Green Growth and Sustainable Technology: Innovations and Challenges for Global Sustainability

INTRODUCTION

Sir Nicholas Stern has called climate change “a result of the greatest market failure that the world has seen,”[i] due to the fact that the entire issue can potentially have colossal impacts on inhabitants of the whole world.

New mitigation technologies need to be invented and many ‘conservative’ greenhouse gas emitting technological pathways need to be disrupted in an effort to attempt to keep global warming below levels that might be manageable. Some of the renewed key strategic technologies which it is important, and which is compulsory to advance major technological leaps in include; renewable energy and energy storage technologies new resource saving materials, carbon capture and storage technologies, new mobility concepts, and more eco-efficient agricultural technologies among others are well known. In most cases for carbon-efficient technologies to become competitive in the marketplace, it could take years or even decades. Reliable long-term policy frameworks are necessary with eye-catching subsidies to hasten their development. Also guarantees that lessen the risk and link early development and viable success are also a necessity.[ii]

The application of knowledge for practical purposes is known as technology[iii]. It allows people to do things that were not possible before and in a way, it makes them efficient. We can reap benefits from the use of technology when it is linked successfully with the overall development objectives of the countries and when it is applied to solving the socio-economic problems of the country. Using environmental-friendly and profitable technologies, the productivity can be increased.[iv] The barriers of practice new technologies and unavailability of market for ecological attributes related with green technologies (GT) can reduce the efficiency of all the profitable technologies.

To protect the natural environment and resources and also to enhance or lessen the impact of the human made activities, the method is Green technology, otherwise called environmentally friendly technology which is the real life implementation of knowledge acquired from Environmental Science. it is called to support the sustainable development, what is the development that allows to fulfill the needs of the present generation without a harming the future generations.

Of course, it is quite clear that the very high dependence on the main sources of energy such as oil, coal and gas in industrial production and consumption worldwide reduces the possibility of future generations using these exhaustible sources of energy although opinions to the effect that it is a qualitatively significant factor towards global warming differ. Hence, the invention, production, and distribution of green technologies capable of harnessing renewable resources such as the sun, wind, hydro (tide, wave and river stream power), geothermal power for industrial production and global electricity usage and other questions of sustainable development include the following; reduction and prevention of pollution; poverty eradication; health; clean water shortage; deforestation; the problem of biologically diverse life; problems of urbanization etc.

The present project is doctrinal in nature with an analytical approach to the topic. The objective of the project is-

• To critically evaluate the prevalent laws on ‘sustainable development’.
• To understand the role of different sectors helpful to sustain the objective of maintaining green growth.
• To determine and examine the vital ingredients of the upcoming green growth and green technology policies, which should be consequential and practicable to work.

The research questions involved in this research paper are-

• What are prevalent laws on ‘sustainable development’?
• What is the future of the green growth and green technology laws?

And the scope of this project is limited to the ‘green growth and green technology’ and its future across the world.

This research paper has four parts. The first part deals with the sustainable development, green growth and green technology in India. The second part talks about how the green growth is being given importance in other developed and developing countries and how the green technology is being implemented there. Similarly, the third part deals with the effects that the green growth has on an economy and what challenges are faced by a country while implementing green technology. Lastly, in the fourth part, the authors conclude the discussion by suggesting what steps should be taken for the better implementation and application of green technology in a country like India so that green growth can be achieved, and the target of sustainable development can be met.

GREEN GROWTH AND GREEN TECHNOLOGY IN INDIA

Keeping in mind the tolerance level of global warming, the highly technical emission of greenhouse gases must be disrupting and new relief technological. The regions in which it is important to quicken major innovative are remarkable: renewable energy and mobility conception and eco-friendly agriculture machines, energy which can be stored through technologies, the technology is required to capture the carbon – are some of the examples.[v] It has been seen in most of the cases that it takes years, till the carbon-effective technologies reach the level of competition in the commercial. To quicken their development, dependable long-haul approach structures are needed with alluring appropriations and/or ensure that diminish the danger and extension early improvement and business achievements. For the success of renewable energy and other green technology the vital part is played by entrepreneurship spirit and a green industrial policy.[vi]

The two countries that demonstrated ‘joint effort’ in different fields today are India and South Korea, have now set off to accomplish green neighborly initiatives to reduce carbon emissions and ensure strict compliance standards for their business ventures. In this regard, India has claimed energy efficiency steps to fight against the evils of climate change with South Korea closely following the suit by informing that it will set carbon emission targets to be achieved by 2020. The environmental change arrangement of India incorporates power to spare 10,000MW of force through an effectiveness change by the year 2012. South Korea has set focuses like many other European countries and America. Thus, while there has been recurrent deliberation on the policy direction of the fiscal framework, the quantum remains unclear. It could be setting achievable rates that allow only a 8 percent increase compared to 2005 levels, or even a four percent decrease.

