India, World Bank sign funding agreements for 3 environment projects

The centre today signed agreements with the World Bank for financing three environment projects across the country.

The three projects include the Chiller Energy Efficiency Project, the National Agricultural Innovation Project (additional financing) and the Uttarakhand Decentralised Watershed Management Project (additional financing).

The Chiller Energy Efficiency Project is estimated to cost $83.27 million, out of which $ 6.3 million will come as a grant from the Global Environment Facility (GEF) of the US, $1 million as Montreal Protocol Ozone Projects Trust Fund (OTF) grant and $5.85 million in the from of a Spanish Carbon Fund, for which the International Bank for Reconstruction and Development (IBRD) is acting as trustee. The remaining amount of $70.12 million would be raised by chiller owners themselves.

The objective of the project is to accelerate the replacement of centrifugal chillers with efficient non-CFC-based centrifugal chillers in order to promote deployment of energy efficient technologies and products to reduce greenhouse gas emissions, and support the phase-out of CFC demand in India, an official release said.

The project is proposed to be implemented by undertaking activities under following broad categories:

i Investment in chiller replacement.
ii Measurement, monitoring and verification
iii. Technical assistance.
iv. Project management unit.