EESL and GEF to provide $454 million for energy efficiency fund

Energy Efficiency Services Limited (EESL) and the Global Environment Facility (GEF) have jointly launched a $454 million project to mitigate 60 million tonnes of CO2 equivalent and enable energy savings amounting to 38.3 million gigajoule (GJ) by 2022 and 137.5 million GJ by 2032. The project is known as “Creating and Sustaining Markets for Energy Efficiency” and the funds will comprise a GEF grant of $20 million and co-financing of $434 million in the form of loans and equity, including a $200 million loan from the Asian Development Bank. EESL has also proposed the formation of an energy efficiency revolving fund as part of the project.