$454 million energy efficiency project launched -Governance Now

$454 million energy efficiency project launched

EESL proposes Energy Efficiency Revolving Fund

GN Bureau | November 2, 2017

#PSU #energy efficiency #EESL #global environment facility

Recognising India’s efforts to have a low emission-economy, the global environment facility (GEF) has partnered with Energy Efficiency Services Limited (EESL), a joint venture of ministry of power’s PSUs for creating and sustaining markets for energy efficiency project.

GEF is an international partnership of 183 countries, international institutions, civil society organisations and the private sector that addresses global environmental issues.

The project will receive a funding of $454 million comprising GEF grant of $20 million and co-financing of $434 million in the form of loans and equity. It includes a $200 million loan from the Asian Development Bank (ADB).

EESL has also proposed Energy Efficiency Revolving Fund (EERF) to fund energy efficiency projects in India. The EERF will support investments for the new technologies of super-efficient ceiling fans, tri-generation technologies and smart grid-applications and programme development to help cover initial investment costs of identified energy efficiency programmes in the country.

The GEF project has brought together United Nations Environment (UN Environment), ADB and Kreditanstalt für Wiederaufbau (KfW) which aims to mitigate 60 million tons of CO2 eq (carbon dioxide equivalent), that will enable energy savings of 38.3 million GJ by 2022 and 137.5 million GJ by 2032. (1 GJ = 277.778 kWh)

Ministry of power, secretary, Ajay Kumar Bhalla said currently around two-thirds of total power generation capacity in India is based on fossil fuels and by 2030, India is committed to achieve 40 percent of the installed capacity based on clean energy sources. To achieve this target, there is a need to encourage energy efficiency measures, he said.

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