Sachs moots funds for carbon capturing technologies

Asking the country's policy-makers to focus on carbon capturing technologies, Jeffrey Sachs, director of The Earth Institute and professor of Colombia University, mooted the idea of a finance package by the developed world to promote the same.

"Without India mitigating the greenhouse gas emissions there is no solution to the problem of global warming," he told students of the Indian School of Business (ISB), stating that creation of economic incentives will compel the Indian companies to adopt carbon capturing technologies "" the most promising of all other alternatives.

India being a coal-based economy, a larger capacity addition for its future energy needs would come from this source, Sachs said, adding the rich world should pay for it through finance packaging to mitigate the carbon dioxide emissions into the environment from thermal power plants.

Endowed with vast coal reserves besides effecting a huge capacity addition in coal-based energy currently under way, Andhra Pradesh can become a role model for the entire country.

Earlier in the day, he made a presentation on the issue of greenhouse gas emissions to chief minister YS Rajasekhara Reddy eliciting a positive response for such initiatives from the state government.

"We share your concern...We only wish to say that if we can play a part in your endeavour to reduce global warming through the process of separating and storing carbon dioxide, we will be too willing to do it," chief minister told Sachs.

The Earth Institute is keen to undertake a feasibility study or a pilot project in the state for this.

Sachs said spending less than 1 per cent of gross national product could effectively address the problem of climate change globally. Drawing parallels between the country's green revolution, which he said was not created by market but by public policy and scientific insight, he said a similar initiative in the form of public-private participation could bring sustainability to the country's development.

Voicing concern over the land and soil degradation and stress on water and climate in the country that can affect the food security, one of the serious ramifications of climate change, he said India neither has a strategy in water management nor is equipped to face these kinds of problems.

Fifteen years of rapid economic progress in the country did not make any dent in malnourishment of children and the investment in poor people in rural areas has been scant all these years, he said and called for massive public finance for adequate interventions in agriculture, infrastructure, health and education to address the other huge gap in the country's economy, to attain the goal of sustainable development.