'Business potential lies even in Climatic effects'

Mumbai, Mar 18: British Deputy High Commissioner Creon Butler has pointed out that though India will be hit first by Climatic Change (CC) effects as a result of its robust growth rate, a business opportunity can be exploited here too as the markets for low carbon, higher efficiency goods and services will consequently expand.

He was speaking at an interactive session organised by the Confederation of Indian Industry (CII) where he introduced key findings of the Sir Nicholas Stern Review on the economics of CC.

''The economic growth rate here, at more than 9 per cent this fiscal, is indeed very encouraging. Since the Indian market has a lot of potential for further growth in the next 20 to 30 years, the country will eventually witness a surge in the chemical, petrochemical, agrochemical and food-processing sector. However, there will be business opportunities as the markets for low-carbon and higher efficiency goods and services will consequently expand,'' he said.

He said that the Government ought to take steps to remedy the situation, even if it comes at a steep price.

''Achieving cuts in global emissions will have a prohibitive cost. But then one has to bear in mind that the Government has a role to play in providing a policy framework to guide effective adaptation of environmently-friendly practices. They have to ensure the availability of high quality climate information, tools for risk management, improved regional climate prediction, land use planning and a host of related issues,'' he added.

UNI