Climate change among biggest concerns for business leaders in India: “Unpredictable weather patterns” are among the biggest concerns for Indian business executives and managers, a new survey found, according to Bloomberg. About 91% of the respondents in a survey said they found it easier to manage traditional risks compared to newer “non-linear risks” — which consisted of environment, data-led, reputational, and regulation risks. Almost 13% of CEOs and managing directors cited climate change as the top risk. The non-linear risks were characterized by their unpredictability, extent, and ability to disrupt businesses. The survey, commissioned by Bloomberg LP, polled 300 top executives from the technology, services, travel, manufacturing, and retail industries. “Risks have evolved, making them quicker to emerge, less predictable and far more variable in severity,” the report concluded.

Indian conglomerate Reliance Industries reveals new swappable + multipurpose battery technology: Indian oil refining giant Indian and b’naire Mukesh Ambani-led conglomerate Reliance Industries has developed removable and swappable batteries for EVs that can also be used to power household appliances, Reuters reported, citing company executives at a renewable energy exhibition. The batteries can be swapped at Reliance's battery swap stations or re-charged by households using rooftop solar panels, which the company also plans to sell, the executives added. Development of battery storage solutions is a part of Reliance's bigger USD 10 bn push towards clean energy projects, which include four giga-factories that will produce solar cells and modules, energy storage batteries, fuel cells, and green hydrogen infrastructure.

Reliance is making big strides in green tech: Last year, Reliance acquired a 79.4% stake worth USD 32 mn in solar energy software developer SenseHawk. Abu Dhabi’s renewable energy company Masdar and Reliance had also pledged to explore agreements for collaboration in green hydrogen. The company is also making strides in bio-energy, offshore wind, and other non-conventional forms of renewable energy.

Reliance has big green investment ambitions: The company aims to cut dependence on its oil-to-chemical business and become net zero carbon by 2035, according to Reuters, and generate 100 GW of solar energy by 2030.

The first green hydrogen unicorn: Hydrogen technology-focused startup Electric Hydrogen (EH2) closed a USD 380 mn series C round that values the company at USD 1 bn, Reuters reports. The round was led by Fortescue, Fifth Wall and Energy Impact Partners, and investors BP Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, and the United Airlines' Sustainable Flight Fund, reported. EH2 has raised over USD 600 mn since 2020, counting Amazon and Honeywell among their key investors.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

• More funds to help fight deforestation in the Amazon: Switzerland and the US have allocated USD 8.4 bn in donations to help Brazil’s Amazon Fund stop deforestation under plans by the South American country to reach zero deforestation by 2030. (Reuters)
• US is spending USD 20 mn on geological hydrogen R&D: The US Department of Energy has allocated USD 20 mn to fund research in geological hydrogen technologies, which can stimulate the generation of hydrogen within the subsurface. A number of countries around the world have made geological hydrogen discoveries this year. (Statement)