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India ready to finance carbon-capture technology: Goyal

India is fully prepared to finance carbon-capture technology but the developed world’s approach in this area leaves much to be desired, New and Renewable Energy Minister Piyush Goyal has said.

“The government is ready to fully finance carbon-capture technology and is in favour of opening up the technology to all. However, this idea did not find takers as companies wanted to sell technology for a profit. Climate change is being made into a business which is not in the right spirit,” Goyal said on Thursday at the 3rd Business and Climate Summit here organised by industry chamber Ficci.

“People’s participation, holistic approach to sustainable lifestyle, better allocation of resources and engagement amongst nations are imperative for climate change reduction and India is willingly and voluntarily working towards reducing carbon footprints in the country,” he said.

“There have been many commitments on climate change but no action,” Goyal said, adding that 29 per cent of greenhouse gases “come from only one country, while 45 per cent come from the rest of the developed world.”

“India barely emits about two and a half per cent of greenhouse gases.”

He also said the government was working out a mechanism on standardizing specifications for charging batteries and creating low cost infrastructure.

“In India, prices have been de-regulated and there is free play of market forces. Besides, low-cost financing is being looked at for scaling up renewable energy technologies,” he added.

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