7 Feb 2023.
In 2021, India proposed the LiFE Initiative at COP26 held in Glasgow. The initiative was proposed during the 50th celebrations of World Environment Day. The mission aims to involve the common public in the conservation of the Environment. The International Energy Agency recently launched a report on the LiFE Initiative. According to the report, the mission can save more than 440 billion USD by 2030.
Key Findings of the report
- The mission will help save 5% of fuel spending
- It will help in reducing energy consumption
- Increase cost savings
- Mitigate air pollution
- Reduce inequalities
Current Energy Consumption scenario
Today, the maximum energy is consumed by North America. Followed by this region, Russia and Central Asia are the second largest consumers of energy. Middles East is the third largest consumer of energy. Africa consumes one-third of the world’s energy. India consumes 35% of world energy.
Issues identified by the report
The report says that in developed economies, the emissions made by rich people are seven times the emissions created by the poor. The rich are very few in number. Only 10% of the population is rich. However, their emissions are too high to handle
The per-capita emissions of advanced economies are four times that of the developing economies
What did the report say about India?
The efficiency of the Indian Economy is 10% more than the global. As compared to the major economies in India, the time taken by India to achieve half to full electrification access was less. Today India is the third largest market for renewable energy. Electric vehicle sales in the country increased by 5% in 2022 as compared to 2021.