The Asian Development Bank (ADB) and India’s Energy Efficiency Services Ltd. (EESL) – India’s largest energy service company – authorized a $13 million grant to finance the installation of millions of energy-efficient lighting and water pumps across the sub-continent.
The grant is the second installment of the $200 million ADB-financed Demand-Side Energy Efficiency Sector Project, an initiative approved in 2016 that invests in demand-side energy efficiency across the country and supports the Government of India’s National Mission for Enhanced Energy Efficiency. The project managers expect that the initiative will achieve around 3,800 gigawatt hours of energy savings annually.
This is welcome news for a country whose energy use is expected to more than double by 2040. According to the International Energy Agency’s, India’s increase in energy demand could be limited to 82% between now and 2040 if energy efficiency technologies and policies are deployed to their fullest extent.