India may see revenue gap of USD 178 billion by 2050 as world moves to cleaner energy | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Tuesday
June 10, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
TUESDAY, JUNE 10, 2025
India may see revenue gap of USD 178 billion by 2050 as world moves to cleaner energy

South Asia

Hindustan Times
07 July, 2022, 06:25 pm
Last modified: 07 July, 2022, 06:31 pm

Related News

  • Curfew and internet ban imposed in Manipur after arrests spark fresh unrest
  • Explosions, fires rock Singapore-flagged cargo ship off India's Kerala coast
  • India's $80 billion coal-power boom is running short of water
  • Indian man held for trafficking three women from Bangladesh
  • 'Didn’t think I'd make it back': Assam man returns home after being pushed into Bangladesh

India may see revenue gap of USD 178 billion by 2050 as world moves to cleaner energy

The study finds that by 2050, overall fossil fuel revenues in BRIICS countries could be as much as USD 570 billion lower than a business-as-usual scenario

Hindustan Times
07 July, 2022, 06:25 pm
Last modified: 07 July, 2022, 06:31 pm
File Photo: Reuters
File Photo: Reuters

India could see a revenue gap of USD 178 billion by 2050 due to high reliance on revenues from fossil fuels, as the world transitions from fossil fuel-based energy systems to cleaner energies to limit global warming to 1.5 degree C under the 2015 Paris Agreement goal.

A new report by International Institute for Sustainable Development (IISD) titled "Boom and Bust: The Fiscal Implications of Fossil Fuel Phase-Out in Six Large Emerging Economies" estimates that six emerging economies— Brazil, China, India, Indonesia, Russia and South Africa (BRIICS) need to start changing their fiscal policies to account for declining fossil fuel use—or risk a USD 278 billion gap in revenues by 2030, equivalent to the combined total government revenues of Indonesia and South Africa in 2019.

India's present revenues from fossil fuels is 92.9 billion USD which is 18% of government's revenue and 3.4% of gross domestic product (GDP) according to the report. The report examines the possible fiscal consequences of phasing out fossil fuels in six emerging economies and suggests strategies for managing the transition. BRIICS nations represent 45% of both the world's population and its carbon dioxide (CO2) emissions, 25% of global GDP. The report argues that economic reliance on fossil fuels puts BRIICS countries at risk of experiencing a substantial revenue gap over the next few decades, as the world transitions from fossil fuel-based energy systems to cleaner energies to limit global warming to 1.5 degree C.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The study finds that by 2050, overall fossil fuel revenues in BRIICS countries could be as much as USD 570 billion lower than a business-as-usual scenario. The widest gaps are expected to occur in India (USD 178 billion), China (USD 140 billion), and Russia (USD 134 billion). The report also finds that public revenues from fossil fuel production and consumption currently account for a staggering 34% of general government revenue in Russia, 18% in India, and 16% in Indonesia. The share stands at 8% in Brazil, 6% in South Africa, and 5% in China. This includes only direct, first-order, government financial revenues—fossil fuel dependence would be much larger if considering private incomes and flow-on effects in these economies. But these revenues are not only unreliable and erratic—according to the authors, they are also undermined by the negative economic impacts of fossil fuel use, such as health costs due to air pollution and damage from climate change.

"To prevent devastating climate change, the world has to phase out the production and consumption of fossil fuels, which will inevitably erode related revenues. Emerging economies have an enormous opportunity to build more resilient and economically sustainable energy systems as they decarbonize—but they must plan ahead to avoid shortfalls in public revenues that could reverse progress on poverty eradication and economic development," said Tara Laan, Senior Associate at IISD and lead author of the report in a statement.

"Surging energy prices and demand are generating huge revenues from fossil fuel production and consumption. These temporary, short-term windfall profits should be taxed to fund the energy transition, which, in turn, will boost energy supplies, create green jobs, contribute to economic growth, and ultimately, increase government revenues. At the same time, governments must protect vulnerable consumers from high prices and support fossil fuel-dependent workers and communities in ways that don't hinder the transition to cleaner energy," Laan added.

