Dr. Verka urges financial institutions to provide loans to industries for investment in 'energy efficiency market'

Chandigarh, November 26, 2021: In view of the growing demand for energy, New and Renewable Energy Minister Punjab, Dr. Raj Kumar Verka has appealed the financial institutions to provide loans to the industries  for investment in the 'energy saving market' for the purchase of energy saving devices.
While addressing a one-day conference on 'Investment Bazar for Energy Efficiency' organized by the Punjab Energy Development Agency (PEDA) here today, 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 reduved besides, this will help reduce greenhouse gas emissions and reduce costs for economic growth. Dr. Verka 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. Dr. Verka said that will not only help in tackling energy shortages but also reduce the cost of energy in various sectors. Dr. Verka said that Punjab government is ready to provide any assistance for this purpose.
Earlier, Principal Secretary K.A.P Sinha delivered welcome address. Chairman PEDA Mr. H.S. Hanspal presented his views on energy efficiency. Mr. Rajesh Singh, Manager SBI, informed about the schemes related to investment in energy efficiency. Director PEDA Mr. M.P. Singh presented vote of thanks. Mr. Navjot Pal Singh Randhawa, Chief Executive, PEDA was also present on the occasion. During the conference, more than six papers were presented on energy efficiency related issues.