Sujana group gives grant to India Clean Energy Project

By siliconindia   |   Wednesday, 20 April 2011, 22:53 IST   |    1 Comments
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New York: A grant from an Indian producer of steel, power and energy, the Sujana Group to the Clean Energy Investment U.S. - India Project will help facilitate U.S. investment in the clean-energy sector by developing contracts and other legal instruments designed to become standards in the industry. India one of the world's fastest-growing economies, have seen that the energy needs to come from cleaner sources to help face the effects of climate change from greenhouse gases. Outside investments prevents high costs and bureaucratic and legal roadblocks. A project run by the Center for Climate Change Law at Columbia Law School seeks to change that. The project aims to provide access of U.S. equipment manufacturers to India as it begins increasing its power capacity by 80 percent, allow U.S. banks and investors to profit from clean-energy investment while fulfilling compliance requirements and provide access to already available technologies to reduce CO2 emission and install clean power according to the 2009 McKinsey report. The legal tools developed by the project will be drafted by U.S. and Indian after consultation of experts. The aim is to make the contracts and other documents available for free online so they can be readily adapted for projects throughout India. Michael Gerrard, the Andrew Sabin Professor of Professional Practice and Director of the Center for Climate Change Law says there is an enormous potential for U.S. companies to not only help India reduce greenhouse gases, but to take an active role in investments that can provide an excellent rate of return. But the longer we wait, the harder it will be to keep greenhouse gas levels within target ranges.