Global Environment Facility (GEF), an international partnership of 183 countries, International development banks, United Nations agencies and international non-governmental organisations (NGOs) will provide $454 million funding for energy-efficiency projects run by Energy Efficiency Services Ltd (EESL).
More Information about funding from Global Environment Facility for energy efficiency programs:
Energy Efficiency Services Ltd (EESL) is leading implementation of energy efficiency projects across India. It is promoted by four public sector firms in the energy sector viz. NTPC Ltd, Power Grid Corp. of India Ltd., Rural Electrification Corp. Ltd and Power Finance Corp. Ltd
- $454 million funding to EESL comprises of a GEF grant of $20 million and co-financing of $434 million in the form of loans and equity. The loan component also includes $200 million loan from the Asian Development Bank.
- EESL will use these funds in its programmes for street lighting, domestic lighting and promoting five-star rated ceiling fans and agricultural pumps.
- Projects executed by using these funds will help EESL to mitigate 60 million tonnes (mt) of carbon dioxide emissions.
Overview of Energy Efficiency Market in backdrop of Climate Change:
India is among world’s most vulnerable countries which could suffer from adverse effects of climate change.
- India is the third biggest emitter of greenhouse gases after the US and China. As part of its commitments to the United Nations Framework Convention on Climate Change adopted in 2015, Indian Government plans to reduce country’s carbon footprint by 33-35% from its 2005 levels by 2030.
- Owing to developments in this direction, the energy-efficiency market in India is estimated at $22.81 billion.
About Global Environment Facility (GEF):
- GEF was established in 1992 on eve of Rio Earth Summit.
- Secretariat of GEF is located in Washington D.C., US.
- Naoko Ishii is the current CEO and Chairperson of GEF.
- Till Date, GEF has provided over $17 billion in grants and has mobilised $88 billion in financing for over 4000 projects in 170 countries.