Thu, 18th July 2019 | Updated Tuesday 13 March 2018, 06:23:39
FOR IMMEDIATE RELEASE
DATE: December 2nd, 2016
Victoria, Seychelles – The Government of Seychelles, United Nations Development Programme and Global Environment Facility (GOS-UNDP-GEF) Resource Efficiency Project and the Seychelles Energy Commission (SEC) will be holding two-days of back-to-back events next week.
The first event, which will be held on 6 and 7 December, 2016 at the Savoy Resort, is the Energy Efficiency (EE) Lending training organised for stakeholders from Seychelles' financial institutions, more particularly the banking sector.
The role of commercial banks and financial institutions is seen as imperative in supporting Seychelles achieve its goal of becoming energy efficient. Their active participation is fundamental for the long-term growth and development of the market for delivering energy efficiency financing. Energy Effciency is also interesting for banks as it can be a profitable business with significant loan volumes and controlled risks, as has been demonstrated around the world in those countries where banks has started lending in this niche. Banks may also find it interesting as individuals and organisations that invest in EE becomes better clients for the banks since for by reducing their operational cost, they not onlyincrease their free cash flow to service debt, but they also become more efficient and sustainable in the long term.
The training is aimed at building the capacity of the local financial institutions on energy efficiency and proactively develop specific financial products for them, reduce barriers within the banking system that may constrain energy efficiency lending and identify actions to mainstream energy efficiency lending in the banking sector.Training participants will also benefit from a training manual –developed through the GOS-UNDP-GEF Resource Efficiency Project, which provides the local banks with user-friendly methods to evaluate risks and assess opportunities for energy efficiency investments.
The training ris being offered on the two days (6th and 7th ) to allow the banks to send a first cohort of their loan officers on day one of the training and a second group on the following day.
As with all training, it is important to showcase case studies and present to the financial institutions the development in this industry, which is requiring their support. As such, the Resource Efficiency Project and the SEc project has organised a Business to Business (B2B) resource efficiency networking event,which a first for Seychelles. This will take place on the evening of the 7th at the Savoy Resort.
The aim of this b2b event is to provide a networking platform and further foster relations between various energy efficiency and renewable technology suppliers and clients, as well as the local financial institutions. Participants will also have the opportunity to hear from various guest speakers such as TropicFood, MCB, Energy Solutions Seychelles, Mr Ramani from Samsung and Chalet D'Anse Forbans, who will be sharing their experience in the energy efficiency and renewable energy technology field.
What is to be considered is that Energy Efficiency can have multiple benefits, both globally and nationally. At the global level, energy efficiency is widely recognized as the most cost effective solution in reducing the rapid growth in energy demand, and subsequently reducing energy consumption from fossil fuels, and, therefore, reducing global greenhouse gas emissions (GHG) contributing to climate change. According to several sources such as the United Nations Environment Programme (UNEP) and International Energy Agency (IEA), energy efficiency opportunities exist in all sectors, placing the reduction of GHG approximately between 1.6 GtCO2 and 2.0 GtCO2 per year in 2020. Nationally, energy efficiency has the potential of reducing the country's energy consumption, which will in turn improve its energy security, and reduce our demand of fossil fuels; hence, benefiting Seychelles' economy.
The training will be held on Tuesday 6th and 7th December, 2016, at the Savoy Resort, from 8 am to 4:30 pm.
The B2B Energy Efficiency Networking Event will be held on Wednesday 7th December,2016, at the Savoy Resort, from 6 pm to 8 pm.
About the GOS-UNDP-GEF Resource Efficiency Project
Seychelles is highly dependent on imported oil to meet its energy needs: 90% of the primary energy supply comes from imported fuel, with imports of fuel for electricity generation alone accounting for 12% of the total Government budget. This heavy reliance on imported fossil fuels places a heavy pressure on the country's foreign exchange reserves, exacerbates state budget deficits, and poses major energy security concerns, both in terms of access to supplies and pricing. A market for energy-efficient appliances is just beginning to develop in the Seychelles, based in large part on the rapidly rising cost of electricity for most consumers. However, this market is constrained in many ways, including: a lack of consumer awareness about EE appliances; extremely limited purchase options for EE appliances (apart from energy saving lights); the inability of consumers to get bank loans or store financing for the purchase of high-value EE appliances (such as air conditioning units, refrigerators/freezers, and washing machines); and the absence of any standards or labelling schemes or requirements for EE appliances in the country
Project Outcomes: The GOS-UNDP-GEF Resource Efficiency Project (RE Project) aims to increase market penetration of energy-efficient technologies, products and services in Seychelles. It aims to achieve this through four main components:
• Legislative, institutional and fiscal frameworks improvement;
• Awareness raising and educational campaigns for selected target audiences;
• Schemes to develop the skills and certify the qualifications of selected and new professional categories;
• Facilities to manage the residues of obsolete electric and electronic equipment and to finance the acquisition of new and resource efficient technologies.
About the Seychelles Energy Commission
The Seychelles Energy Commission (SEC) was set up in 2009 and falls under the under the purview of the Ministry of Environment, Energy and Climate Change. The object of the Commission is to regulate electricity related activities for adequate, reliable, cost effective and affordable electricity while protecting and conserving the environment. The Commission regulates the generation, transmission, distribution, supply and use of electricity. In addition, the Commission promotes the use of energy efficient technologies and renewable resources.