Researchers from International Institute of Sustainable Development (IISD) and Council on Energy, Environment and Water (CEEW) on Tuesday released its study 'Mapping India's Energy Policy 2022: Aligning support and revenues with net-zero future'. According to the study, fossil fuel subsidies by the Union government have fallen 742% since 2014 but the subsidies on coal, oil and gas increased by nine times in 2021-22.
The total quantified subsidies for 2021 energy sources was Rs 2.17 lakh crore. Compared to previous financial years, the support for fossil fuels increased In 2021, wth the subsidies for coal, oil and being nine times higher than the subsidies for renewables and EVs.
India has committed to meet 50% of its energy requirements from RE, reduce total projected carbon emissions by 1 billion tonne till 2030 and achieve net zero emission status by 2070. Noting the huge investment gaps ($71 billion per year), the study suggested new support to meet clean energy targets to ensure a just transition and a formal channel, like an electricity council, to shift subsidies. It recommended that the revenue from fossil fuel should be set aside for social protection and public services to reduce living costs while backing clean energy.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
