Globally, the shift to renewables is happening at a fast pace. The primary sources of renewable energy being utilized include solar energy, wind energy, hydropower, geothermal energy, tidal energy and biomass energy. The shift to renewable energy is happening primarily due to the concerns about climate change and global warming. The other reason is that non-renewable sources such as oil and gas reserves are limited and will not last forever. To avoid a potential global climate catastrophe, use of fossil fuels is being minimized.

While the switch to renewable energy sources is inevitable, it makes us wonder how the oil industry and oil producing nations will manage this change. What will happen to the large workforce that is currently deployed in the oil industry? How will oil-producing nations deal with the threat of losing their primary source of income? How will the citizens of these countries be impacted, who currently have one of the highest per capita incomes in the world? To answer such questions, let us take a look at how the shift to renewable energy sources such as solar energy and wind energy will impact the oil industry and oil producing countries.

Gradual shift, not instant

While renewable energy sources are being harnessed at an industrial scale, it will still be several decades before oil is completely removed from the ecosystem. As per estimates provided by the International Energy Agency (IEA), oil demand is expected to reach its peak by 2025. Beyond that, there will be a steady decline in demand for oil.

However, oil will continue to be used by various industries. For example, sectors like aviation and shipping will take much longer to shift to renewable energy sources. Oil and gas will continue to be used in power plants and even for generating green fuels such as hydrogen. In comparison, the auto industry is expected to switch to electric much faster.

Economic diversification

Oil-rich countries such as Saudi Arabia, Iraq, United Arab Emirates, Iran, Kuwait, Qatar, etc. have stepped up focus on diversifying their economy. This is the only way for these countries to survive the switch to renewable energy sources. For example, Saudi Arabia is making big investments in solar and wind energy. It is also focusing on sectors such as tourism, banking and finance, pilgrimage, global supply chain and logistics and healthcare.

Economic diversification will help absorb the negative impact of the shift to renewable energy sources. People employed by the oil industry can be reskilled and shifted to other sectors. Assets and resources of the oil industry can be repurposed for various industries including renewable energy such as solar and wind energy. As the shift will be gradual, oil-producing nations have ample time to diversify their economies.

Shift in geopolitical landscape

Traditionally, oil-producing countries have enjoyed tremendous clout in the global political landscape. With the shift to renewable energy, oil-producing nations will see a reduction in their global influence. This will create a balance of power among nations. It is not necessarily something that is a negative development for oil-producing nations. As a matter of fact, the change in geopolitical landscape will prompt oil-producing nations to innovate and compete more aggressively, instead of being completely dependent on oil money.

Impact on oil industry workers

As the shift to renewables will be gradual, the oil industry will continue to function for several decades. However, since production is expected to decline gradually, some job losses will be unavoidable. It will be great if oil companies and governments can work together to launch special programs to protect the interests of people employed in the oil industry. As mentioned earlier, reskilling can be a great way to help oil industry workers impacted by the shift to renewable energy sources.

Focus on newer technologies

Fossil fuels are blamed primarily due to their high carbon footprint. However, things can change in the future with new technologies. For example, improved methods of carbon capture can reduce the pollution emitted via the burning of fossil fuels. Similarly, more efficient internal combustion engines can be developed to produce electricity or other green fuels.

Government policy and regulations

The overall impact on the oil industry and economy will depend on how prepared the respective governments are in dealing with the shift to renewable energy sources. With proactive policies and regulations, oil-producing nations can achieve a smooth transition.

Is it safe to invest in green energy stocks?

With the shift to renewable energy sources, one may consider investing in green energy stocks. However, it is important to choose the right stocks that have potential for growth. Some reliable green energy stock options one can consider include Adani Green Energy, Reliance New Energy, JSW Energy, KP Energy, Zodiac Energy, Websol Energy System, Borosil Renewables, NTPC, BF Utilities and Inox Wind Energy. It is important to do your own research and invest as per your risk appetite. For max gains, you may have to choose long-term investments in green energy stocks.

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According to data from Stocklytics.com, financial firms will spend $45.2 billion on AI in 2024. This spending will grow by 30% each year, reaching $97 billion by 2027.

AI has made a big difference in finance. It helps companies predict their future earnings and profits more accurately. Also, AI can find fraud in large amounts of financial data. Many companies use AI to check contracts and invoices, which makes decisions faster and improves the whole process.

Collaborative data from Statista, the IMF, and IDC reveal that financial companies are expected to spend $45.2 billion on AI solutions this year. By 2025, spending on AI will reach $58.3 billion.

