Syllabus: GS-III
Subject: Environment, Ecology and Disaster Management
Topic: Global Agreements and Efforts
Issue: Environmental Financing
- COP 26 at Glasgow emphasised on phasing out of fossil fuel subsidies and banning of the extraction of fossil fuel itself.
- India has got the word phasing out changed to Phasing down.
- fossil fuel subsidies are termed as inefficient.
Equity concerns
- developing countries are heavily dependant on fossil fuels.
- They are essential for energy security, development, employment generation and Government revenues – Ex – Azerbaijan,Nigeria, Oman, Timor Leste etc.
- Environmental impact assessment for fossil fuel extractions considering them as trans boundary resources.
- It is very expensive and difficult for developing countries.
- Phasing out of fossil fuels is not in line with common but differentiated responsibilities and respective capabilities , Nationally determined contributions.
