Challenges of Transitioning from the Fossil Fuel to a Green Regime of Electrical Energy in India
Abstract:The UN has established a Green Fund for the adaptation and mitigation of climate change through pooling resources from the member countries, since the large emitters of GHGs in the developing world like India would require a large investible fund for controlling the extent and the damaging effects of climate change. The challenge is how to ensure the availability of such a fund and its effectiveness in accelerating the transition from fossil fuels to a green energy regime on a global scale. The paper on which this seminar will be based points out at the conceptual level how the capital for the proposed fund can be mobilized, and how the required transition from a high-carbon economy to a low-carbon future can be effected by converting the resource rent from fossil fuels into new assets of renewable energies through investment of the rents, in an “all of the above” energy strategy. It also offers a scalable model for effective international actions in the context of assisting other developing countries in similar transition from fossil fuels to a green electrical energy regime mobilizing resource rents from big fossil fuel resource-rich countries. With this objective in view, the paper describes an econometric cum spreadsheetbased model of consistency type projection to show how the new renewables can play a major role in accelerating the pace of greening the electrical energy industry of India in the time horizon up to 2031-32 and in meeting the challenges of financing and developing the capability of transition.
Speaker:Prof. Ramprasad Sengupta is presently visiting the Department of Electrical and Computer Engineering as an International Visiting Research Scholar sponsored by the Peter Wall Institute of Advanced Studies at UBC. He is Professor Emeritus of Economics at the School of Social Sciences of the Jawaharlal Nehru University, New Delhi where he was a Professor of Economics for almost three decades, and held the Sukhamoy Chakravarty Chair of Planning and Development of the UniversityFred Kaiser Building, Room 2020, UBC, 2332 Main Mall, Vancouver, BC