seems to be on horizon for it. Are we ready to take the risks that come along? Personally, I’m not and ideally, the fade case for nuclear comes becomes a reality. BIBLIOGRAPHY i Duggal, H. (2021, November 4). Infographic: COP26 goals explained in maps and charts. Aljazeera . Retrieved from: https://www.aljazeera.com/news/2021/11/4/infographic-cop26-climate-summit-goals-explained ii Laue, H.J; Bennett, L.L; Skjoeldebrand, R. Nuclear power in developing countries. Technical co-operation . 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Retrieved from: https://www.greenmatch.co.uk/blog/2014/04/advantages-and-disadvantages-of geothermal-energy xxix Blakers, A., BLAKERS, A., CABALLERO-ANTHONY, M., HSU, G. K.-J., KING, A., KOPLOW, D., MØLLER, A. P., MOUSSEAU, T. A., RAMANA, M. V., RICHARDSON, L., ROBERTSON, K. A., RUFF, T. A., STUART, C., SUZUKI, T., & TRAJANO, J. C. I. (2017). Sustainable energy options. In P. VAN NESS & M. GURTOV (Eds.), Learning from Fukushima: Nuclear power in East Asia (pp. 319–348). ANU Press. http://www.jstor.org/stable/j.ctt1ws7wjm.19 xxx Blakers, A., BLAKERS, A., CABALLERO-ANTHONY, M., HSU, G. K.-J., KING, A., KOPLOW, D., MØLLER, A. P., MOUSSEAU, T. A., RAMANA, M. V., RICHARDSON, L., ROBERTSON, K. A., RUFF, T. A., STUART, C., SUZUKI, T., & TRAJANO, J. C. I. (2017). Sustainable energy options. In P. VAN NESS & M. GURTOV (Eds.), Learning from Fukushima: Nuclear power in East Asia (pp. 319–348). 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Ocean Energy. Whole Building Design . Retrieved from: https://www.wbdg.org/resources/ocean-energy xxxiv Blakers, A., BLAKERS, A., CABALLERO-ANTHONY, M., HSU, G. K.-J., KING, A., KOPLOW, D., MØLLER, A. P., MOUSSEAU, T. A., RAMANA, M. V., RICHARDSON, L., ROBERTSON, K. A., RUFF, T. A., STUART, C., SUZUKI, T., & TRAJANO, J. C. I. (2017). Sustainable energy options. In P. VAN NESS & M. GURTOV (Eds.), Learning from Fukushima: Nuclear power in East Asia (pp. 319–348). ANU Press. http://www.jstor.org/stable/j.ctt1ws7wjm.19 xxxv Blakers, A., BLAKERS, A., CABALLERO-ANTHONY, M., HSU, G. K.-J., KING, A., KOPLOW, D., MØLLER, A. P., MOUSSEAU, T. A., RAMANA, M. V., RICHARDSON, L., ROBERTSON, K. A., RUFF, T. A., STUART, C., SUZUKI, T., & TRAJANO, J. C. I. (2017). Sustainable energy options. In P. VAN NESS & M. GURTOV (Eds.), Learning from Fukushima: Nuclear power in East Asia (pp. 319–348). ANU Press. http://www.jstor.org/stable/j.ctt1ws7wjm.19 xxxvi Blakers, A., BLAKERS, A., CABALLERO-ANTHONY, M., HSU, G. K.-J., KING, A., KOPLOW, D., MØLLER, A. P., MOUSSEAU, T. A., RAMANA, M. V., RICHARDSON, L., ROBERTSON, K. A., RUFF, T. A., STUART, C., SUZUKI, T., & TRAJANO, J. C. I. (2017). Sustainable energy options. In P. VAN NESS & M. GURTOV (Eds.), Learning from Fukushima: Nuclear power in East Asia (pp. 319–348). ANU Press. http://www.jstor.org/stable/j.ctt1ws7wjm.19 xxxvii Office of Nuclear Energy. (2021, March 31). 3 Reasons Why Nuclear is Clean and Sustainable. Retrieved from: https://www.energy.gov/ne/articles/3-reasons-why-nuclear-clean-and-sustainable xxxviii Baseload power. (n.d). Energy Education. Retrieved from: https://energyeducation.ca/encyclopedia/Baseload_power#:~:text=Figure%201.,grid%20at%20any%20given%2 0time. xxxix Parshley, L. (2021, May 04). The controversial future of nuclear power in the U.S. National Geographic . Retrieved from: https://www.nationalgeographic.com/environment/article/nuclear-plants-are-closing-in-the-us should-we-build-more xl ABBOTT, D. (2016). Nuclear Power: Game Over. AQ: Australian Quarterly, 87(4), 8–40. http://www.jstor.org/stable/24877873 xli ABBOTT, D. (2016). Nuclear Power: Game Over. AQ: Australian Quarterly, 87(4), 8–40. http://www.jstor.org/stable/24877873 xlii