‘Indian companies should complement diplomatic efforts’

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: The global climate change treaty negotiations are more than a diplomatic tussle between developed and developing nations. There seems to be a better understanding of the problem and its possible outcomes. This understanding along with the pressure from international community will enable nations to move away from vested interests and focus on the core issues.

As far as India is concerned, there have been occasions in the past where western nations have seen us as being reluctant to accept the global standards. Now, there is a need to portray India as a nation responsible and concerned about climate change as any other nation. India should not be defensive in accepting the challenges as they are inevitable and can only be delayed for a short time. Hence, a proactive approach of welcoming the challenges in front of the global community is what India should be adopting. This will benefit not only India’s image in the global community but also give confidence to Indian businesses to move ahead with confidence in their green initiatives.

In the mean time, India has been moving forward full steam with the National Action Plan on Climate Change. There is an ever increasing awareness and acceptance of the challenges at hand. There are signs of moving forward while being flexible in the approach to meet global standards and commitments made to the global community. The National Solar Mission enlists some bold measures towards these goals and is a good example of how India is setting specific goals and moving ahead with determination towards them. India needs to revisit the objectives periodically and stay on course in this dynamic environment.

The short-term implications of India welcoming the changes required for climate change management for Indian businesses will be in terms of more long-term investments towards R&D and infrastructure due to increased confidence and policy support. This will cascade into a multiplier effect in the area of renewable energy generation and energy efficiency. There is a global industry leadership opportunity waiting to be capitalised and Indian businesses that have the right technology and business vision are in a good position to leverage this opportunity with the right amount of policy and regulatory support at the initial stages.