AI spending in finance will keep growing. In 2026, it will be almost $75.2 billion or $30 billion more than this year. By 2027, it will reach $97 billion, showing a huge 177% increase in just four years. Overall, financial companies will spend $275 billion on AI in the next four years.

AI can also boost the financial market’s growth rate. According to a study by Accenture and Frontier Economics, AI can potentially increase economic growth rates by a weighted average of 1.7% points across 16 industries by 2035.

Financial companies that use AI well could see their profits go up by 38%. It can increase their growth rates by 4.3% and boost their value by $1.2 trillion by 2035.

The full story and statistics can be found here:  https://stocklytics.com/content/financial-sectors-spending-on-artificial-intelligence-to-grow-by-30-per-year-and-hit-97-billion-by-2027/

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Through this latest offering, tech-unsavvy rural customers can easily invest in e-gold with guided assistance from PayPoint store staff. The company has more than 48,000 tech-enabled offline stores across India.

Unlike buying physical gold, the Dvara SmartGold investment offers the convenience of investing in smaller denominations. Customers can invest as low as Rs. 500 on a daily, weekly, or monthly basis. It is also a safe investment instrument as every rupee of e-gold purchased is supported by physical bullion purchased and held securely in government-approved lockers managed by one of the world’s largest gold vaulting services providers.

Additionally, e-Gold investment provides high liquidity wherein customers can instantly cash on gold balances from their local PayPoint touchpoints. Through this uniquely crafted micro-savings plan, customers can save in small flexible installments over time to achieve a degree of financial security for their family.

Commenting on the development, Ketan Doshi, Managing Director of PayPoint India, said, “PayPoint has always strived to offer customers a value-packed option. This association with Dvara Smart Gold is another milestone in our journey towards being best-in-class for our customers. Transparency in pricing and seamless purchase and savings are major advantages of this initiative. It is high in liquidity as one can sell it at any point of time with no impurity risks.”

Sanjeev Agarwal, Founder Director of Dvara SmartGold, said, “We are delighted to partner with PayPoint – one of the topmost Business Correspondents (BCs) in India. We look forward to work on our joint mission of financial inclusion and leveraging technology to connect the middle and lower-income households with a diverse range of financial products & services.”

In today’s unprecedented times when COVID-19 is ravaging the world, PayPoint is making every effort to mitigate people’s financial burden due to the crisis. While the current situation has brought the need for continual savings to the fore, the initiative would ensure people in India’s remotest part avail of steady investment options, thereby securing their Golden Future!

About Dvara SmartGold

Dvara SmartGold is promoting micro-savings to motivate and assist the more vulnerable households in creating a Financial Safety-Net for their families. It is the only institution offering a savings product that the target customers are familiar and comfortable with and are willing to benefit from the significant value that the platform provides. The Dvara SmartGold Micro-Savings platform allows the customer to save in a regular asset class – Gold, in the most convenient, secure, and cost-effective manner and enable the flexibility to use gold savings anytime for any planned requirements or emergencies.

Know more: https://www.dvarasmartgold.com

About PayPoint India Network Pvt. Ltd.

PayPoint is a technology-enabled Distribution network of Financial Services. The company’s digitally connected network of 48000+ offline stores offers various Financial services like Banking (PMJDY accounts), micro ATM services, Wallets (Paypointz), Remittances, Bill payments, insurance, Merchant QR, and many more. Apart from Financial services, PayPoint also offers consumer services to the underserved like Travel booking, Recharges, Amazon assisted shopping, Gift Cards, etc. through its strong network of retail stores spread across the country. The company’s retailer-driven assisted model helps customers make an informed decision for availing services from their trained partners and its digital platform.

PayPoint offers a bouquet of services through its plug-and-play platform. More than 100 Services providers are plugged into the company’s system and interact with them on a real-time basis catering to more than 4 million customers month on month. The primary objective is to bridge the financial inclusion gap between developed urban India and under-served rural India.

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An indispensable tool for 1.2 Million users in the European Union, Stockholm-based, Gimi (www.gimitheapp.com) – the free-to-use Neobank that helps kids learn how to earn, save, and manage money – is now available in India. Launched in Scandinavia in 2015, the app has been developed using scientific methods in order to prepare young people (aged seven and over) for life’s financial challenges.

“The Indian education system is known to be among the most competitive and high pressure academic setups in the world. For a country that seems to place a lot of emphasis on education, the concept of financial education and financial literacy is surprisingly still an alien concept. As the country rides a digital wave that has seen India become the second largest online market in the world (560 million internet users), home to one of the fastest growing digital payment ecosystems in the world and has 37% of its population below the age of 24, awareness around financial literacy is the need of the hour.” Said, Rohit Ramachandran, Co-Founder & CEO, Gimi India.

