Even though the transition to a green economy may take several years, the process can be accelerated by adopting favorable policies and incentive mechanisms. Discuss (200 Words)
Refer - Business Standard
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· Advanced economies (AEs) have long been investing in research and development of green technology. Developing countries neither have huge resources and innovation capabilities for technology development, nor capital to buy or license the technology from the AEs.
· These countries often resort to compulsory licensing. India’s National Manufacturing Policy also promotes compulsory licensing of patented green technologies for technology transfer, where necessary.
· Article 31 of the TRIPS (Trade-Related Aspects of Intellectual Property Rights) agreement permits compulsory licensing in “case of national emergency” or for “public non-commercial use”.
· Further, such licensing would discourage innovation and could expose the country to potential economic sanctions from AEs. India has been on the US priority watch list over this issue for a while.
· Apart from technology transfer, India also has huge potential for green innovation. In this regard, India could take a cue from AEs that have introduced measures to fast-track “green” patent applications. Usually, it takes several years to obtain a patent.
· At present, India has an expedited patent grant provision for start-ups. It may benefit by introducing a green channel for expedited grant of patents for green innovation.
· The role of international organisations such as WIPO is crucial in green technology transfer. WIPO has already been proactively facilitating this through its online platform for technology exchange called WIPO GREEN by connecting providers and seekers of environmentally friendly technologies. India must make the best use of its clout with WIPO and other international organisations in green technology transfer.
· Green technologies like solar cells and electric vehicles have taken more than a century from first invention to profitable commercialisation.
