A study done by the International Institute of Sustainable Development (IISD) concluded that developing countries will suffer revenue loss in renewable energy transition.
India is set to suffer a major decline in revenue because of the proposed phasing out of fossil fuels, although India is a net importer of fossil fuels, it earns a lot of revenue that comes from taxes on fossil fuels. The report indicates the losses to be around $178 billion for India, China $140 billion and for Russia $134 billion. India, in order to phase out fossil fuels by 2070 needs about $3.7 trillion, because currently 70% of its energy demands are met through fossil fuels.
The report also highlighted the fact that the figures of revenue don’t take into account the economic losses caused by negative effects of fossil fuel use and air pollution. Yet the government should be preparing for a dip in revenue collection due to phasing out.
Emerging economies have an enormous opportunity to build more resilient and economically sustainable energy systems as they decarbonise — but they must plan ahead to avoid shortfalls in public revenues that could reverse progress on poverty eradication and economic development,” said Tara Laan, Senior Associate at IISD and lead author of the report.
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