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Asia-Pacific Climate Report 2024
November 8 , 2024
11 hrs 0 min
16
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- The Asian Development Bank released its recent Asia-Pacific Climate Report.
- It highlights India’s efforts and actions in the major shift from fossil fuels to clean energy sector.
- India’s reforms have led to an 85% reduction in fossil fuel subsidies, from $25 billion in 2013 to $3.5 billion in 2023.
- India implemented a cess on coal production from 2010 to 2017 to fund clean energy projects.
- But the coal cess was diverted to GST compensation post-2017.
- Despite reforms, fossil fuels still play a significant role in India’s energy consumption.
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