The market for low carbon goods and services in India can touch USD 135 billion by 2020 creating some 10.5 million jobs, revealed a report by The Climate Group on Friday.The report – India’s Clean Revolution – said that enormous potential exists for generating new income and jobs by developing domestic renewable energy resources and clean technologies that improve the efficiency of sectors such as transport and industry.
India is making more progress than the US on energy efficiency, and this market is expected to treble to USD 77 billion in the next 10 years, the international NGO said. India now ranks 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. The low cost labor and highly skilled manufacturing base will make India a major hub for clean technologies, the report said.
India has set up a committee headed by Mr Kirit Parikh, former member, Planning Commission, to formulate a low carbon development strategy. The committee is expected to come out with its report soon, which will detail the plans and scope to achieve low carbon growth through reduction in energy consumption in sectors such as transport, building and infrastructure among others.
Governments and companies around the world are waking up to the economic prospects inherent in the clean revolution. By 2020, the global markets for low carbon goods and services are expected to be worth USD 2.2 trillion.
“In the next decade, India’s share of the global low carbon could balloon to $135 billion. Its compounded annual growth rate of 17 per cent is predicted to outstrip Europe, North America, China and the rest of the world,” the report said.
Only China and the US are likely to attract more clean energy investment in the next 10 years but the rate of increase of India’s private investment will be three times the rate of either of these two competitors.