Bilateral agreements to develop clean technology and unlock private sector finance could help fill the gap in the absence of an international climate change pact, Britain’s climate and energy minister said on Monday.
With just two weeks to go before United Nations climate talks start in Mexico, expectations for a new treaty to succeed the Kyoto Protocol have faded.
Last week, the U.N.’s climate chief said governments had lowered their sights for the November 29-December 10 talks in Cancun, Mexico, after a summit in Copenhagen last year failed to secure a new pact.
On Monday, the UK-India Business Leaders Climate Group (BLCG), made up of British and Indian firms valued at over 200 billion pounds ($322.2 billion), launched a report recommending ways the two countries can unlock green growth and deliver a low-carbon economy.
The measures include developing joint clean technology demonstration projects, financing instruments and regulatory frameworks over the next 12 months.
“Bilateral relationships can help to drive real progress, real projects and real economic transformation in way that the broader multilateral talks can’t,” said Greg Barker.
“The more we see this type of initiative, the more likely we are to see the global legal agreement on climate that we actually need long-term,” he added.
Since climate talks stalled in Copenhagen last year, there are still divisions between rich and poorer nations over climate finance and emissions cut pledges.
Barker said Britain had “no immediate plans” to develop such bilateral relationships with other countries but the Indian collaboration could serve as a model for other nations.
“This sets a new paradigm for delivering action on the ground if it lives up to expectations,” he said.
“This will be a model for cooperation which I hope will be copied in separate bilateral relationships around the global economy.”
BLCG members include UK retailer Marks & Spencer, HSBC, Rolls Royce, India’s Great Eastern Energy Corp. and Suzlon Energy.
