Indian government mulls creating fund to promote green technologies

February 11, 2008

The Hindu: Government is considering setting up a Venture Capital Fund to promote green technologies, Prime Minister Manmohan Singh said on Thursday. He also said that the National Plan of Action on Climate Change to be released in June this year would address the challenges of global warming.

“The Prime Minister’s Council on Climate Change is working on a National Plan of Action for Climate Change. Even as we engage internationally in creating a global strategy to address climate change we would in parallel work on local, sub national and national action to meet the challenges of climate change,” he said inaugurating the Delhi Sustainable Development Summit here.

The environmental crisis that manifests as climate change makes the people realise that they have a common predicament, he said, adding “it is a collective crisis but, if imaginatively handled, offers a collective opportunity to reinforce human solidarity in the face of natural forces….

The National Plan of Action on Climate Change would be released in June this year, Singh said observing that public transport needed immediate attention and the government has asked the Planning Commission to come up with a comprehensive policy in this regard.

Emphasising the need to create knowledge partnerships across countries to collaborate on climate change action, Singh said India has decided to link all academic institutions that work on climate change on a national knowledge net and also identify key knowledge institutions that become centres of excellence in climate change related research. Noting that the country needed technology innovations for reduction of energy use by industry, massive action for afforestation, drought proofing and flood protection and protection of coastal areas and glaciers, he said the 11th Five Year Plan has articulated strategies in many of these areas….

… Noting that ‘climate justice’ meant fair, equitable and transparent global regime for technology transfer, Singh said it was in the interests of people living in developed countries to facilitate such transfer. “We in the developing world desperately need access to environment friendly technologies, especially in energy, transportation, manufacturing and agriculture,” he said. Such technology transfer will provide new opportunities for resource transfers to countries for adaptation. Nations of the world would have to engage in the next two years to create a consensus on a new architecture for cooperation that involves finance and technology support to countries for adaptation, he said…