R.K. Singh inaugurates INSPIRE 2018

With a focus on enhancing grid management, eMobility, and financial instruments and technologies for energy efficiency in India, the second edition of the International Symposium to Promote Innovation & Research in Energy Efficiency (INSPIRE 2018) kicked off in New Delhi. The three-day symposium is being organised by Energy Efficiency Services Limited (EESL) andWorld Bank. Based on the theme of Innovation, INSPIRE 2018 honoured four pathbreaking innovationsinclean energy and energy efficiency as part of #InnovateToINSPIRE, a first-of-its-kind energy innovation challenge.

Towards supporting investments in new, innovative and scalable business models, EESL andAsian Development Bank (ADB) signed an agreement for a Global Environment Facility (GEF) grant of USD 13 million to establishan 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.

INSPIRE 2018 was inaugurated by Hon’ble Minister of Power, New and Renewable Energy, Raj K Singh in the presence of senior dignitaries including A.K. Bhalla, Secretary, Ministry of Power, Govt. of India; S.N. Sahai, Additional Secretary, Ministry of Power, Govt. of India; Dr. Junaid K. Ahmad, Country Director, The World Bank (WB); Mr. Kenichi Yokoyama, Country Director, Asian Development Bank (ADB); and Shri Rajeev Sharma, Chairman, EESL.

Speaking at the occasion, R.K. Singh, Hon’ble Minister of Power, New & Renewable Energy, (I/C), Govt. of India said, “Platforms like INSPIRE 2018 bring together stakeholders to deliberate upon the solutions for India’s energy ambition. The symposium will encourage the cross-stakeholder partnerships needed to accelerate our efforts towards advancing universal access to power, energy security and sustainability. I also laud this initiative for its focus on innovation. Combined with resources available through the Energy Efficiency Revolving Fund, solutions identified during INSPIRE 2018 and the #InnovateToINSPIRE challenge could redefine the future of energy consumption in India.”

Hon’ble Minister also recognized winners of the #InnovateToINSPIRE challenge, which 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, eMobility, 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 will receive an awardof INR 5 lakhs, each, along with mentoring and guidance from EESL to help them bring their solutions to market.

“For India to achieve its climate change commitments of reducing carbon intensity by 33-35 percent by 2030 from 2005 levels, the large-scale energy efficiency and clean energy programs that EESL is pursuing will play a significant role,” said ShriJunaid Ahmad, World Bank Country Director in India. “Energy efficiency is one of the strategic pillars of our engagement in India, and includes a recently-launched program with EESL, to help scale up the deployment of energy saving measures in residential and public sectors, strengthen institutional capacity, and enhance access to commercial financing. Beyond our direct lending we are working towards mobilizing US $25 billion commercial financing for clean energy globally,” he added.