Market for low carbon tech in Indiais worth $135bn

Chennai:

The clean energy sector in India is expected to boom and a study has claimed the market for low carbon technology will expand from $10 billion in 2011 to $135 billion by 2020, according to Lord Mayor of London David Wooton.

Delivering a special address during the launch of report on Fiscal instruments for Low Carbon Investment and Industrial Development in Tamil Nadu, West Bengal and Odisha, an event organized by Confederation of Indian Industry here, he highlighted the rise in global oil prices and stressed the need for economies to invest in innovative renewable technologies and create sustainable growth.

Stating that $100 billion a year is required by 2020 to green the economies of developing nations and $ one trillion investment every year to 2030 to reduce emissions by 50 per cent in 2050, he said the challenge is to find right levels of investment to tackle climate change.

The study was implemented with the support of United Kingdom’s Foreign and Commonwealth Office under its Prosperity Fund India programme is being implemented with partnership from CII and Madras School of Economics.

The report, which was launched by Wooton, will be submitted to the state government. 

British deputy high commissioner Mike Nithavrianakis said the project in Tamil Nadu involves integrating low carbon into master planning of cities.

He said in Madurai support is being offered through partners to develop low carbon tools in the Indian context and to prepare planning and design sourcebook showing lessons learned and guidance for general application.

The project involves work with India’s Ministry of Urban Development and other agencies to identify a route for funding the mainstreaming of low carbon master planning, he added.