SYLLABUS SECTION: GS III (ENVIRONMENT AND ECOLOGY)
WHY IN THE NEWS?
According to a study by International Institute of Sustainable Development (IISD), the global transition away from fossil fuels to renewable energy sources could trigger financial challenges for India and major developing countries such as Russia, Brazil and China.
- The financial challenges could be trigger because of their high dependence on revenues from fossil fuel.
- India is a net importer of petroleum products, It earns substantial revenues via cesses and taxes, from the consumption of petrol, diesel and oil.
- By 2050, overall fossil fuel revenues in Brazil, Russia, Indonesia, India and China could be as much as $570 billion,
- Lower than a business-as-usual scenario where governments fail to phase down fossil fuels enough to avoid the worst climate impacts.
- The widest gaps in revenues are expected to occur in India ($178 billion), China ($140 billion), and Russia ($134 billion).
- Public revenues from fossil fuel production and consumption,
- Currently account for 34% of general government revenue in Russia, 18% in India, and 16% in Indonesia.
- The share stands at 8% in Brazil, and 6% in South Africa. This includes only direct, first order, government financial revenues.
- By comparison, such revenues form a smaller fraction of Gross Domestic Product (GDP) in developed countries
- Fossil fuel revenue streams, are unreliable and erratic and undermined by the negative economic impacts of fossil fuel use, such as health costs due to air pollution and damage from climate change.
Renewable Energy (RE) Capacity of India:
- The country’s installed Renewable Energy (RE) capacity stands at 150.54 GW (solar: 48.55 GW, wind: 40.03 GW, Small hydro Power: 4.83, Bio-power: 10.62, Large Hydro: 46.51 GW) as on 30th Nov. 2021 while its nuclear energy based installed electricity capacity stands at 6.78 GW.
- India has the 4th largest wind power capacity in the world.
- At the COP26 India is committed to achieving 500 GW of installed electricity capacity from non-fossil fuel sources by the year 2030.
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SOURCE: THE HINDU