Dr Verka urges FIs to provide loans to industries for investment in ‘energy efficiency market’

Chandigarh, Nov 26 : In view of the growing demand for energy, Punjab New and Renewable Energy Minister Dr Raj Kumar Verka on Friday appealed the financial institutions to provide loans to the industries for investment in the ‘energy saving market’ for the purchase of energy saving devices.

Addressing a one-day conference on ‘Investment Bazar for Energy Efficiency’ organized by the Punjab Energy Development Agency (PEDA) here on Friday, Dr Verka said that at present the demand for energy has increased tremendously and there is a huge gap between its demand and supply in many states. Now, it takes time to close this gap. He called upon the industries to come forward for this cause.

Describing energy as essential for every aspect of life, Dr Verka said it plays a key role in development and sustainable growth. By improving energy efficiency, energy demand can be reduced besides, this will help reduce greenhouse gas emissions and reduce costs for economic growth.

He said most of the electricity is being consumed by industries. Therefore, energy consuming devices need to be installed in industries. He said that there is huge potential for energy saving in Punjab for which loans are required from financial institutions.

Dr Verka has appealed for financial assistance from financial institutions for the installation of state-of-the-art equipments for efficient use of energy in industries. At the same time, he has emphasized on energy conservation in other areas as well.

The Minister said that it will not only help in tackling energy shortages but also reduce the cost of energy in various sectors. He said that Punjab government is ready to provide any assistance for this purpose.


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