A recent report from environmental policy group iFOREST indicated that India will need $900 billion to wean itself off coal. The New-Delhi based group released two reports predicting the amount of money India would need to support its transition from coal and other dirty fuels to clean and renewable energy.
These estimates also accounted for the cost of creating new jobs for individuals who are currently working at centers that use fossil fuels such as coal and oil.
Transitioning from coal and other polluting energy sources is integral to reducing greenhouse gas emissions and combating climate change. However, fossil fuels are so entrenched in modern society that moving from them without proper financial and policy support can have significant economic consequences. Millions of people globally work in industries that are involved with fossil fuels. Proper planning and sufficient investment can help shield these individuals from the economic fallout of transitioning from dirty energy sources such as coal.
However, building new renewable technology will be the most significant investment in the green energy transition. The report estimated that India would spend up to $472 billion by 2050 on clean-energy infrastructure, with the creation of new clean-energy jobs costing $9 billion (10% of the total investment). According to iFOREST, $600 billion of the total investment would be investments in new infrastructure and industries, while the remaining $300 billion would be government support offered to affected communities and workers in the coal industry.
Sandeep Pai from the policy group Center for Strategic and International Studies said a green-energy transition in India would be a massive undertaking impacting up to 20 million energy workers. He noted that such reports are crucial to pushing the green-energy transition in India since it is still in its infancy.
India is responsible for 7% of global emissions and is the largest greenhouse gas emitter in the world after the European Union, China, and the United States. The country relies on coal to generate up to 75% of its electricity and uses coal to supply 55% of its total energy demand.
The country recently increased energy generation at coal plants after the government invoked emergency orders and instructed coal plants to run at full power throughout the summer to prevent outages.
Despite this, India is part of a global movement that plans to eliminate emissions by moving away from dirty fuels and has pledged to reach net zero emissions by 2070. However, transitioning away from coal is easier said than done, and the world is likely to see leading coal producers such as Peabody Energy Corporation (NYSE: BTU) around for a lot longer while countries find workable ways to phase out coal energy from their energy mix.
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