EIL,,
Delhi,,
The Energy and Resources Institute and ICICI Bank Ltd signed a ‘Soft loan agreement’ today to promote research and development in specific areas, such as nano-biotechnology, energy efficient technology, micro enterprise systems and other vital areas of sustainable development. The agreement was signed between Dr. R. K Pachauri, Director-General, TERI and Ms. Chanda Kochhar, Managing Director and CEO, ICICI Bank at a select gathering held at TERI.
The financial assistance amounting to Rs. 22 crore from ICICI Bank under its ‘Technology Institutions Programme’ of World Bank will strengthen TERI’s activities working on the entire spectrum of sustainable development. TERI plans to utilize this loan to focus on energy efficient improvements in the Indian industry covering both large and small enterprises, assist the small sector in implementing energy saving measures, and invest in the research & development on cleaner technologies.
In his address Dr. RK Pachauri said, “The imperatives for efficient and sustainable use of natural resources require technological development and innovation on an unprecedented scale. TERI has been in the forefront of development of green technologies which promote sustainable solutions. This soft loan being provided by ICICI Bank would enable TERI to invest in new infrastructure and research facilities that would help accelerate technological development involving sustainable solutions for the energy sector and for other vital natural resources such as water and mineral resources.”
Addressing the gathering Ms. Chanda Kochhar said, “Innovation and investment in new technology that is capable of scale-up and wide commercial deployment is critical to sustain the competitiveness of Indian businesses, and to create a sustainable paradigm that balances growth imperatives with the objectives of combating climate change and protecting the environment. This can happen only through the combined efforts of the Government, technology institutions and business organizations. At ICICI Bank, we see ourselves as a vital link in the industry-institution networking process, and our relationship with TERI is a major step in this context.”
A market leader in Energy Audits, this support will provide impetus to the existing activities at TERI, especially in the areas of energy efficiency improvements, improved operating & training practices, reduction of GHG emissions and new product development. In this context, the loan holds immense value to TERI.
