Basically, it's costing them a fortune and they have an enormous trade deficit on imported fossil fuels. Not to mention the planet of course.
The announcement has come straight after China and the US announced huge targets for carbon reduction. Seems to me India was just waiting to see where the wind was blowing, although there's obviously been a lot of planning and discussion behind the scenes.
One of the things about India I read in the whole article, is that an awful lot of people simply don't live near the electricity grid. Such a situation is ideal for renewable energy as renewables are decentralised systems in local communities. You don't have to string up enormous electricity towers and the like to get it to these people. And wind and sun are free.
In the same week that China and the US launch a historic agreement to address climate change and work towards a faster transition of their economies towards a low carbon future, Indian Prime Minister Narendra Modi’s new government has also upped the ante considerably.
In a landmark announcement that has caught the global coal industry totally by surprise, India’s Energy Minister, Piyush Goyal has announced an ambitious target that could see India cease thermal coal imports within two to three years.
Far from being the saviour of the world’s billion tonnes per annum (tpa) seaborne thermal coal industry, India could follow China, America, Japan and the EU by putting in place a series of strategies that limit the Sub-Continent’s reliance on imported fossil fuels. more
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