The report recommends that the BRIICS governments should use fossil fuel public revenues strategically while they still can. Most BRIICS countries are likely to receive a short-lived "boom" in fossil fuel public revenues based on current policy settings, which can be augmented by removing subsidies and increasing taxes on fossil fuels. The funds can be used to support social welfare, clean energy, and just transitions, authors recommended adding that these governments also need to prepare for the inevitable "bust" in fossil fuel revenues through economic and fiscal diversification. Reforms can be done in a way that accelerates the energy transition and reduces poverty and inequality.

World+Biz

India / Clean energy / Revenue Deficit / Global warming

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Chief Adviser Muhammad Yunus and BNP Acting Chairman Tarique Rahman. Photos: Collected
    Yunus-Tarique meeting in London on Friday can be a major turning point: Fakhrul
  • An Israeli soldier passes a bun to Greta Thunberg onboard the Gaza-bound British-flagged yacht ‘Madleen’ after Israeli forces boarded the charity vessel as it attempted to reach the Gaza Strip in defiance of an Israeli naval blockade, in this still image released on June 9, 2025. Israel Foreign Ministry via X/Handout via REUTERS
    Greta Thunberg deported from Israel after Gaza aid boat seized
  • Photo shows the Land Cruiser Prado car belonging to former member of parliament (MP) Anwarul Azim Anar found in Kushtia. Photo: TBS
    Luxury car of ex-AL MP Anar, who was killed in Kolkata, found in Kushtia

MOST VIEWED

  • On left, Abdullah Hil Rakib, former senior vice president (SVP) of BGMEA and additional managing director of Team Group; on right, Captain Md Saifuzzaman (Guddu), a Boeing 787 Dreamliner pilot for Biman Bangladesh Airlines. Photos: Collected
    Ex-BGMEA SVP Abdullah Hil Rakib, Biman 787 pilot Saifuzzaman drown in boating accident in Canada
  • A photo showing the former president on his return to Dhaka today (9 June). 
Source: Collected
    Former president Abdul Hamid returns to Bangladesh from Thailand
  • File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar
    Dhaka: The city we never want to return to, but always do
  • Chief Adviser Muhammad Yunus leaves for a four-day visit to the United Kingdom from the Dhaka airport on 9 June 2025. Photo: CA Press Wing
    CA Yunus leaves for UK; discussion expected on renewable energy investment, laundered money
  • Inside the aid ship stormed by Israeli forces on 9 June 2025. Photo: BBC
    Israeli forces stormed aid boat carrying Greta Thunberg bound for Gaza: Freedom Flotilla Coalition
  • Enhanced surveillance at Ctg airport amid rising global Covid-19 cases
    Enhanced surveillance at Ctg airport amid rising global Covid-19 cases

Related News

  • Curfew and internet ban imposed in Manipur after arrests spark fresh unrest
  • Explosions, fires rock Singapore-flagged cargo ship off India's Kerala coast
  • India's $80 billion coal-power boom is running short of water
  • Indian man held for trafficking three women from Bangladesh
  • 'Didn’t think I'd make it back': Assam man returns home after being pushed into Bangladesh

Features

File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

1d | Features
Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal

From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics

3d | Bangladesh
Illustration: TBS

Unbearable weight of the white coat: The mental health crisis in our medical colleges

5d | Panorama
(From left) Sadia Haque, Sylvana Quader Sinha and Tasfia Tasbin. Sketch: TBS

Meet the women driving Bangladesh’s startup revolution

6d | Panorama

More Videos from TBS

Tarique to meet CA Yunus in London on Friday, confirms Fakhrul

Tarique to meet CA Yunus in London on Friday, confirms Fakhrul

37m | TBS Today
Israel has taken the aid ship 'Madeleine' to its port

Israel has taken the aid ship 'Madeleine' to its port

2h | TBS World
Dr. Yunus and Tarique Rahman's meeting will not solve all problems: Mirza Fakhrul

Dr. Yunus and Tarique Rahman's meeting will not solve all problems: Mirza Fakhrul

1h | TBS Today
Khadi in a New Form Amid Various Crises in Fashion

Khadi in a New Form Amid Various Crises in Fashion

4h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net