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Clean development tech flow to India inadequate: Ghosh
Thursday, 07 December 2006, 18:30 IST
New Delhi: While India is one of the largest beneficiaries of the clean development mechanism under the UN's Kyoto Protocol to tackle climate change issues, it has not resulted in adequate inflow of foreign investment or technology transfer, a top official said here on Thursday.
"Under the clean development mechanism (CDM), we had hoped for much higher level of foreign direct investment (FDI) and technology transfer," said Environment and Forests Secretary Prodipto Ghosh at a joint press briefing with representatives from the European Union, World Bank and other multilateral bodies working together to mitigate the impact of climate change.
"Whatever little technology transfer that has happened is due to Indian companies which have sourced technology from within the country or outside. The CDM has to be on a much bigger scale," said Ghosh.
Expressing disappointment at the "inadequate" inflow of foreign capital and foreign technology transfer, he stressed the need for clearly defining the technology transfer rights to allow developing countries to use it for capacity building and further research and development.
"We have to see that the mechanism provided is made to work."
The CDM under the Kyoto Protocol allows rich nations to trade their emission reduction commitments with developing countries through a system of buying carbon credits earned for projects that help to reduce green house gas emission.
Since the mechanism become operational in February 2005, India has submitted 450 projects for being considered for carbon trading and 140 of them have so far gone through the multilateral board monitoring the carbon credits.
These projects have helped Indian companies to earn around 
350 billion ($7.6 billion), revealed Ghosh.
Commenting on the visit earlier this week of Nicholas Stern, adviser to the British government on the economics of climate change and development, Ghosh said: "It has served to dramatically heighten the awareness that climate change is for real and it is serious."
Source: IANS
350 billion ($7.6 billion), revealed Ghosh.
Commenting on the visit earlier this week of Nicholas Stern, adviser to the British government on the economics of climate change and development, Ghosh said: "It has served to dramatically heighten the awareness that climate change is for real and it is serious."
Source: IANS