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India on course for large share of US$2.2bn clean tech market

Senior figures from Indian Government and business have backed a new report by international NGO The Climate Group, which describes how a low carbon development path is the only one that will guarantee future prosperity for India.

By Renewable Energy Focus staff

The Climate Group's report - India’s Clean Revolution - makes the compelling argument that by prioritising low carbon development now, India is creating a better, more secure, and more prosperous future for its more than one billion people.

The information brought together in the report shows that enormous potential exists for generating new income and jobs by developing Indian domestic renewable energy resources and clean technologies that improve the efficiency of key sectors such as transport and industry – saving energy and money:

  • India’s share of the US$2.2 trillion market for low carbon goods and services in 2020 could be as much as US$135 billion, creating 10.5 million green jobs, and is likely to grow faster than any other country;
  • India is making more progress than the U.S. on energy efficiency, and this market is expected to treble to INR 351,000 crore (US$77 billion) in the next 10 years;
  • India is now fifth in the world in terms of wind energy production;
  • Bold low carbon policies will increase India’s energy independence and help provide access to energy to those who still lack it;
  • Low cost labour and highly skilled manufacturing base will make India a major hub for clean technologies;
  • The rate of increase of India’s private investment in clean energy will be 736% over the next 10 years, three times that of US or China.

With India looking at a reported US$1 trillion investment in its infrastructure sector during its twelfth, five year plan period, the Indian economy is at a crossroads in its economic development. The report concludes that  India must avoid the developed world model of high cost, high carbon development, and instead chart a new low carbon pathway based on energy efficiency and energy security.
 

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