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Economies need to invest in innovative renewable technology

According to reports, city of London Mayor David Wootton on Tuesday said economies need to invest in innovative renewable technologies for sustainable growth.

“The price of oil will see an inexorable rise over the next decade due to rising demand and an increase in cost of oil recovery. There are fewer easy to access fields and oil companies are being forced to explore in ever more challenging environments,” Wootton said at a seminar organised by CII.

He said to remain competitive, economies must massively increase efficiency-not just stopping emissions at current levels, but reducing them, investing in innovative renewable technologies and creating sustainable green growth.

“In India,USD 10 billion was invested in the clean energy sector in 2011 alone,with a substantial proportion coming from FDI and India rated fourth as an investment destination in the Ernst and Young Renewable Attractiveness Indices. The market for low carbon technology in India is expected to expand to USD 135 billion by 2020,” he said.

“It is an area in which the city of London excels,” he said, adding, one of the great challenges faced these days was climate change.

“The challenge will be to find the right levels of investment to tackle climate change and develop new technologies, with USD 100 billion a year required by 2020,” he said.

To ‘green’ the economies of developing nations alone, USD one trillion investment is needed every year up to 2030 to reduce emissions by 50 percent by 2050, he said.

“Clearly multilateral agreements (between countries) are needed if we are to deliver real change and green growth to benefit us all. But ultimately they will come from innovation, enterprise and partnership. The city of London has a key role to play”, he said.

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