On the second anniversary of the historic Paris Accord, world leaders and civil society re-convened to review their commitments towards mitigating climate change at the One Planet Summit in Paris. The Summit was designed to launch new initiatives that assist in ramping up financial flows to developing nations as they implement their climate action plans under the Agreement.

Representatives from over 130 different nations were part of the One Planet summit. While sharing best practices with the representatives, World Bank President Jim Yong Kim applauded Energy Efficiency Services Limited (EESL) in leading the world with its innovative business model and driving the energy efficiency programmes in India.

Highlighting the impact of EESL's innovative approach and the objective of World Bank's partnership with the company, President of the World Bank Jim Yong Kim said, "I am very excited to share with you the partnership with Energy Efficiency Services Limited or EESL, a company that finances residential and public-sector energy efficiency investments in India. EESL has already deployed more than 275 million LED bulbs, 4.2 million LED tube lights, and 4 million street lights in municipalities throughout India. Through an innovative bulk procurement business model, EESL has driven down prices to make climate-smart LED bulbs as affordable as conventional bulbs, saving energy costs for customers.

"Just by mid-2019 this programme will save enough energy to avoid 20 Gigawatts of electricity capacity which would likely been all coal fired. Early next year, EESL will use a 220-million-dollar World Bank (IBRD) loan, combined with an 80-million-dollar guarantee facility, and leverage 200 million dollars of commercial finance to deploy thousands of electric cars and charging stations and millions of smart meters throughout India."

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