In India, most of the large modern private division firms have formulated an Alliance for Energy Efficient Economy (AEEE) organization like the American Council for an Energy Efficient Economy (ACEEE). The organization together plans to save 2,000 MW of power by 2012 through supporting vitality productivity crusades in homes and work places. The focus will go be brought on the Information Technology (IT) industry as funds of 10 percent can be recognized in three years level. The AEEE is for the most part an industry drove movement which attempts to raise understating and create awareness of issues related with vitality competence and carbon decrease plans.[vii]

Based on the previous history, the Indian ex-Prime Minister Dr Manmohan Singh and the 45th US President Barack Obama jointly initiated a Green Partnership during the last’s state visit in November 2009. This is necessary to ensure the other few atmosphere and environment cooperation activities between the two nations. India will facilitate the creation of a National Environmental Protection Authority (NEPA) as one among the activities.[viii] It is proposed to strengthen the abilities of the Indian natural organizations, advance use of open data and simplicity, demonstrate improvement in ecological consistence and remuneration and thus improve the natural quality of the Indian kin.

A market giant of Indian origin; Infosys has declared it will become a carbon neutral company by 2012. Essentially it involves investing in activities that remove carbon dioxide from the atmosphere or inactivities that neutralize the effects of carbon dioxide emissions resultant from the organization’s normal course of business. Reduction of the carbon foot shaped print in all activities such as flying, car driving, air conditioning and even computer and other machinery will be part of this attempt. In like manner, for objectives of perceiving earth well-disposed items, India has implemented an eco-marking plan termed as ‘Eco mark’. The imprint, shaped like a pottery pot, is paid on customer goods that comply with ecological standards noted for the phases of crude material extraction, assembly, and transport.

 The Central Leather Research Institute in India is working efforts to develop innovations that will enhance the esteem of the nature of cowhide and in the like manner, help in controlling the emission of poisonous compounds into the environment. The CLRI has been striving to step forward to develop ways & means for incorporating proteins in place of hazardous chemicals in handling conceals and skins for improving grain structure of calfskin. The cowhide procedure is called ‘eco-accommodating wet blue assembling’ which replaces synergistic to an extent and this innovation is being conveyed to distinct countries, for instance, Korea.

 New streets were developed in Delhi using the Korean Eco-friendly road building methods. The innovation is referred Darin Asphalt Modified Additive and the option is an added substance of black-top with pores. Ecophalt referred to as an extra substance that is packaged in eco-friendly manners and does not contain residue afterward use. Of course, even a sack that contains the added substance will also disintegrate together with the blend of bitumen and other materials.[ix]

There is a green commitment and significance of the common assets and also the renewable vitality for a creating nation like India. As the majority of the Indian country occupation relies on upon the horticulture segment, the advancement in this part is wanted. GT is one of the variables which help in this bearing absolutely. GT is likewise a weapon to decrease the immense issue of destitution, if it is honed intermittently concerning the specialized and financial points of view.[x]

CHALLENGES TO GREEN TECHNOLOGY

In order to avoid major, irreversible damage to global ecosystems, new resource-saving technologies are needed. More than the other fields of development of technology, the development of these ‘green technologies’ must be driven by policy.[xi] This is because the rate at which currently the ecosystems around the world are degrading is threatening to reach at a point where it will create disequilibrium in the ecosystems with unparalleled negative effects for mankind. It is of utmost urgency that for the sustainable use of resources, technologies should be developed and deployed. The cost of abatement of these greenhouse gas emissions will continue to increase for the coming decades and the consequences of the same will also become irreversible.

In order to make sure that the demand is met effectively, the innovation processes should be as market-driven as possible. Incentives should preferably aim at energy saving or emissions reduction without prescribing precise technological solutions.[xii] Governments can achieve a lot by enhancing market transparency, training technicians, educating the general public, certifying market players, setting standards and taxing the use of scarce resources. With respect to the innovations for sustainable development, however, market-based distribution alone is not likely to be sufficient for developing the essential new technologies and replacing the indefensible old ones before the start of irreversible environmental damage.[xiii]

