Knowledge paper identifies challenges and solutions for adoption and mainstreaming of Low Carbon Technologies
INDIACSR News Network
MUMBAI: YES BANK, India’s 4th largest private sector bank, along with TERI BCSD today launched a knowledge paper on the challenges of harnessing energy in a cleaner manner, titled “Low Carbon Industrial growth in India” at a Leadership Summit for Sustainable Development held in Mumbai on October 29, 2013. The paper was launched by Dr R K Pachauri, Director-General, TERI along with Ms Namita Vikas, Senior President & Chief Sustainability Officer, YES BANK and Mr. Duncan Van Bergen, Global Head, Long Term Market Development, Shell. This paper aims to point out likely solutions to the high-carbon dilemma faced by key sectors like Power, Iron & Steel and Cement that contribute to India’s development.
Environmental concerns and rising price of fossil fuels in the international market have precipitated into an energy security challenge for the emerging world. In view of that, Low carbon technologies provide the best steps, going forward for the Indian Industry. Further, India has committed to reduce 20% of its carbon emissions by 2025 from 2005 levels. This study therefore comes at an opportune moment, especially when the Industry is facing multiple challenges like access to proven technology and availability of finance for incorporating these Low carbon technologies. The paper identifies key tested technologies in the above sectors that can be readily adapted by the industry to achieve lower carbon intensity in production. The paper also highlights some prudent steps that the government and finance sector need to look at, to facilitate the financing of these technologies.
Speaking on the occasion, Ms Namita Vikas, Senior President & Chief Sustainability Officer, YES BANK said “This is the second knowledge paper that YES BANK has co-authored along with TERI – BCSD, focusing on energy efficiency. Reducing the carbon footprint by learning from the experiences of other developed economies is a must to ensure India’s long term environment sustainability. YES BANK believes that these emerging technologies are not just the future of business, but also present interesting opportunities for the finance industry. On back of this report, YES BANK and TERI –BCSD aims to engage all stakeholders, particularly end user corporate, as also the policy makers and multi-lateral agencies to ensure accelerated adoption of low carbon technologies.”
YES BANK, India’s fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the vision of “Building the Best Quality Bank of the World in India”.