New Delhi: India could register a gap of $178 billion in revenue from fossil fuels by 2050 as the world moves towards cleaner energy to limit global warming to 1.5 degree Celsius, a report by International Institute for Sustainable Development (IISD) said on Thursday.
Under the 2015 Paris Agreement, countries have agreed to limit global warming to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.
Six emerging economies – Brazil, Russia, India, Indonesia, China and South Africa – need to start changing their fiscal policies to account for declining fossil fuel use or risk a $278 billion gap in revenues by 2030, which is equivalent to the combined total government revenues of Indonesia and South Africa in 2019, the report titled ‘Boom and Bust: The Fiscal Implications of Fossil Fuel Phase-Out in Six Large Emerging Economies’ said.
