2009-02-19

3C ROUNDTABLE ON CLIMATE CHANGE

3C Invites leading Indian companys to discuss pathways to a low carbon Indian economy

Prasad Menon, CEO of Tata Power and host for the 3C Roundtable in Mumbai welcomes Ravi Uppal, CEO of L&T Power Ltd.

Mumbai, February 20, 2009: The changing climatic patterns year after very year are causing health and environmental hazards across the globe. In order to reverse this alarming trend; individuals, corporate houses, infact everyone, will need to come together and contribute in arresting these changes globally. Taking cognizance of this; a group of global business leaders representing the Combat Climate Change (3C) Initiative, along with the representatives of the Indian business community, congregated to share their perspectives and discuss the solutions that will overcome climatic change. They also discussed the role of Indian business with focus on the Indian economy. The topics that were discussed included -
- How can India contribute to carbon abatement and still satisfy the demand and need for rapid economic growth? - What are the costs of action but also potential benefits? - How can the Indian business community contribute?
- Where shall we look for leadership – in business?
- Can the pathway to a low carbon economy also provide the formula for economic recovery? “The business community has a key role to play, since political reservations often are based on fear that local businesses will be disadvantaged through a global agreement” said Lars G Josefsson Founder of the initiative and President and Chief Executive Officer of Swedish Energy Group, Vattenfall. “Business leaders must speak up and support the politicians and in some cases lead the way. Industry should be an ally not an obstacle.” 3C today declared that the roundtable in India is the starting point for a new process to develop a detailed set of policy recommendations that will focus on the special challenges of turning the big developing economies into low carbon role models. This process will be coordinated by Tata Power, and will include business roundtables in a number of developing countries including China and South-Africa. “The developing economies such as India have to combat against climate change in parallel to the struggle for economical development,” said Prasad Menon, Managing Director, The Tata Power Company Limited and the host for the roundtable discussion in Mumbai. He also added “India’s pathway to a low carbon economy is faced with special challenges that need to be recognized and addressed by global policymakers” or this purpose and in advance of the upcoming important climate change negotiations in Copenhagen, Denmark later this year, the 3C group is organizing a series of roundtable discussions with leading representatives of the business communities in the most important developing economies including India, China and South-Africa. To provide a quantitative basis for the roundtable discussion McKinsey & Company presented its global GHG abatement curve – a study that maps emission reduction levers and their economic costs. The global study, supported by ten leading global companies and organizations - The Carbon Trust, ClimateWorks, Enel, Entergy, Holcim, Honeywell, Shell, Vattenfall, Volvo, WWF - has assessed more than 200 GHG abatement opportunities across 10 major sectors and 21 world regions between now and 2030. McKinsey is conducting a similar effort for India, which will define the costs and benefits if carbon abatement levers in India. This study is still under finalization.