INDIA’S POOR WILL FUND NEW ENERGY

Indian Poor May Support $2 Billion Annual Clean-Energy Market, Study Says
Natalie Obiko Pearson, September 28, 2010 (Bloomberg News)

"A $2 billion-a-year market for clean-energy products such as solar-powered lanterns may exist among India’s rural poor who want dependable, energy-efficient devices, according to a [ICICI Bank Ltd]-funded report.

"The poor who live outside cities and comprise 60 percent of the nation’s 1.2 billion people already spend $4.8 billion a year on fuels like firewood and dung for energy for lack of better, more reliable alternatives, said the report supported by the ICICI Foundation whose main donor is ICICI Bank Ltd., India’s second-largest bank…"

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"India is seeking to promote standalone renewable energy projects, including 2,000 megawatts of decentralized solar plants by 2022, to help plug gaps in its electricity grid.

"One of three Indians lack access to electricity, a deficit that must be closed to ensure the expansion of the world’s third-fastest growing major economy, the International Energy Agency said…"

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"Companies supplying clean-energy alternatives to rural communities report that sales have grown on average by 36 percent since 2004…The study surveyed 23 companies in India, including a local unit of BP Plc, which distributes a smokeless “Oorja” cooker fuelled by pellets of agricultural waste, and Envirofit, whose funders include Google Inc. and Hewlett-Packard Co.

"A shortage of power-generating capacity and other infrastructure shaves 2 percentage points from growth, the Finance Ministry estimates. The economy has expanded an average 8.5 percent in the last five years."