India to attract billions for financing clean technology innovation

July 10th, 2008 - 4:42 pm ICT by ANI  

New Delhi, July 10 (ANI): Australia and India are on the verge of a great economic partnership said John McCarthy, the Australian High Commissioner to India. He was speaking today at the 2nd India Cleantech Forum, in New Delhi.
The Confederation of Indian Industry, CII-Centre of Excellence for Sustainable Development and Clean Technology AustralAsia are jointly organising this forum to identify the challenges and opportunities for accelerating investment, transfer and deployment of clean-tech in the surging Indian market- arguably the biggest clean-tech market in the world. Over 30 of the worlds experts and leaders in clean-tech will be presenting vital market knowledge and opportunities for clean-tech in India during this two day forum.
McCarthy said the success of the partnership depends on how “we promote growth today to tackle the central issues of climate change, sustainability and clean technologies which will be discussed in the forum today.
He pointed that India and Australia place climate change and sustainable development at the core of policy issues and that the two nations have collaborated though partnerships like the Asia Pacific Partnership for clean development and climate change, have built a fund for strategic research, and have engaged in other collaborations to build markets for renewable energy and clean technologies.
He emphasized that the private sector is a great source of ideas and stressed that visionaries of clean- tech, who are demonstrating care for environment and sustainability need to be provided the right policy setting, accompanied with realignment of regulations, backed with the right political will.
Earlier delivering the keynote address at the inaugural session, Fred R. Buenrostro, Former Chief Executive Officer of CalPERS; Americas largest pension fund, highlighted that asset allocations to clean technologies in emerging markets is on the rise and that emerging economies like India, attracting institutional investors from developed countries like the US, can be the showcase economies relying on renewable energy and clean-tech. He stressed that this is the right time for transformational investments for providing solutions to some of worlds biggest challenges like climate change, rising energy costs and rising costs of food.
Presenting the immense growth opportunities in new investment areas of clean technologies and renewable energy like wind technology, solar technology, and bio-fuels amongst others; Mr. Chris Greenwood, Director of New Energy Finance, UK, said that the investments in the clean technology sector will reach a rate of 10 billion USD per week by 2030. He added that many clean technologies require heavy engineering and there is a demand supply gap, raising the prices of these technologies. He stressed that energy infrastructure in developing countries should be based on low cost, decentralized solutions. (ANI)

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