The paper was launched by R K Pachauri, Director-General, TERI along with Namita Vikas, Senior President and Chief Sustainability Officer, Yes Bank and Duncan Van Bergen, Global Head, Long Term Market Development, Shell.
This paper aims to point out likely solutions to the high-carbon dilemma faced by key sectors like power, iron and steel and cement that contribute to India's development.
Environmental concerns and rising price of fossil fuels in the international market have precipitated into an energy security challenge for the emerging world. In view of that, low carbon technologies provide the best steps, going forward for the Indian Industry.
Further, India has committed to reduce 20 percent of its carbon emissions by 2025 from 2005 levels. This study therefore comes at an opportune moment, especially when the industry is facing multiple challenges like access to proven technology and availability of finance for incorporating these low carbon technologies.
The paper identifies key tested technologies in the above sectors that can be readily adapted by the industry to achieve lower carbon intensity in production.
The paper also highlights some prudent steps that the government and finance sector need to look at, to facilitate the financing of these technologies.
Speaking on the occasion, Namita Vikas, Senior President and Chief Sustainability Officer, YES BANK said "This is the second knowledge paper that YES BANK has co-authored along with TERI - BCSD, focusing on energy efficiency. Reducing the carbon footprint by learning from the experiences of other developed economies is a must to ensure India's long term environment sustainability."
"Yes Bank believes that these emerging technologies are not just the future of business, but also present interesting opportunities for the finance industry. On back of this report, Yes Bank and TERI -BCSD aims to engage all stakeholders, particularly end user corporate, as also the policy makers and multi-lateral agencies to ensure accelerated adoption of low carbon technologies," Vikas said.
--IBNS (Posted on 29-10-2013)