South Asia and Beyond

Passage of The Energy Conservation Law Sets the Stage for India to Walk Its Talk on Climate Change

NEW DELHI: Last week Parliament passed amendments to the Energy Conservation law, when Rajya Sabha approved it. The Lok Sabha had signed off on the amendments in August. Once, the President gives her assent India will have a new law promoting energy conservation. Two key takeaways are the introduction of carbon trading and making large consumers, like companies and the Indian Railways, accountable. Going forward they will be required to meeting non-fossil fuel consumption standards. Coincidentally, Kerala announced that its next state budget will include a special takeout on the environment. This will list the actions to be undertaken by Kerala, which has been particularly vulnerable to increased frequency of calamities triggered by extreme weather, as its contribution to the national commitment made by India at Glasgow. Making this transition entails mitigation, adaptation and building resilience. All of this comes at a huge cost. At the same time, this is also a $100 billion investment opportunity for venture capitalists. To understand this and more we spoke to Sandip Bhammer, co-founder Green Frontier Capital, a VC engaging in green investments in India.

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