EESL to get $300 mn from World Bank for India’s Energy Efficiency Program
28th August, 2018Category: International
The Government of India, the Energy Efficiency Services Limited (EESL) and the World Bank signed a $220 million Loan Agreement and a $80 million Guarantee Agreement for the India Energy Efficiency Scale-Up Program. Under the Program, EESL will deploy 219 million LED bulbs and tube lights, 5.8 million energy efficient ceiling ceiling fans, and 7.2 million street lights, which will be supplied by private sector manufacturers and suppliers.
The investments are expected to avoid lifetime greenhouse gas emissions of 170 million tons of CO2 and contribute to avoiding an estimated 10 GW of additional generation capacity. This would be over 50% of the National Mission for Enhanced Energy Efficiency target of 19.6 GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord. This will contribute India climate change commitments to reduce carbon intensity by 33-35% by 2030.
Read More: The Times of India, The Hindu Business Line, The Hindu