New Delhi: Energy efficiency saves the environment and makes businesses more competitive. While India needs to grow, it needs to grow responsibly and the government has taken several measures in this regard,” said RK Singh, the Union Minister of State (IC) for Power and New & Renewable Energy. The minister also said, “Innovations in the field of energy efficiency are critical to meet our GHG (greenhouse gases) emission targets and the government has taken several initiatives in this regard.”
The minister was speaking at the recently-concluded the International Symposium to Promote Innovation & Research in Energy Efficiency (INSPIRE 2018) here.
To support 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 $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 minister said. Rajeev Sharma, Chairman, EESL said, “Innovation is the most important enabler for resolving environmental problems while reducing costs.”