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For developing nations, energy transition has a heavy cost: CEA

Team Happen Recently
Last updated: 2023/11/10 at 11:41 AM
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 He said work is also unlderway with a multilateral development bank to prepare  cost  estimates for  India’s transition to  net-zero  emissions.  

 Chief Economic Adviser  Anantha Nageswaran  said on  Thursday  that the  energy transition imposes  high costs  on developing  countries,  which are  struggling  with the  dual  challenges of poverty  reduction  and economic growth.  

 He said work is also underway with a multilateral development bank to prepare  cost  estimates for  India’s transition to  net-zero  emissions.  

 “Countries are  currently struggling  with  two dual challenges:  poverty  reduction  and economic growth. And on top of  that,  climate change and  the  energy transition  create  additional burdens, especially in  a  post-Covid  context  where we  are talking  about  a  stalled recovery and high debt burdens,”  he  said.

 For Economic and  Social  Progress on a paper  recently  published  by him and Andhra Pradesh Finance  Minister  Gulzar Natarajan.  “The cost of capital in hard  currency  has  increased  by  400 to 500  basis points  over  12 to 20 months  over  the  past  two years, and  as a result  the energy transition  incurs three  costs:  Financial  costs  associated with Investment cannot be recovered. ,  production  costs increase due to  rising fuel  costs  and the higher cost of new energy sources as they replace  existing  sources,” he said. 

  “We  can only have two  out  of these three  –  if you want to maintain  financial  stability and  sustainability  while achieving  net  zero,  I think  you have  to forget about economic competitiveness. But if you want to maintain net zero and economic competitiveness,  tax  incentives  must  be applied,” he said. 

 India has announced  a target  to  achieve net zero  emissions by 2070 and meet  50%  of its electricity  needs  from renewable energy sources by 2030. On the  implementation of estimates for the transition  to  energy net zero emissions,  Nageswaran said: “…and we have  some  of the  first or  early drafts of  such  reports  from  one of the multilateral development  banks…the  numbers are all over the  place.” Global. So,  at the Indian level, what is the requirement for  us to move to net zero, this  is an ongoing exercise… it is a joint exercise,” he said.  

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