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An energy efficiency project is underway in 22 industries in Bangladesh which is expected to reduce their overall power consumption by 43 per cent.

The project is aimed at bringing down the overall energy consumption by 20 per cent by 2030.

The 22 comprising three cement factories, nine garments industries, seven spinning mills, a weaving factory, a paper mill, and an electronics industry will also save Tk 110 crore annually in their bills.

To achieve the goal, state minister for power, energy and mineral resources Nasrul Hamid has urged energy experts to find out suitable technology for its efficient use.

Energy experts said if energy-efficient equipment and appliances are used, the same demand could be met by 20 per cent less energy.

Under the project, Infrastructure Development Company Limited (IDCOL) will finance Tk 618.90 crore and Bangladesh Infrastructure Finance Fund Limited (BIFFL) will provide Tk 528.90 crore as loan for these companies.

Sustainable and Renewable Energy Development Authority (SREDA) has arranged a soft loan of about Tk 1,147 crore from two government-owned specialized financial institutions for the industries to implement the project.

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