The clean energy sector in India is expected to boom and 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 a report on Fiscal instruments for Low Carbon Investment and Industrial Development in Tamil Nadu, West Bengal and Odisha, an event organised by the Confederation of Indian Industry here, he highlighted the rise in oil prices and stressed the need for economies to invest in innovative renewable technologies and create sustainable growth.
Stating that $100 billion a year would be required by 2020 to green the economies of developing nations and $1 trillion investment every year up to 2030 to reduce emissions by 50 per cent in 2050, he said the challenge is to find the right levels of investment to tackle climate change. The UK’s Foreign and Commonwealth Office funded the study under its Prosperity Fund India programme with the CII and Madras School of Economics as partners.
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.