Over $1 trillion needed for energy transition by 2050: report
STORIES, ANALYSES, EXPERT VIEWS
India will require more than $1 trillion dollar (Rs 84 lakh crore) over the next three decades to transition its coal mining and thermal power sectors, according to a report by think tank International Forum for Environment, Sustainability and Technology (iForest) released Tuesday.
The report says these investments will facilitate a smooth shift from coal to renewable energy (RE), ensuring minimal disruption to existing infrastructure and jobs, while maintaining energy access and security and supporting green jobs and growth in the coal-dependent regions.
These investments reflect the cost of closing coal mines with a 1,315 million tonne per annum (MTPA) cumulative production capacity and phasing out 237.2 Gigawatts (GW) of coal-based power capacity.
The associated costs include rehabilitation and repurposing of 343,504 hectares (ha) of coal mining land, green repowering of 124,789 ha of land available at thermal power plant (TPP) sites, and transition support for about 5.9 million workers whose income is dependent on or is induced by these industries.
Cost estimates are conservative: The report says the cost estimates are conservative as it does not include the investments needed to set up new green energy plants and infrastructure to meet the country’s future energy demand, estimated to be in trillions of dollars.
