The global transition away from fossil fuels to renewable energy sources could trigger financial challenges for India and major developing countries such as Russia, Brazil and China because of their high dependence on revenues from fossil fuel, according to a study by the International Institute of Sustainable Development (IISD).
Though India is a net importer of petroleum products, it earns substantial revenues — via cesses and taxes — from the consumption of petrol, diesel and oil.
The study finds that by 2050, overall fossil fuel revenues in Brazil, Russia, Indonesia, India and China could be as much as $570 billion lower than a business-as-usual scenario where governments fail to phase down fossil fuels enough to avoid the worst climate impacts.
