IFC, SEWA promote clean energy stoves, solar lanterns rural India

IFC, SEWA promote clean energy stoves, solar lanterns for rural India

2:26 AM, 22nd November 2011
IFC, SEWA promote clean energy stoves, solar lanterns for rural India
Lars Thunell, EVP and CEO, IFC.

 

NEW DELHI, INDIA: International Finance Corporation (IFC), a member of the World Bank Group, is helping India’s self employed women’s association (SEWA) provide energy-efficient cook stoves and solar lanterns to more than 200,000 of its members in the states of Rajasthan and Gujarat over the next three years.

IFC will guarantee a loan from local banks to SEWA members by signing a memorandum of understanding with SEWA. The project is subject to regulatory approvals. It is in line with IFC’s clean-growth strategy and will also help in reduce greenhouse-gas emissions. It will also serve to demonstrate a self-sustaining business model that could also be introduced in other parts of Asia and in Africa.

“This is one of the world’s largest clean-energy projects aimed at the $5 trillion market of consumers, distributors, and entrepreneurs that forms the base of the economic pyramid. By expanding the availability of energy-efficient cook stoves and lanterns, we can help low-income households increase savings and cut expenses for firewood, kerosene and electricity,” said Lars Thunell, EVP and CEO, IFC who is visiting India this week.

“This project, called Hariyali, will provide green livelihoods to poor rural women members. SEWA’s self-employed women work in the informal sector, spend 35 per cent of their income on fuel and walk long distances for firewood. Often our members suffer from forced starvation. There was dire need for an alternative energy initiative,” said Reema Nanavaty, Director, SEWA. The organization has a membership of 1.3 million women across nine states of India. The project is expected to generate carbon credits by reducing greenhouse-gas emissions. The credits, which will be shared among SEWA members, will also help generate income for them.

(C) WOC News

 

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