The UN report also observed that developed countries are historically responsible for most of the world’s carbon emissions and therefore these nations should increase their emission cuts. Published by the UN Department of Economic and Social Affairs, the report focused on the increasing demands on developing countries as threats from global warming continue to intensify.
It said a number of positive initiatives have made India the most developed and diversified renewable energy market in South Asia.
The report, which was released here on Wednesday said the annual turnover of the renewable energy industry in India is approximately $500 million, with a total renewable energy investment of about $1 billion. However, at the same time the report has raised a number of concerns regarding factors that might limit the full use of the country’s renewable energy potential. “The currently generous government subsidies provide a windfall to producers, but such subsidies may be difficult to sustain over time as the market for renewable expands,” the report said.
Referring to the constraints on the technologies that were available, the document said the production of wind energy has already hit capacity constraints as existing turbines have limited potential. “In some cases, there is no incentive to replace them with more efficient turbines as producers have been guaranteed a pre-established return, requiring taxpayers to make up the difference if actual returns fall short,” it said.
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