EESL, ADB Ink Pact for $13 Mn GEF Grant to Establish EERF

EERF aims to expand and sustain investments in the energy efficiency market in India, build market diversification, and scale up existing technologies.

Towards supporting investments in new, innovative and scalable business models, EESL and Asian Development Bank (ADB) signed an agreement for a Global Environment Facility (GEF) grant of USD 13 million to establish an Energy Efficiency Revolving Fund (EERF).

EERF aims to expand and sustain investments in the energy efficiency market in India, build market diversification, and scale up existing technologies.

The agreement was signed during the second edition of the International Symposium to Promote Innovation & Research in Energy Efficiency (INSPIRE 2018) which kicked off in New Delhi.

Speaking at the occasion, R.K. Singh, Minister of Power, New & Renewable Energy, (I/C), Govt. of India said, “Platforms like INSPIRE 2018 bring together stakeholders to deliberate upon the solutions for India’s energy ambition. The symposium will encourage the cross-stakeholder partnerships needed to accelerate our efforts towards advancing universal access to power, energy security and sustainability. I also laud this initiative for its focus on innovation.”

“For India to achieve its climate change commitments of reducing carbon intensity by 33-35 percent by 2030 from 2005 levels, the large-scale energy efficiency and clean energy programs that EESL is pursuing will play a significant role,” said Junaid Ahmad, World Bank Country Director in India.

“Energy efficiency is one of the strategic pillars of our engagement in India, and includes a recently-launched program with EESL, to help scale up the deployment of energy saving measures in residential and public sectors, strengthen institutional capacity, and enhance access to commercial financing. Beyond our direct lending we are working towards mobilizing USD 25 billion commercial financing for clean energy globally,” he added.

Rajeev Sharma, Chairman, EESL said, “Innovation is the most important enabler for resolving environmental problems while reducing costs. We believe that with scale and financial support, innovative solutions can drastically transform markets, economies, societies, and nations. With this thought, we embarked upon this year’s INSPIRE. I am confident that the next two days will not only see fruitful deliberations on the various aspects of sustainability but also come out with pertinent recommendations and suggestions to support the policy landscape in energy efficiency.”