Energy efficiency saves the environment and makes businesses more competitive, said R K Singh Union Minister of State for Power and New & Renewable Energy. The Minister was speaking at the inaugural of the International Symposium to Promote Innovation & Research in Energy Efficiency (INSPIRE 2018), in New Delhi last evening.
This is the second edition of INSPIRE and is being organised by Energy Efficiency Services Limited (EESL) and World Bank. The three-day symposium will focus on enhancing grid management, e-Mobility, financial instruments and technologies for energy efficiency in India.
The Minister further 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”. He also gave away awards to four pathbreaking innovations in clean energy and energy efficiency as part of #InnovateToINSPIRE, a first-of-its-kind energy innovation challenge.
The #InnovateToINSPIRE challenge was organized by EESL and World resources Institute (WRI) between 21 August, 2018 and 12 October, 2018 in the run-up to INSPIRE 2018.
The challenge invited participants to submit sustainable and scalable solutions to seven specific challenges spanning grid management, e-Mobility, energy efficient technologies and financial instruments. From 94 entries, four winners were selected by an eminent jury comprised of Indian and international experts in the field of energy. The winning entries received an award of Rs. 5 lakhs, each, along with mentoring and guidance from EESL to help them bring their solutions to market.
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 USD 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.