Top business leaders from the UK and India called for closer trade ties on clean technologies on 15th November, with the aim of boosting economic growth at the same time as cutting carbon emissions.
The report from the UK-India Business Leaders Climate Group (BLCG), chaired by Sir Stuart Rose and Mr Rajan Bharti Millal, is the first report of its kind where business leaders have come together to consider the practical steps necessary to deliver a low carbon economy. It sets out a ‘Charter of Principles’ as well as practical ways that India and the UK can work together to unlock a new era of green growth and economic collaboration.
The BLCG initiative underlines the strong business case behind a faster shift to a low carbon economy with significant opportunities identified in clean energy, energy efficiency, low carbon technology, water, waste management and related services. The companies behind the BLCG are collectively valued at over £ 200 billion.
Recommendations that will be implemented immediately by the group include:
- An online Clean Technology Development Directory of early stage Indian technologies across a range of sectors that provides relevant data to prospective UK investors.
- A Low Carbon Capital Manual, providing technical information on the financial tools, and the methods for creating them, for raising capital and increasing public private investment in low carbon projects in India.
- A high level Low Carbon Economy Summit to be held in India in 2011 that will bring together the private equity/venture capital community in the UK with the technology innovators of India.
The ‘Charter of Principles builds on the relative strengths of the UK and India business communities and is aimed at boosting UK-India investment and trade in both directions, driving innovation and reducing the cost of cutting emissions. Key recommendations include:
- The development of joint demonstration projects to raise awareness of opportunities for low carbon economic growth and to provide impetus for investment.
- The creation of innovative financing instruments and the removal of barriers to capital flows to stimulate investment in the low carbon economy.
- Improved exchange and dissemination of information to support low carbon business decisions and collaborations.
- Joint R&D Programmes and a skills exchange to accelerate low carbon innovation and technology development.
- Effective regulatory frameworks to support the transition to prosperous low carbon economy.
- Greater participation by businesses in the framing of climate change and low carbon development policy, both domestically and internationally.
The Group last met in New Delhi in July during the UK Prime Minister’s visit to India, holding a working meeting to refine the recommended principles and actions.