Equity concerns in banning fossil fuel extractions

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.
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