Will India accept the condition to reduce its coal consumption? A meeting to save the Earth will be held in Egypt

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Cairo: G7 countries have urged India to join the Just Energy Transition Partnership (JETP) for faster deployment of clean energy projects in India. It may also reduce the country’s dependence on coal. South Africa’s coal industry has been offered $8.5 billion through inclusion in the JETP. But talks with India on this issue have not progressed. India has yet to respond to this.

Now, in a few days (starting November 6), policymakers around the world will unite at COP 27, the upcoming UN climate summit in Sharm el-Sheikh, Egypt, to make important decisions to climate action on Earth. But there is no improvement in the decisions made before that.
Significantly, in November 2021, COP 26 held in Glasgow decided that by 2030 developed countries and by 2040 developing countries will stop using coal. After that, there will be no more thermal energy, that is, coal-fired electricity. India and China disagreed, but 40 countries gave up on coal.

Funding for coal projects halted
Twenty countries around the world have also decided that from the end of 2022, financing or loans to coal projects will cease. Work on the new mines has been stopped. British-Australian mining giant Rio Tinto has sold its 80% stake in a coal mine in Australia. Global media reports suggest that G7 talks with Vietnam and Indonesia have progressed to the point that an initial cash offer of around $5 billion and $10 billion has been made for JETP.
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India’s dependence on coal is falling
However, despite all the constraints, India has reached 40% energy dependence on non-fossil sources, nearly a year ahead of schedule. This is when 17% of the world’s population lives in India alone and India’s contribution to the total carbon emissions in the world is only 5%.

what is research
A new research paper published in the prestigious journal Nature Communications suggests that India could reduce its electricity costs by 46% by 2050 if its power sector rapidly shifts from coal to renewables. The study was carried out by researchers from the Lappeenranta-Lahti University of Technology (LUT). According to this study, some major Indian states could have 100% sustainable energy production by 2035.

Moreover, it has been found that some coal dependent states like Uttar Pradesh, Odisha, West Bengal, Maharashtra Gujarat and Jharkhand could phase out coal by 2040. The cost of solar energy and wind power has decreased significantly compared to coal and is expected to fall another 50-60% by 2050. While the cost per MW of electricity generated from coal is expected to increase by 70%.
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United Nations position
During his recent visit to India and at the launch of the United Nations Environment Program (UNEP) Emissions Gap Report, UN Secretary-General Antonio Guterres repeatedly referred to the proposal of the G7 to phase out coal power. After that, in launching the Emissions Gap report, he reiterated his position and highlighted India’s role.

what is the big question
The big question is whether India should accept the condition to reduce its coal consumption to join this partnership or not? The transition to a coal-based development system in India requires additional capital inflows. In fact, reducing India’s dependence on coal will depend on how much money and additional resources are invested in alternative energy sources. For this, how many climate finance funds are available for green investments in India?

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