As the BRICS leaders’ summit starts in Brazil, a first-of-its-kind report on Wednesday brought together data on both revenues and subsidies related to fossil fuels. In India, revenues from fossil fuels stand at 17.8 per cent, compared to 4.2 per cent in China.
The report — ‘Beyond fossil fuels: Fiscal transition in BRICS’ — from the Global Subsidies Initiative (GSI) of the International Institute for Sustainable Development (IISD) and the Leave it in the Ground (LINGO) estimates that in 2017 taxes and other revenues from fossil fuel production and consumption amounted to 23.6 per cent of general government revenue in Russia and 6.8 per cent in both Brazil and South Africa.
In India, the research looks at government revenue at both the central and state levels. Read More
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