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HomeBusinessFinanceCoal to be back again as gas becoming unaffordable: FM Nirmala Sitharaman

Coal to be back again as gas becoming unaffordable: FM Nirmala Sitharaman

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Given the global crisis, Finance Minister has said that is going to be back again as has become unaffordable.


Sitharaman, who attended the annual meetings of the International Monetary Fund and the World Bank, said the western world has seen countries moving to .


The Western world has seen countries moving to . Austria has already said, and todaythey are going back to coal, Sitharaman told a group of reporters from India during an interaction on Saturday.


Russia has sharply curtailed natural shipments to Europe in retaliation for sanctions that the West put in place after its invasion of Ukraine.


In late April, Russia cut off supplies to Bulgaria and Poland after they refused Moscow’s demand to pay for the deliveries in rubles, Russia’s currency.


Also, apart from that many countries in the West are moving away from coal to generate electricity as it contributes to climate change and air pollution.


Responding to a question on her remarks earlier, the finance minister referred to another item about an old thermal power plant in the United Kingdom being refurbished to generate electricity.


The matter of fact, it is now reviving itself as a thermal unit. So, it’s not just India, many countries have gone back. And coal is now going to be back again, because I think gas cannot be afforded. Or it is not available as much as you want, Sitharaman said.


And Europe, of course, has made a conscious decision that they can’t get any more gas from Russia, and they have to look for other sources. It’s not just us (India), Sitharaman said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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