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.
