Kathmandu. Rastriya Banijya Bank (RBB) has distributed financial grants to 10 industries adopting energy efficiency measures. In the first phase, 10 industries were provided a grant of about Rs 29 million after implementing the major energy saving measures identified through energy audit at a program organized at the Bank’s Office in Kathmandu today.

Such measures are expected to save about 36,788 megawatts of energy annually in the long run, which will also contribute to Nepal’s climate commitment and sustainable industrial development.

This grant program is run under the Renewable Energy and Energy Efficiency Program-Nepal Sustainable Energy Through Recovery and Empowerment Project.

The project is being implemented with the co-financing support of the European Union and the German Federal Ministry of Economic Cooperation and Development (BMZ). The programme encourages industries with high energy saving potential to adopt energy efficient practices.

Under the program, a part of the investment cost is provided as a grant for the implementation of measures recommended by the local energy auditor.

The project has been giving priority to ensuring energy efficiency, decent labour practices and adherence to environmental standards. With the distribution of the first phase of grant, the rip-green grant facility has been formally started. It is expected to promote the use of clean and efficient technology in the industrial sector of Nepal.

On the occasion, Chief Executive Officer of the Bank Devendra Raman Khanal said that the grant system would be an important achievement in promoting sustainable industrial practices in Nepal.