Siddarth Padmanabhan, Co-Founder & CRO, Gimi India, further adds, “We aspire for Gimi, as a digital banking application, to act as every Indian child’s first bank account. Through the medium of a teenager friendly smartphone application, kids will be introduced to the concept of digital payments, saving, and investing. We are confident of achieving this by rolling out two versions of the application – a parent’s version (used to configure the kid’s version and maintain oversight over the kid’s financial transactions) and a kid’s version (which will act as a full-fledged payments application). The kid’s payment experience will be backed with a prepaid card and the application will support India specific payment channels like UPI.”

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In this article, we will discuss 7 best expense tracker apps to manage your finances. With the help of these apps, you will able to keep track of your monthly expenses and efficiently manage your finances. Expense tracker apps help you to reach a new level of financial knowledge and preparedness. If you are also one of them who wants to track your budget/ expenses then of these expense tracker apps is likely a great fit for you.

QuickBooks

Are you one of them who is running a small business? When someone runs a business they have attempted many of the ways for both the personal and business finances with the help of the expense tracker app. In some of the cases, it leads with the messy reporting, unclear results and several troubles for understanding that what is going on with both sides of the financial life. If you forget to manage the finances between the personal and business that can lead to many problems due to the taxes as well as it might also harm your personal finances if your business is ever sued. So here we are providing the best expense tracker app for managing your finances and expenses with the QuickBooks program. If you want to use QuickBooks then it comes with the various versions as well as with the editions.  It all depends on your computer and business needs. QuickBooks is considered as one of the best options that come with several options to meet with your entire business management. Thus it includes the expense tracking, contract management and payroll. You can get all these functions in the one application.   

Mint

Mint is one of the oldest and an app that has full-featured expense tracker app options. Every entrepreneur knows that mint is one of the best-known apps for personal finance tools around. There are several features that come along with the Mint app. We all know that mint is an expense tracker app that is free of cost, it helps to support the wide range of the banks and the lenders. In the financial software world mint is comes in the most trusted names. Mint allows you to receive the budgeting, expense tracking, credit monitoring and the bills. 

Wally

With the help of the expense tracker app wally, you can get insights into the spending habits by using artificial intelligence and some of the other technologies. It is one of the best focus that helps properly for focusing on all the expenses and it ensures by the feedback. It also provides social features for the purpose of the shared expenses.  

Personal Capital 

If you are not able to control your money regarding expenses then personal capital is considered as one of the best options. It comes with better charts and the graphs for your finances. It is known for the full-featured investment app that is free personal finance dashboards that is available for anyone who signs up and is packed with the features. If you are busy in your work then it allows you to automatically tracks and categorizes every expense that you make on linked credit or the debit card.  No time to record? Then it is a perfect app to fit with your all the requirements by showing your monthly cash flow with the ability to break all the expenses according to the category and helps to dig in the deeper.

Clarity Money

Clarity Money is one of the best financial apps that is available for both the online and mobile interfaces. Clarity Money has an easy to navigate design, a wide range of the accounts supported. It also includes the features of recording the spending, savings and subscriptions.  According to each month, you can able to track the spending over time. You can compare your last month budget to this month with the easily available options. Clarity Money can track and cancel subscriptions, track your credit score, and automatically add to savings on a regular basis.

YNAB

When we talk about the budget and the needs then why not we talk about the YNAB. YNAB stands for the You Need a Budget. The folks behind this app worked hard to build an app specifically focused on budgeting and expense tracking. The app takes a unique philosophy to budgeting. Users are forced to give a job to every dollar they earn, whether it is related to savings, expenses or investments, and the app uses that to show user budgets. The original version allowed for manual expense tracking only, though the newer update allows you to automatically import expenses from a linked bank account as well. It isn’t perfect for everyone, but if you want to start budgeting and need help getting the process moving, YNAB is likely a good fit for your needs.

Mvelopes

How much money do you have to spend this month at coffee shops? How about clothes? Most budgeting and expense tracking apps are designed to tell you what happened after you spend your money. Mvelopes takes a different approach and offers spending forecasts and suggestions to keep you from going overboard on your next visit to the mall, or Amazon, or wherever else you like to spend money. Envelope budgeting is a style of budgeting where you literally put cash in envelopes at the start of the month, and you can spend until your envelopes are empty. Mvelopes takes that experience online, offering users digital envelopes to store their spending money each month.

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