Laville,S. (2022, May 20). UK nuclear power stations' decommissiong cost soars to £23.5bn. The Guardian. Retrieved from: https://www.theguardian.com/environment/2022/may/20/uk-nuclear-power-stations decommissioning-cost xliii Igini, M. (2022, March 23). The Advantages and Disadvantages of Nuclear Energy. Earth Org. Retrieved from: https://earth.org/the-advantages-and-disadvantages-of-nuclear-energy/ xliv ABBOTT, D. (2016). Nuclear Power: Game Over. AQ: Australian Quarterly, 87(4), 8–40. http://www.jstor.org/stable/24877873 xlv ABBOTT, D. (2016). Nuclear Power: Game Over. AQ: Australian Quarterly, 87(4), 8–40. http://www.jstor.org/stable/24877873 xlvi Advantages and Disadvantages of Geothermal Energy - The Source of Renewable Heat. (2022, March 24). GreenMatch. Retrieved from: https://www.greenmatch.co.uk/blog/2014/04/advantages-and-disadvantages-of geothermal-energy xlvii DE BLASIO, N., & NEPHEW, R. (2018). RENEWING NUCLEAR POWER AND TECHNOLOGY. Geopolitics, History, and International Relations , 10 (1), 119–147. https://www.jstor.org/stable/26803984 xlviii DE BLASIO, N., & NEPHEW, R. (2018). RENEWING NUCLEAR POWER AND TECHNOLOGY. Geopolitics, History, and International Relations , 10 (1), 119–147. https://www.jstor.org/stable/26803984 xlix DE BLASIO, N., & NEPHEW, R. (2018). RENEWING NUCLEAR POWER AND TECHNOLOGY. Geopolitics, History, and International Relations , 10 (1), 119–147. https://www.jstor.org/stable/26803984 l DE BLASIO, N., & NEPHEW, R. (2018). RENEWING NUCLEAR POWER AND TECHNOLOGY. Geopolitics, History, and International Relations , 10 (1), 119–147. https://www.jstor.org/stable/26803984 li Sang-Hun, C. (2022, April 06). In South Korea, Ukraine War Revives the Nuclear Question. The New York Times . Retrieved from: https://www.nytimes.com/2022/04/06/world/asia/ukraine-south-korea-nuclear weapons.html lii Wingfield-Hayes, R. (2022, March 26). Will Ukraine invasion push Japan to go nuclear? BBC . Retrieved from: https://www.bbc.com/news/world-asia-60857346 liii DE BLASIO, N., & NEPHEW, R. (2018). RENEWING NUCLEAR POWER AND TECHNOLOGY. Geopolitics, History, and International Relations , 10 (1), 119–147. https://www.jstor.org/stable/26803984 liv DE BLASIO, N., & NEPHEW, R. (2018). RENEWING NUCLEAR POWER AND TECHNOLOGY. Geopolitics, History, and International Relations , 10 (1), 119–147. https://www.jstor.org/stable/26803984 lv Jacoby, M. (2020, March 30). As nuclear waste piles up, scientists seek the best long-term storage solutions. Chemical & Engineering News . 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Union of Concerned Scientists. http://www.jstor.org/stable/resrep32883.6 lxii Lyman, E. (2021). Nuclear Power: Present and Future. In “Advanced” Isn’t Always Better: Assessing the Safety, Security, and Environmental Impacts of Non-Light-Water Nuclear Reactors (pp. 13–23). Union of Concerned Scientists. http://www.jstor.org/stable/resrep32883.6 lxiii Lyman, E. (2021). Nuclear Power: Present and Future. In “Advanced” Isn’t Always Better: Assessing the Safety, Security, and Environmental Impacts of Non-Light-Water Nuclear Reactors (pp. 13–23). Union of Concerned Scientists. http://www.jstor.org/stable/resrep32883.6 lxiv Lyman, E. (2021). Nuclear Power: Present and Future. In “Advanced” Isn’t Always Better: Assessing the Safety, Security, and Environmental Impacts of Non-Light-Water Nuclear Reactors (pp. 13–23). Union of Concerned Scientists. http://www.jstor.org/stable/resrep32883.6 lxv Lyman, E. (2021). Nuclear Power: Present and Future. 