A FEW MARKET FAILURES

• For a new technology to be developed and for the pilot tests to be run and to establish full-scale commercial operations, many environmental innovations require at least a decade or two. But the sustainable technologies need to be replaced quickly given the risk of environmental tipping points.
• One of the reasons for holding back investments in innovations in sustainability of environment is the cumulative market failures. Moreover, an early investor requires taking a lot of risk for investing in technologies that are far from the commercial frontier and if that technology succeeds, the potential gain from it is taken by the other market actors too.[xiv]
• Co-ordination and lock-in effects include path dependent consumer performance and incentives to continue using excavated, degraded paths of old depreciated engineering infrastructure that prevent replacement of old obsolescent technologies.
• The possibilities Hydro, Solar, Wind power and so on as baggage of renewable energy technologies are bankable because the recurrent cost is comparatively low, but the capital outlay to be incurred is immensely high. Meanwhile, in conventional power plants a greater portion of operating costs occur over the plant’s lifecycle and have more maneuverability in responding to movements in the energy market, thereby alleviating liabilities for banks. Credit for new technologies which already have indications of their performance more often than not is harder to come by than credit for the old technologies.[xv]

To correct these market failures, public policy is needed so that these green technologies can be made profitable than the less sustainable ones. To achieve this, the policies framed should be able to generate rents so that capital can be lured into these socially desirable green investments. Rents can simply be defined as returns that are higher than opportunity returns. Already impermanent rents have accelerated large scale production and use in a range of green technologies, spurred technological education and allowable producers to reap economies of scale.

Every technology apart from being a set of engineering achievements is also centrally located within intensely cultural and environmental limitations. There is a problem in balancing business and environmental concerns because the one of the major factors causing climate change is CO2 emission. Various technical and socio-economic challenges have been faced to balance the same.

Author: Kaustubh Kumar, in case of any queries please contact/write back to us at support@ipandlegalfilings.com orIP & Legal Filing

[i] Benjamin, Alison. Stern: Climate Change A ‘Market Failure’. 2007. The Guardian. 2 Jan. 2014

[ii] Altenburg, Tilman And Engelmeier, Tobias. Rent Management and Policy Learning in Green Technology Development – The Case Of Solar Energy In India. 2012. German Development Institute. 2 Jan. 2014.

[iii] Sunny Y. Auyang, “Technology as A Scientific Capacity to Produce”, Available At:

Http://Www.Creatingtechnology.Org/Eng/Techne.Pdf.

[iv] Adam B. Jaffe, “Technological Change and The Environment”, Handbook of Environmental Economics, Volume 1, Edited By K.-G. Mäler And J.R. Vincent.

[v] Anuradha Shukla, “Green Technology and Sustainable Development In India And South Korea”, Asia Pacific Business & Technology Reports, February 1st, 2010, Available At: Http://Www.Biztechreport.Com/Story/418-Green-Technology-And-Sustainable-Development-India-And-South-Korea.

[vi] Available At: Http://Envirotech.Iweb.Bsu.Edu/Instruction/Lca_Rose_April.

[vii] Available At: Http://Www.E18online.Com/Category/News/Page/3/

[viii] Aarti Dhar, “U.S. Help Sought To Set Up National Environmental Protection Authority”, The Hindu, Nov 27, 2009. Available At: Http://Www.Thehindu.Com/Todays-Paper/Tp-National/Us-Help-Sought-To-Set-Up-National-Environmental-Protection-Authority/Article149535.Ece.

[ix] Anuradha Shukla, “Green Technology And Sustainable Development In India And South Korea”, Asia Pacific Business & Technology Reports, February 1st, 2010, Available At: Http://Www.Biztechreport.Com/Story/418-Green-Technology-And-Sustainable-Development-India-And-South-

[x] Rent Management In The Indian Solar Market, Available At: Http://Www.Bridgetoindia.Com/Blog/Rent-Management-In-The-Indian-Solar-Market/

[xi] Tenaga Nasional Berhad, “Green Energy And Technology Issues And Challenges”, Asia-Pacific Economic Co-Operation, June 2010.

[xii] Edward Barbier, “The Policy Challenges For Green Economy And Sustainable Economic Development”, Natural Resources Forum, 2011, Available At:

Http://Leopoldleadership.Stanford.Edu/Sites/Default/Files/The_Policy_Challenges_For_Green_Economy_And_Sustainable_Economic%20development_Barbier_2011.Pdf

[xiii] Persaud, Avinash. “The Knowledge Gap”, Foreign Affairs (March/April 2001).

[xiv] Johnson, Daniel K. N. And Lybecker, Kristina M., “Challenges To Technology Transfer: A Literature Review Of The Constraints On Environmental Technology Dissemination” (August 16, 2009) Colorado College Working Paper No. 2009-07. Available At Ssrn: Http://Ssrn.Com/Abstract=1456222

[xv] Johnson, Daniel K. N. And Lybecker, Kristina M., “Challenges to Technology Transfer: A Literature Review Of The Constraints On Environmental Technology Dissemination” (August 16, 2009) Colorado College Working Paper No. 2009-07. Available at Ssrn: Http://Ssrn.Com/Abstract=1456222