New Delhi – In a special address at the India Carbon Market Conclave (ICMC 2012) today, Dr. Farooq Abdullah, Minister of New and Renewable Energy, Government of India, stressed the need to find technological solutions at a quicker pace to meet the growing energy needs of India. Citing the advances in renewable energy technologies in the U.S. and European nations, Dr. Abdullah made it clear that India cannot progress with existing outdated technologies and has to transform its technology mix to meet its energy needs.
Explaining various issues and challenges in the renewable energy sector, he pointed out the success of Rajasthan and Gujarat – two states in Western India – in achieving high levels of performance in generating energy from renewable sources.
The Minister requested Federation of Indian Chambers of Commerce and Industry (FICCI), the Indian industry’s voice for policy change, to proactively engage in a dialogue with international agencies and explore ways to develop a nurturing network for renewable energy industry in India. Praising the entrepreneurial spirit of Indian businessmen, he projected a promising outlook for India.
The India Carbon Conclave 2012, organized by FICCI at New Delhi on September 12-13, came at an opportune time when the carbon markets are going through an uncertain phase. The carbon prices have dipped to levels below 3 Euros per tonne.
The state of global climate negotiations has not helped much in spelling a clear future for the Kyoto Protocol. This has left investors jittery and project developers directionless, who had initially looked upon CDM projects as a source of revenue. Once approved by United Nations Framework Convention on Climate Change (UNFCCC), these projects are awarded carbon credits that can then be traded.
Dr. Farooq Abdullah, who has been instrumental in giving a boost to the renewable energy sector, suggested that besides the states of Rajasthan and Gujarat, Ladakh (the highest plateau of Kashmir) can also become a preferred destination for renewable energy if some constraints are addressed.
Other suggestions that came from other speakers, were to reduce the interest rates for financing renewable energy projects to make wind energy tariffs competitive; to incentivize industry to develop waste-lands to gain tradable green credits; to incentivize local communities to adopt eco-tourism for livelihood as this would promote conservation of forests and wildlife; to incentivize roof-top solar panels for households that can provide energy both to the household and to the Grid; improving energy efficiency of power plants and promoting energy conservation through energy audits; and developing indigenous trading mechanisms that can play a vital role in sustaining the carbon market momentum gained over the last ten years.
The 2-day conclave spread across ten plenary sessions was a comprehensive exercise to find new opportunities and provide a sense of direction to industry, funding agencies, policy-makers and a host of service providers that have supported carbon markets.
Speakers from the World Bank, GIZ, German Environment Ministry, Ministries and Agencies of the Indian Government, FICCI, and industry experts from India, Germany, Thailand and Sri Lanka shared their success stories and experiences. ThinktoSustain.com was the Media Partner for the event.
About FICCI
A non-government, not-for-profit organization, Federation of Indian Chambers of Commerce and Industry (FICCI) is the voice of India’s business and industry. FICCI has direct membership from the private as well as public sectors, including SMEs and MNCs, and an indirect membership of over 83,000 companies from regional chambers of commerce. For more information, visit www.ficci.com.
About ThinktoSustain.com
ThinktoSustain.com – a Sustainability News and Analysis website – is a leading online source of credible information on environmental sustainability catering to a global business and scientific community. Launched in 2009 by alumni of the Indian Institute of Management, Lucknow, India, the site is dedicated to popularizing sustainability initiatives and green innovations from all key sectors – corporate, development and academia. For more information, visit About Us.
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