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Union of Concerned Scientists. http://www.jstor.org/stable/resrep32883.6 lxix IEA (2022), Nuclear Power and Secure Energy Transitions, IEA, Paris https://www.iea.org/reports/nuclear power-and-secure-energy-transitions lxx IEA (2022), Nuclear Power and Secure Energy Transitions, IEA, Paris https://www.iea.org/reports/nuclear power-and-secure-energy-transitions lxxi Short term Energy Outlook. (2022, July 12). EIA. Retrieved from: https://www.eia.gov/outlooks/steo/report/electricity.php lxxii Wintour, P. (2022, June 02). “We were all wrong”: how Germany got hooked on Russian energy. The Guardian . Retrieved from: https://www.theguardian.com/world/2022/jun/02/germany-dependence-russian energy-gas-oil-nord-stream lxxiii Mallet, B. (2022, June 16). EDF hopeful end in sight for long-delayed, budget-busting nuclear plant. Reuters . Retrieved from: https://www.reuters.com/business/energy/edf-hopeful-end-sight-long-delayed-budget busting-nuclear-plant-2022-06-16/ lxxiv Mallet, B. (2022, June 16). EDF hopeful end in sight for long-delayed, budget-busting nuclear plant. Reuters . Retrieved from: https://www.reuters.com/business/energy/edf-hopeful-end-sight-long-delayed-budget busting-nuclear-plant-2022-06-16/ lxxv Butler, N. (2019, June 10). Nuclear power will fade unless it becomes more competitive. Forbes . Retrieved from: https://www.ft.com/content/1db5e55c-8845-11e9-97ea-05ac2431f453 lxxvi IEA (2021), Nuclear Power , IEA, Paris https://www.iea.org/reports/nuclear-power Previous Next

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    EduSpace Internships Take the first step to your dream career. Work with our industry partners to gain experience and work on a research internship in the industry of your choice. Stand the chance to have your work published on our page: EduREPORTS as well! In collaboration with: Internship Opportunities Business Work in business fields of your choice. Be it marketing, finance, human resources, innovation, research, accounting department, legal or any business function you want to explore. Industry Explorations Research and analyze different industries, learn about industry trends and challenges, and gain insights. Pick a field and combine topics such as psychology and marketing, biology and business – curate to your interest! Technology Is AI a necessary evil? Explore the world of digital technologies like so and show your core competencies in the field of technologies such as AI, metaverse, EdTech and more. India-focus Uncover the hidden system of the non-government organisations and how they contribute to India. Study frameworks, governance, politics, economics and other areas that make the largest economy work – India. Sciences Discover how sciences intersect. Whether you're looking gain experience in biology, chemistry, physics, or engineering, pick a topic and we will match you to an expert. Humanities History, politics, economics, psychology, anthropology or more, we will match you to a field expert in help guide you research unique topics. Embark on an exploration of human-made systems and enrich your mind. Connect with experts Gain experience through personalized one-on-one mentorship with industry professionals. Explore your field Receive personalized guidance and curated research topics to deep dive into your chosen field. Gain work experience Enhance your résumé with skills and experience that enrich your profile for your dream university or career. The perfect first step Explore new industries, get published, and sample the professional world to discover your dream job. Apply Now Get in touch with us, and we can help you apply for internships with our industry partners. Tell us a little about yourself, successful applicants will receive a response within 24-48 hours. First Name Last Name Email Phone School/University Tell us about yourself Submit Thanks for submitting!

