Power Minister Inaugurates INSPIRE 2018
“Energy efficiency saves the environment and makes businesses more competitive. While India needs to grow but we need to grow responsibly and the Government has taken several measures in this regard,” said Shri R K Singh, Union Minister of State (IC) 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) here today. This is the second edition of INSPIRE and is being organised by Energy Efficiency Services Limited (EESL) and the 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 (green house 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.
Speaking on the occasion, Shri Ajay Bhalla, Secretary, Power said that India’s energy efficiency efforts were being lauded world over. He also said that innovation challenge was a very good idea to promote energy efficiency.
Shri Rajeev Sharma, Chairman, EESL said, “Innovation is the most important enabler for resolving environmental problems while reducing costs.”
INSPIRE 2018 has been organised in collaboration with the Bureau of Energy Efficiency (BEE), The Energy & Resources Institute (TERI), Asian Development Bank (ADB), the United Nations Environment Program (UNEP), and the Administrative Staff College of India (ASCI). The event is bringing together policy-makers, influencers, innovators, thought leaders, researchers, leading energy-efficient companies, government agencies, business leaders and other stakeholders to deliberate on key energy policies, market transformation strategies, and sustainable business models that will help leverage the full potential of energy efficiency and bring its multiple co-benefits to the fore.
The event was attended by senior officials from the Ministry of Power, EESL, Dr Junaid K. Ahmad, Country Director, The World Bank (WB); Mr Kenichi Yokoyama, Country Director, Asian Development Bank (ADB).