India’s love affair with coal cools as pressure grows on sector
Funding for coal projects in India has plunged for the second straight year, new figures showed Tuesday, as the world’s second biggest coal importer weans itself off the dirty fuel.
Research was released showing a drop in investment days after Prime Minister Narendra Modi reaffirmed the country’s commitment to exceeding its targets under the Paris climate agreement.
India has the world’s fourth-largest reserves of the fossil fuel and its cities are often shrouded in coal-induced smog, but Modi on Sunday told a virtual G20 summit that the South Asian giant was “exceeding” its targets.
Coal financing dropped 82 per centlast year following a 90-per centdecline in 2018, the Delhi-based Centre for Financial Accountability said in a report.