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  • EduREPORTS

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Read More EduTech - The New Age Education by Anoushka Sen EduTech is a developing industry in education, that has been propelled by the COVID-19 pandemic. Learn about the key players, untapped areas, impact, and future prospects of the industry. Read More Essence of Digital Marketing by Zaynah Buhariwala How many of us bother to watch an entire advertisement between our much-loved YouTube content? The old paper board advertisements are now replaced with electric billboards, which change every 2 minutes. Insta ads and more, the future of marketing. Read More Finance, Banking and the Economy at large by Divyes Chakravarty Gain an understanding of how money, banking and the financial system intersect and work. The different concepts, principles and intricacies of money and more. Read More International Banking by Tarun Natarajan International banking is a complicated system that comprises of multiple structural subgroups, each of which performs a specific role. 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  • Emerging Technology Trends in Finance by Rian Sanghavi

    < Back Emerging Technology Trends in Finance by Rian Sanghavi This research paper explores the profound impact of emerging technology trends on the finance industry in the 21st century. It delves into key technological advancements such as big data, blockchain, machine learning (ML), and artificial intelligence (AI), examining their applications in finance and accounting. The paper investigates how these technologies are reshaping traditional methods in financial management and accounting, emphasizing the advantages and potential challenges. In conclusion, a comprehensive summary and analysis present a nuanced perspective on whether these new tech trends benefit the industry or require careful consideration. 1. Introduction In the 21st century, the financial industry has witnessed a transformative wave of emerging technologies. This paper aims to investigate and analyze the impact of these technologies, providing a comprehensive understanding of their applications in finance and accounting. The focus areas include big data, blockchain, machine learning, and artificial intelligence, exploring their evolution, adoption, and implications for the financial sector. 2. 21st-century Relevant Tech Trends Big Data: The advent of the digital age has led to an unprecedented generation of data. Big data, characterized by vast volumes of structured and unstructured information, has become a game-changer in various industries. In finance, big data analytics plays a crucial role in risk management, enabling real-time analysis of market data. It facilitates improved operational efficiency, personalized customer experiences, and strategic planning. The sources of big data are diverse, ranging from transaction processing systems to social networks, and its applications extend beyond finance to sectors like healthcare, manufacturing, and transportation. Blockchain: Blockchain, a decentralized and distributed ledger technology, ensures transparency, security, and immutability in digital transactions. While initially associated with cryptocurrencies, blockchain has transcended its origins. It finds applications in supply chain management, where it enhances traceability and reduces fraud. In healthcare, blockchain enables secure and interoperable sharing of patient data. Intellectual property protection, provenance tracking, and smart contracts are additional areas where blockchain is making a significant impact. Machine Learning (ML) and Artificial Intelligence (AI): Machine learning, a subset of artificial intelligence, focuses on training computer systems to learn and improve from data without explicit programming. ML algorithms analyze large datasets, identifying patterns and making predictions based on learned behaviors. The applications of ML are diverse, ranging from recommendation systems and fraud detection to natural language processing and autonomous vehicles. Artificial intelligence, encompassing a broader range of technologies like natural language processing and computer vision, has left an indelible mark on various industries, including healthcare, finance, manufacturing, customer service, and transportation. These technologies continue to evolve, contributing to the digital transformation of businesses and society at large. 