Mumbai to receive funds for energy-saving products

NEW YORK: Mumbai and Karachi are among 16 cities across the world which will get money to help finance retrofitting their facilities with energy efficient products leading to energy saving of 20 to 50 per cent under an initiative announced by former US President Bill Clinton.

The initiative, spearheaded by Clinton's foundation, brings together four of the world's largest energy service companies (ESCOs) and five of the largest banks to help the cities in their efforts to significantly cut down greenhouse gas emissions.

Each of the banks has promised to make available one billion dollars for the initiative. The money will be given as loan to cities and building owners and they would have to pay it back with interest from savings they make by using energy efficient products.

Originally, the Foundation had announced that 15 cities will get the finance but Mumbai was added later to make the total 16.

Aimed at reducing energy consumption in existing buildings, the landmark initiative is a part of the Clinton Climate Initiative (CCI) and will be implemented in Mumbai, Bangkok, Berlin, Chicago, Houston, Johannesburg, Karachi, London, Melbourne, Mexico City, New York, Rome, Sao Paulo, Seoul, Tokyo, and Toronto.

Announcing the initiative yesterday at the conclusion of two-meeting of mayors and high officials of 40 major cities, including New Delhi and Mumbai, Clinton said climate change is a global problem that requires local action. The grouping of 40 cities is known as 'C40'.