Source:- Zee news
India has set goals of net zero emissions by 2070 and energy independence by 2047. iFOREST said a framework for the just transition at the national and state levels is essential for it.
iFOREST report released on Thursday said $600 billion of the estimated cost will have to come as investments in new industries and infrastructure and $300 billion for grants/subsidies to support the transition of the coal industry, workers, and communities.
IFOREST derived the estimation based on the cost of transition in coal/lignite regions in Germany and Poland as well as the main coal-producing region of South Africa. It also factors in a study of four coal districts of India in Jharkhand, Chhattisgarh, and Odisha. The study assumes all existing mines and coal-based power plants will be phased down by 2030.
The key costs of the transition involve mine reclamation and repurposing, decommissioning of thermal power plants, labor support, economic diversification, etc.
Source: Officers on Duty
Amitabh Kant, Indiau2019s G20 Sherpa, said that private financing will be crucial for the just transition. u201cOur ability to push for just transition gets impacted by our ability to leverage private financing.u201d In June 2022, a communique of the leaders of G7 said the intergovernmental forum of Canada, France, Germany, Italy, Japan, the UK, and the US is working with India, Indonesia, and Vietnam on more such partnerships.
South Africau2019s Presidential Climate Commission commissioner Louise Naude said they are getting money more in the form of loans than grants under JETP. u201c…we have argued for grants. …these loans should be highly concessional and should be provided in local currency instead of dollars or Euros to avoid disruption.u201d
India was among the developing countries that opposed the language on coal and phasing out of fossil fuel subsidies in the Glasgow pact. It pushed to introduce equity and safeguards on fossil fuel subsidies for the poor following which the text in the final pact was reworded. Experts said India might take a careful call on JETP with G7 because of the push from developed nations to phase out coal first.
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