3. Application in Finance Traditional Approach to Financial Management: The traditional approach to financial management, which emerged in the 1920s, was rooted in the objective of earning more funds to foster business growth. This approach, often synonymous with corporate finance, prioritized maintaining accounting and legal relationships, sourcing funds from diverse channels, and addressing episodic rather than day-to-day financial challenges. Cash management was a critical component of this traditional method, ensuring the company's ability to meet daily obligations. Advantages of Tech in Finance: The evolution of financial management approaches, globalization of commerce, and increased reliance on information technology have given rise to modern finance. Fintech, a portmanteau of financial technology, encompasses a spectrum of technologies aimed at improving and automating the delivery of financial services. The integration of technology into financial services has witnessed significant acceleration, particularly driven by factors like the COVID-19 pandemic, which expedited the shift to online financial transactions. One notable aspect of this technological evolution is the accessibility of the stock market. Companies like Robinhood have democratized stock trading, offering commission-free trades through mobile apps. While this accessibility has increased market participation, it has also raised debates about potential trading frenzies and the need for scrutiny to ensure balanced markets. Cryptocurrencies, with Bitcoin as a prime example, have continued their volatile journey. The digital currency has not only attracted investors but has also permeated popular culture, capturing the interest of high school students worldwide. The pandemic has accelerated the adoption of online financial transactions, pushing the boundaries of online banking, payment systems, and other digital financial services. The tech trends influencing the financial future include increased accessibility to stock markets, the rise of fintech companies, and the continued volatility of cryptocurrencies. In the realm of financial services, the adoption of software solutions has become widespread. Financial technology (FinTech) firms leverage these solutions to enhance efficiency, speed, and customer experience. The success stories of companies like Ant Financial in China underscore the pivotal role of technology in reshaping the financial landscape. Benefits of technology in financial services are multifaceted: Coverage: Mobile connectivity technology has expanded the reach of open banking services. Unlike the traditional banking system limited to big cities and towns, signing up for financial services today is as easy as a few clicks on smartphones or tablets. The geographical barriers have been broken down by technology, enabling broader coverage. Convenience: Technology brings unparalleled convenience to users. Almost everything, from signing up for services to making inquiries, payments, accessing loans, and transferring funds, can be done through mobile banking technology. User-friendly mobile applications, exemplified by companies like Square Inc, eliminate the need for physical visits to banking premises. Speed: Financial technology solutions operate swiftly. Transactions are completed in seconds, a crucial aspect in today's fast-paced world. This stands in contrast to the days it used to take for traditional banking systems to process transactions. The speed of financial technology is a vital asset, especially in a world where time is of the essence. Safety: Addressing safety and security concerns in the financial services sector, technology has developed fraud and breach detection methodologies. The risk inherent in the traditional banking system has prompted the implementation of robust security measures in the digital realm, ensuring the safety of funds and private data. Customer Experience: Overall, financial technologies have significantly enhanced the customer experience. Smart contracts, mobile payment systems like Venmo, credit card platforms such as PayPal, and chatbots have made clients' lives more straightforward. Artificial intelligence technologies, driven by big data, enable personalized experiences. Reduction in human error and the ability to handle most queries online contribute to an improved overall customer experience. The transformation brought about by technology is evident in the financial services sector. The integration of artificial intelligence, machine learning, and data analytics has revolutionized the industry, making financial services more accessible, convenient, and secure. 4. Application in Accounting Traditional Accounting Methods: Traditional accounting, often referred to as "accrual basis" accounting, calculates profits based on when invoices are sent or received, irrespective of the actual flow of money. The approach involves meticulous record-keeping, including business assets, stock valuation, and other financial transactions. Tech Advancements in Accounting: The accounting industry has undergone a significant transformation in the last few decades, primarily fueled by the introduction of computer-based accounting software. These tools automated the record-keeping process, eliminating the need for manual ledger systems. The 1990s saw the rise of desktop accounting software, which offered increased accuracy, reliability, and efficiency in managing financial data. The subsequent shift to web-based and cloud-based