India has gained international recognition for its efforts in Cleantech. Earlier this month, Tulsi Tanti, the chairman and managing director of Suzlon, was invited to speak at The Wall Street Journal’s ECO:nomics conference in Santa Barbara, California and he talked about the four rules that cleantech companies have to follow to make it big.
As Panchabuta had earlier mentioned, World Bank and International Finance Corporation (IFC), have mentioned that they will double loans given to renewable energy projects to $2 billion (Rs9,103 crore) in the next three years in India. Further, the lending will primarily be for power generation and energy efficiency projects. The World Bank largely funds government projects while the IFC caters to the private sector.
Further a number of groups including “Cleantech Finland” a group of companies from Finland have shown interest in setting up based in India and those that did include The Switch and Moventas.
A couple of days ago, the Canada China Business Council and the Canada-India Business Council announced that they are hosting a Cleantech Forum for the first time in which representatives from China, India and Canada will be participating.
The one-day conference is taking place today at the Metro Toronto Convention Centre in W. Toronto, Ontario, a Canadian High Commission release said.
According to this report, western companies are in the race for slice of the lucrative market for clean technologies such as renewable energy and water or soil treatment projects in India and China.
“The good news is that Indians are responding aggressively to the challenge of environmental sustainability through a clean-tech revolution. There is real meat on the bones,” said Nick Parker , chairman of the Toronto-based Cleantech group, a respected market intelligence firm, which advises investors and corporates on trends and technologies to combat global warming, pollution and renewable energy solutions.
He said rising oil prices would eventually create a balance-of-payments (BOP) crisis for India, which would catalyse policy initiatives in the renewable energy sector just as a crisis had helped India abolish industrial licensing and paved the way for a boom in the export-oriented software sector.
“The opportunities are humongous,” said Jim Constant, chief executive of Ozomate, a company that specialises in patented waste-treatment technologies using ozone. “India is way behind everybody on ozone. It’s a huge potential market,” he said.
He said market was gigantic because in Montreal alone, which has a population of barely 2 million, the total cost of water treatment plants is estimated to be $2-3 billion, including half a billion in one project alone, Ozomate’s Mr Constant said, adding that there were only a handful of companies that had the expertise, scale and experience required for such projects.
“The scope for collaboration is staggering,” said Shaun Wedick, Canada’s consul and senior trade commission based in Chennai.
Parker, who has pioneered “sustainability-driven” private equity funds and had founded an environment finance firm during his 15 years in the financial world, said a lot of money was already flowing into clean technology projects. He said venture investments in local Indian clean-tech companies totalled over $800 million in the past four years and are rising, while globally, the number of IPOs to fund such projects had risen dramatically, particularly in China.