Resource detail

GEF (Global Environment Facility), with EESL (Energy Efficiency Services), have launched a revolving fund for three efficiency areas. EESL, under the ministry of power, is a joint venture of four state sector undertakings. Washington-based GEF would also be funding EESL’s district energy initiative in Bhopal, Pune, Coimbatore, Thane, and Rajkot. The major portion of GEF’s financing, $200 million, for the revolving fund would come from Asian Development Bank (ADB). It would get $454 million, comprising the GEF grant of $20 million and co-financing of $434 million in the form of loans and equity, including the ADB loan. Mr Naoko Ishii, chairperson and chief executive of GEF, said the fund would be based on an innovative model, under which savings from the efficiency programmes are to be ploughed back, for scaling up energy efficiency efforts to achieve the country’s commitments under the climate change pact, termed INDCs (intended nationally determined contributions). The GEF-6 fund, launched on 1 November 2017, would support two projects ‘Creating Markets for Energy Efficiency’ and ‘District Energy in Cities’.