accounting solutions marked another leap in the evolution of accounting technology. Cloud-based platforms provide users with real-time access to financial data, enabling collaboration among team members, accountants, and clients. This shift to the cloud has been instrumental in breaking down geographical barriers and facilitating seamless communication in a globalized business landscape. Robotic Process Automation (RPA) has emerged as a powerful tool in automating repetitive and rule-based tasks in accounting. RPA technology employs software robots to perform routine tasks such as data entry, invoice processing, and reconciliation. This automation not only improves accuracy and efficiency but also allows human accountants to focus on more complex and value-added activities. Artificial Intelligence (AI) and Machine Learning (ML) are at the forefront of the latest advancements in accounting technology. AI-driven systems can analyze large datasets to identify patterns, anomalies, and trends. In accounting, this capability is harnessed for fraud detection, risk management, and predictive analytics. Machine learning algorithms continuously learn from data, enabling them to enhance their accuracy and predictive capabilities over time. The integration of AI and ML in accounting software also brings sophisticated data analysis capabilities to the forefront. These technologies can sift through vast amounts of financial data, providing valuable insights for strategic decision-making. For example, AI-powered analytics tools can analyze customer behavior, predict market trends, and offer recommendations for optimizing financial performance. 5. Accounting Trends to Watch in 2023 Automation and AI Integration: The trend of automation and AI integration in accounting is expected to continue gaining momentum in 2023. As technology advances, routine and time-consuming tasks will be increasingly automated, allowing accountants to focus on higher-value activities that require critical thinking, analysis, and strategic planning. This shift is poised to enhance the overall efficiency of accounting processes, reducing the risk of errors and improving decision-making. Cloud-Based Accounting: The popularity of cloud-based accounting solutions is projected to persist and grow in 2023. Cloud technology offers several advantages, including real-time access to financial data, collaboration among multiple users, and enhanced security measures. The flexibility and scalability of cloud-based accounting make it an attractive choice for businesses of all sizes, allowing them to adapt to changing business environments and regulatory requirements seamlessly. Focus on Sustainability and ESG: Environmental, Social, and Governance (ESG) considerations have become increasingly important in various industries, and accounting is no exception. In 2023, there is a growing emphasis on integrating sustainability and ESG factors into accounting practices. This involves not only reporting on financial performance but also assessing and disclosing the environmental and social impact of business activities. Accountants are expected to play a key role in developing frameworks for measuring and reporting on sustainability metrics. Advisory Services: The evolution of technology in accounting is reshaping the roles of accountants. With routine tasks becoming more automated, accountants are expected to shift towards providing advisory services. In 2023, the focus on advisory services is likely to intensify, emphasizing the importance of financial planning, risk management, and strategic advice. Accountants will be positioned as strategic partners, leveraging their expertise to guide businesses through complex financial decisions. 6. Conclusion In conclusion, the technological landscape has significantly transformed the finance and accounting sectors in the 21st century. The exploration of big data, blockchain, machine learning, and artificial intelligence has revealed their multifaceted applications and profound impacts on traditional approaches. While these advancements offer unparalleled benefits, careful consideration is essential to mitigate potential challenges. The financial industry's future lies in embracing these technological trends, adapting to change, and continuing to provide value to clients in this dynamic environment. The nuanced analysis presented throughout the paper suggests that the new tech trends are generally beneficial but require prudent usage for sustainable growth in the industry. As we move into 2023, the fusion of technology and finance is poised to shape a future where accessibility, efficiency, and innovation coalesce to redefine financial services and accounting practices. The industry's success will hinge on its ability to navigate the evolving technological landscape, leveraging advancements for positive transformation while addressing challenges responsibly and ethically. Previous Next

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