The MoU was signed between the Indian minister for environment and forests, Jairam Ramesh and the Norwegian minister of environment and international development, Erik Solheim. It comes into effect from the date of signing and will remain in force until the end of the first commitment period of Kyoto Protocol in 2012 unless either party notifies the other party its intention to terminate it through diplomatic means at least six months in advance.

After signing the MoU with his counterpart, Ramesh said ; “India, with 1400 approved projects, is the second largest beneficiary under CDM after China. If all these projects are implemented by 2012, it would result in an inflow of $6 billion and would neutralize 10% of the annual global GHG emissions. Now with a MoU with Norway we expect a boost in our CDM activities.”

He said that India has been cooperating with Norway in many climate projects. Indian company, Tata Motors is collaborating with a Norwegian company for producing electric cars for European consumers. Tata Consultancy Services is rendering green consultancy in Norway. “Norway is the leader in carbon capture and storage and is using it for oil recovery. Indian entrepreneurs can seize this opportunity,” he said.

As a first fruit of the MoU, Solheim announced that a biodiversity project with Norwegian assistance and with partnership with the Andhra Pradesh government's Environment Protection Training and Research Institute in Hyderabad would soon come into operation.

Ramesh said that similar biodiversity projects would be initiated for northeastern India, Western Ghats and the Himalayas.

Solheim said : “CDM has to be improved to benefit African countries also where it has a negligible presence. It is child which should not be killed but nurtured properly It should include technology transfer.'

He suggested that India should help Norway in hydro-electric power, solar energy and greening of IT projects in which it has adequate expertise. He suggested setting up of a Norway-India Fund on Renewable Energy.

Suggesting the urgent need for a Green Technological Revolution on the lines of Internet Revolution and Green Revolution, Solheim said : “lot of green technologies are already available. We need to scale them up. We need to foster public-private partnership more particularly in carbon capture and storage. In Copenhagen climate talks, there is a need to identify green technologies for rendering incentives. We need to draw up a global roadmap for technology development and transfer. We support the concept of global network for centres of excellence for green technologies mooted by India. Financing of green technology project is also important.”

According to the India-Norway MoU, parties would jointly agree to define areas of priority for the development and implementation of projects under CDM. Approval and implementation of project activities of interest will also depend upon the conformity of such project activities with environment laws and regulations of both countries. There will be regular exchange of information.

In the event that any joint activity involves access to, sharing, transfer or joint development of technology that is subject to patents or other intellectual property rights, the participants or their representatives will decide in advance as to the adequate consideration of intellectual property rights, in accordance with relevant legislation in both countries.#