Recognizing India’s efforts towards a low emission-economy and focusing on energy efficiency programs, the Global Environment Facility (GEF) has now partnered with Energy Efficiency Services Limited (EESL) for the project ‘Creating and Sustaining Markets for Energy Efficiency’.
The project will receive a composite funding of $454 million comprised of the GEF grant of $20 million and Co-financing of $434 million in the form of loans and equity, including a USD 200 million loan from the Asian Development Bank. EESL further proposes “Energy Efficiency Revolving Fund” (EERF) for sustainable funding mechanism of energy efficiency projects.
The GEF project further brings together many technical and financing partners including United Nations Environment (UN Environment), Asian Development Bank (ADB) and Kreditanstalt für Wiederaufbau (KfW) which aims to mitigate 60 million tons of CO2eq (carbon dioxide equivalent), that will enable a total direct energy savings of 38.3 million GJ by 2022 and 137.5 million GJ by 2032.
The project is aimed at scaling up energy efficiency efforts to achieve country’s INDC goals. The funding will boost four of EESL’s existing technologies involving street lighting, domestic lighting, five-star rated ceiling fans and agricultural pumps. Additionally, the funding will help EESL diversify its portfolio across three new technologies such as super-efficient ceiling fans, Tri-generation and Smart Grids/Meters.
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