IDBI to promote green tech

Hyderabad
Aug. 27: IDBI Bank on Thursday signed a project agreement with the World Bank for the implementation of Chiller Energy Efficiency Project (CEEP) in India.
The project would aim at reducing Greenhouse Gas emissions and to support the phase-out of the use of chlorofluorocarbon (CFC), an ozone depleting substance, under the Montreal Protocol, said a statement issued by the IDBI Bank.
This purpose would be achieved by stimulating the acceleration of replacement of old CFC-based centrifugal chillers, with more energy efficient non-CFC centrifugal chillers.
The green technology project would provide financial incentives directly to chiller owners to encourage them to overcome barriers such as up-front capital costs and perceived technology risks.
The World Bank-aided project would also strengthen the national capacity for carbon finance intermediation