A swift shift from fossil fuels to clean energy could lead to creation of 1.5 crore new jobs in India by 2025 and increase savings on electricity bills, a new report released ahead of the G-7 leaders' summit said on Thursday.
The report, 'Creating Jobs and Cutting Bills: the economic opportunities of a clean energy transition', published by the 'We Mean Business Coalition' and Cambridge Econometrics, said India could witness eight dollars or 10 per cent reduction in per capita energy expenditure by 2025 when compared with business as usual scenario.
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, it said.
On the jobs front, the report said a rapid transition to clean energy could create 1.5 crore new jobs by 2025 from the business as usual scenario.
The report suggested that the governments set out national action plans this year to eliminate all fossil fuel subsidies by 2025 and repurpose the monies towards energy efficiency, renewable energy, and other measures to support a people-centred and equitable clean energy transition.
It asked G-7 nations to phase out domestic coal-fired power generation by 2030 and rapidly scale up renewable energy deployment towards achieving 70 per cent of power generation by the next eight years.
The report also asked them to commit to 100 per cent sales of zero emissions by 2035 for new light duty vehicles and increase public spending for 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.
"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," Jon Stenning, Head of Environment, Cambridge Econometrics, said.