Environment

Report: Rapid Switch to Clean Energy Could Create 15 Million Jobs by 2025

Published on: 24 June 2022 04:33 PM
by KnowESG
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A new report released on Thursday ahead of the G-7 leaders' summit, a quick transition from fossil fuels to clean energy may generate 1.5 crore new jobs in India by 2025 and enhance electricity bill savings.

The "We Mean Business Coalition" and Cambridge Econometrics released a report titled "Creating Jobs and Cutting Bills: the Economic Opportunities of a Clean Energy Transition" claimed India could experience an eight-dollar, or 10% reduction in per capita energy expenditure by 2025 when compared with business as usual scenario.

The report said the reduction in per capita energy expenditure in India is projected to be 34 dollars, or 31 per cent, by 2030 and 74 dollars, or 52 per cent, by 2035 from the business as usual scenario.

The report recommended that governments lay out national action plans to eliminate all fossil fuel subsidies by 2025 and redirect the money toward energy efficiency, renewable energy, and other initiatives to support a people-centred and equitable clean energy transition.

It urged the G-7 to phase out domestic coal-fired power generation by 2030 and swiftly scale up the deployment of renewable energy to reach 70% of power generation within the next eight years.

Additionally, the report urged them to commit to selling only zero-emission new light-duty vehicles by 2035 and to enhance government spending on energy efficiency.

"With heatwaves hitting communities across the world, the climate emergency is more evident than ever. People want to see solutions now, " Maria Mendiluce, CEO, We Mean Business Coalition, said.

"To protect the world's citizens from climate and economic disaster, we urge G7 leaders to implement the policies outlined in this report now," she said.

Jon Stenning, Head of Environment, Cambridge Econometrics, said:

"The modelling illustrates the potential benefits if G7 leaders follow through on their commitments to accelerate the energy transition. What they choose this week could set in motion investments and policies needed to drive the clean energy transition at the pace required to halve their emissions by 2030."

Source: Business Standard

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