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India's eco-friendly innovations

Summary

12 June 2012

Last year, India had faster growth in clean technology than any other major world economy, with more than $10 billion of investment. Many say environmentally-friendly technology can help solve some of the country's energy problems - but can it make money too?

Reporter:

Rajini Vaidyanathan

Report

In her small mud hut in a village a few hours from Mumbai, Bali Bhalla is cooking rice on an open stove. As flames dance from the fire, acrid¹ smoke circles around the room. More than two-thirds of Indians live in rural areas and cook like this. But there are environmental concerns about the stoves - one study estimated they're responsible for four per cent of the country's greenhouse gas emissions². 

And that's something Neha Juneja wants to change. She's started a company which produces eco-friendly cooking stoves - she says they emit 80% less smoke and use less wood. For her, green technology isn't just about saving the planet, but also about making money. 

Neha Juneja: "I and my co-founder, we quit good paying jobs to start this, but we did not start this with a purely³ social or charitable mission. We saw it as a business and we still see it as a very good opportunity for us to fulfil our dream of bringing a good product to the market and also being financially comfortable." 

In a factory on the outskirts⁴ of Mumbai, Nitin Bhodale shows me his innovation - a machine which can turn plastic into petrol. At one end of a five metre high cylinder⁵ workers drop bags of rubbish; an hour later, crude oil starts to drip out at the other end. 

And there is big money to be made - more than $10 billion of funds was pumped into green energy last year, making India the country with the fastest rate of growth. With a rising population, the need for more power in the country is increasing. The belief is that green tech won't just help improve the environment but also the business climate too.