Action on climate change can trigger job opportunities and enhance economic potential of countries, as the cost of "inaction" is enormous, Australian Prime Minister Kevin Rudd said today. "In Australia's case, we are among the hottest and driest continents on earth and the impact therefore, on our economy and on our people, due to inaction is huge and so, is it worldwide," Rudd said at a function organised by FICCI here.
"So let me flip to the other side of the equation -- the economic potential -- which lies only through action on climate change," he said pitching for investment in renewable energy sector, specifically wind energy.
In this regard, Rudd referred to Renewable Energy Target Bill passed by his government to quadruple the renewable energy target set by the previous government in 2001 to 20 per cent by 2020. "Therefore, the opportunity for large inbound investment for global renewable energy companies based in India or elsewhere is huge and we welcome that investment.
"We think it is the right thing to do. So, I am looking at the renewable energy sector from all dimensions, whether it is from solar, wind, tidal or thermal. These represent a large sector, he added. Rudd arrived in India on a two-day visit Wednesday, his first since becoming the Prime Minister two years ago.
