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Thursday, June 19, 2008

G-8 Funding Likely to Boost Indian Nuclear Power

The U.S. and other G8 countries have earmarked $10 billion for promoting clean energy in emerging economies such as India and China

Indian companies planning to set up nuclear power or renewable energy ventures can now look forward to offshore financing. The US, along with other G8 countries, is poised to create a $10-billion corpus for promoting clean energy in developing countries like India and China.

The US, UK and Japan have committed $5 billion between themselves to this end, while the other G8 countries are likely to participate in the fund. Nuclear power and renewable energy is believed to be the answer to climate change.

"The US and other developed countries have proposed a new clean energy technology fund over the next three years to counter climate change worldwide. The US has already committed $2 billion for this cause.

The fund will be given as seed money to private sector players for setting up clean projects," White House Council of Environment Quality chairman James L Connaughton said on Tuesday, at an event organised by Indian Chamber of Commerce (ICC).

Mr Connaughton further said: "The UK and Japan have collectively contributed $3 billion. Other G8 countries are likely to participate." The fund is aimed at encouraging deployment of all forms of cleaner and more efficient technologies in developing countries. This would help leverage local private sector capital by making clean energy projects more commercially attractive.

The White House confidante said the US has proposed to remove all tariff and non-tariff barriers to promote clean energy. The US government has also proposed $42-43 billion as long term guarantee for nuclear power projects. It plans to offer another $5 billion for research in carbon capture and carbon storage technologies, over the next five years.

India, which is a huge user of coal, will be a top beneficiary. "Three top energy companies—Coal India, NTPC and ONGC—were looking to initiate research on this. Now, we've learnt that the US has expanded the scope of the fund. So, there will be some modifications," Coal India chairman Partha Bhattacharyya said. ICC senior vice-president Sanjay Budhiaa observed: "Collective action is needed now and will be critical in driving an effective and efficient response."

(Source: Business Week)


Anonymous said...

I am an optimist with technology and development. I believe technology to reduce pollution advances faster than mankind's production.

For example catalytic converters in automobiles. There are far more cars in the world driving around today then 40 years ago. But the technologies today have reduced the heavy metal emissions by 100 times. In the next 40 years we'll deal with the carbon dioxide too, and I believe there will be far more cars on the road by then.

That is why it is the smart strategy to help India and developing nations build clean(er) energy. And down the road Indian scientists and engineers will help develop technologies to make the world cleaner.


Alexandra Prokopenko said...

You never know how things are going to develop within the next 50 years. About 150 years ago Paris was announced on the border of ecological catastrophe, because it was drowning in horse shit :)The solution came from where no one expected it to come - cars were invented. I suppose when we are in our 70s, the cars will be flying using some anti-gravitation technology... That's what is fascinating about life - you never know your future.

Anonymous said...

Hehe, good example from Paris.

Pessimists which sadly are most people at the moment are always saying the world can't handle an industrialized China and India. But they fatal assumption; that no new innovation or game changing advances will happen.

The pessimists in Paris didn't know of cars so they didn't factor it into their projections.

One fascinating thing is if you see long term graphs of innovation, how smooth the graphs are. Even though it took thousands of individual innovations and breakthroughs from people all over the world.

If you look at the long term graphs of world energy production, it grows by about 2.7% every year. People always tell me they don't see how it can keep increasing like that. Yet each year I point to them and note how that year again, the growth was sustained.


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