Union Environment Minister Prakash Javadekar stressed that research and development of green technologies must become part of the business plan of companies.
"Research and development must also become part of the business plan, which carries a certain risk, but also generates tremendous profits for the companies," Javadekar said in his intervention at the second meeting of the Business Dialogue for COP-21 held at UNFCCC here yesterday.
The GCF was set up under the framework of the United Nations Framework Convention on Climate Change (UNFCCC) and developed countries had committed to raise USD 100 billion each year by 2020 to help developing countries deal with climate change.
Noting that most of the countries in the world are ready with their Intended Nationally Determined Contributions (INDCs) with the commitment of working for green growth, Javadekar stressed that industries should invest more in research and development.
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"Thus, the signal for the industry is positive and they should invest more and more for research and development," he said.
INDCs are voluntary pledges that countries are making to cut carbon pollution ahead of UN climate meet in Paris at the end of the year. India is also likely to submit its INDC very soon.
India, the minister said, has put forward new ideas and proposed debate on lifestyle issues, climate justice and green credit mechanism.