Kathmandu: Nepal has taken a major step toward sustainable development with the launch of a new grant scheme under the Renewable Energy and Energy Efficiency Programme – Green Recovery and Empowerment with Energy in Nepal (REEEP-GREEN).
The grant scheme, managed by Rastriya Banijya Bank Limited (RBBL), aims to support industries and enterprises with significant energy saving potential in adopting energy-efficient practices, contributing to green growth and livelihood improvement in Nepal.
The REEEP-GREEN grant scheme, by providing a grant to cover a percentage share of total investment, encourages industries and enterprises to invest in their own energy efficiency measures, identified through energy audits conducted by locally certified energy auditors. The grant conditions prioritize energy efficiency, decent work approaches and environmental standards.
In addition, implementing energy efficiency measures not only saves cost through reduced energy bills and improved productivity but also contributes to reducing industries’ carbon footprint and to preserving natural resources. By optimizing production processes and enhancing system reliability, industries can minimize their environmental impact and improve their competitiveness.
The program aligns with broader objectives to promote sustainable practices within industries and enterprises by integrating circular economy principles, adhering to environmental standards and fostering decent work practices. The benefits realized from the grant supported measures will serve as a demonstration of concept to develop business cases for loan and blended financing supported interventions in the public and private sector. This will encourage more industries and enterprises to adopt energy efficiency measures and also promote sustainable development in Nepal.
REEEP–GREEN is a technical cooperation project agreed between the Government of Nepal (GoN), the Federal Republic of Germany and the European Union. With the support of GIZ on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union, the project is implemented by the Ministry of Energy, Water Resources and Irrigation. The project sets out to enhance planning and implementation conditions for measures that promote renewable energy and energy efficiency in Nepal.
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