A rapid shift from fossil fuels to clean energy could lead to the creation of 1.5 crore of new jobs in India by 2025 and more savings in electricity bills, according to a new report released ahead of the G-7 leaders’ summit on Thursday.
The report, “Creating Jobs and Cutting Bills: the economic opportunities of a clean energy transition,” published by the We Mean Business Coalition and Cambridge Econometrics, states that India would reduce its energy consumption per capita by eight dollars or ten percent. may decrease by 2025 compared to the ‘business as usual’ scenario.
The reduction in energy expenditure per capita in India is projected to be $34 or 31 percent by 2030 and $74 or 52 percent by 2035 from the business as usual scenario.
In terms of jobs, the report said a rapid transition to clean energy could create 1.5 crore new jobs by 2025 compared to the ‘business as usual’ scenario.
The report suggested that governments this year draft national action plans to end all fossil fuel subsidies by 2025 and redirect the money towards energy efficiency, renewable energy and other measures to support a people-centric and just transition to clean energy. .
It asked G-7 countries to phase out domestic coal-fired electricity generation by 2030 and rapidly scale the deployment of renewable energy to 70 percent of electricity generation over the next eight years.
The report also asked them to commit to 100 percent sales of zero emissions by 2035 for new light vehicles and to increase government spending on energy efficiency.
“With heatwaves hitting communities around the world, the climate emergency is more apparent than ever. People now want to see solutions,” said Maria Mendiluce, CEO of We Mean Business Coalition.
“To protect global citizens from climate and economic disasters, we urge G7 leaders to implement the policies outlined in this report now,” she said.
“The modeling illustrates the potential benefits if G7 leaders deliver on their commitments to accelerate the energy transition. What they choose this week could trigger investment and policies needed to drive the clean energy transition at the pace needed to halve their emissions by 2030,” said Jon Stenning, Head of Environment, Cambridge Econometrics.
