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| Wednesday, 18 August 2004 |
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$ 30 m fund to encourage energy saving efforts by Irangika Range The Energy Conservation Fund (ECF) has proposed to set up a US$ 30 million fund to encourage energy saving efforts in the private sector and among domestic customers. The ECF's Director Projects, Harsha Wickramasinghe said that according to a survey conducted by ECF and Japan Bank for International Co-operation (JBIC) in the last few years local industries and domestic customers have not invested on energy saving purposes in new technology. Wickramasinghe said that JBIC will fund the project and it will provide seven-year concessionary loans for investments on energy saving schemes in the industrial sector and five-year concessionary loans for domestic requirements such as energy saving refrigerators and CFL lamps. Local consumers can cut down on electricity costs by investing on efficient equipment. Most industries in Sri Lanka pay nearly Rs. 100 million a year as air-condition costs. If those companies used modern efficient equipment, it could be reduced to Rs. 60 million," he said. He said the Water Board is a high electricity user in Sri Lanka at present while the tea industry is the highest in the sectors. "The ECF will launch the fund in the near future and it will be administered by BOC, NDB, DFCC and HNB including all commercial banks and certain leasing companies," he said. |
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