Collaborations in the works with global Universities

India is looking at low cost financing for scaling up renewable energy technologies for climate sake in the country but global industry has held on to its profit-oriented business approach.

Stating this, Minister of New and Renewable Energy Piyush Goyal said India is ready to fully finance carbon capture technology and is in favour of opening up the technology to all.

However, this idea did not find takers as companies wanted to sell technology for a profit.

He added that climate change was being made into a business which was not in the right spirit.

India is willingly and voluntarily working towards reducing carbon footprints in the country, engaging with universities across the globe to acquire technologies for climate change mitigation, he stressed.

The minister was speaking at the ‘3rd Business and Climate Summit 2017’, a global annual forum that rotates different countries but was held in Delhi on 31 August 2017.

The government is working out a mechanism on standardizing specifications for charging batteries and creating low cost infrastructure, said Goyal, pointing out that prices have been de-regulated and there was free play of market forces in the Indian market.

Brune Poirson, France’s Minister of State to Minister for Ecological and Inclusive Transition, acknowledged India’s commitment of moving away from fossil fuel cars as a significant step.

France too was planning to stop the use of fossil fuel run cars by 2040, she said.

Poirson called for implementation of policies by finding new ways of collaborating, adding that France could learn from Indian about how to scale up innovations.

Gerard Mestrallet, Chairman, ENGIE & Chairman, Paris Europlace, assured private sector’s commitment to the cause of climate change and to implement the Paris Agreement.

But the private sector needed to finance 70 per cent of the initiatives, he pointed out.

Ravi Kirpalani, CEO, Thyssenkrupp India, has called for incentives to invest in R&D and a mechanism needed to be developed for transfer of technology.

The forum was organized by the Federation of Indian Chambers of Commerce and Industry in collaboration with the Ministry of Environment, Forest and Climate Change and Ministry of New and Renewable Energy (MNRE) as well as the Government of Sweden. fii-news.com