The decision of the European Union (EU) to take recourse to low carbon energy efficient economy, reduce Green House Gas (GHG) emissions by 20% and meet an equal quantum of energy requirement through renewable sources by 2020 as part of climate change mitigation strategy has created a huge business opportunity for India.
According to a top environment department official of the European Commission to India said the EU was eagerly looking at Indian projects on renewable energy as well as recycling of waste.
Since the share of renewable sources like wind, solar and biomass in the overall energy basket of the EU is going to be raised from the present 8.5% to 20% by 2020, the business potential is very high but quality and energy efficiency will be the key factors in accepting a product from India.
Technology and trade enquiries on renewable energy sources have almost doubled in the last few months at the European Business and Technology Centre established in New Delhi in October 2008.
The EU’s climate and energy policy aims at reducing emission of GHGs and ensuring more secure energy sources that depended less on import of foreign oil and gas.