Energy Efficiency Revolving Fund Current Affairs - 2020
Asian Development Bank (ADB) it will provide US $13 million loan to Energy Efficiency Services (EESL) to promote efficient energy usage in India. It will be provided by Global Environment Facility (GEF) as part of US $200 million ADB-financed Demand-Side Energy Efficiency Sector Project.
ADB funding is helping EESL finance energy service utilities for installing established energy-efficient technologies such as light-emitting diode (LED) street-lights with municipalities, while exploring newer technologies and their self-sustaining business models.
The additional financing for project through GEF grant will be used by EESL for making investments in new and emerging technologies, including trigeneration, efficient motors and air-conditioners, smart meters/grids and associated new business models to expand use of such innovations as well as to set up v
Asian Development Bank (ADB)
ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside.