International Finance Corporation (IFC) – a member of the World Bank Group – is working with Clean Energy Development Bank to assist Gokarna Forest Resort implement energy and water saving measures and adopt a clean, green growth path.
According to the advise of IFC, Gokarna Forest Resort has implemented a range of environment-led initiatives, including an integrated thermal system, energy-efficient lighting, and improved water management practices.
“The 700-acre resort’s successful use of key industry best practices reduced energy costs by 34 per cent, and resulted in annual savings of $75,000 (approximately Rs 7.41 million),” said the IFC reaffirming its commitment to promoting clean energy financing and advisory services.
“Projects like Gokarna can help Nepal realise its true potential in energy efficiency,” IFC country manager Kyle F Kelhofer said, adding that innovative financing is key to enable local industry realise the benefits of sustainable energy practices and minimize dependence on expensive energy imports.
The project – which is advised by IFC – is the first of its kind in the country, said deputy chief executive officer of the bank Barsha Shrestha.
The payback period of the project is four years, she added.
As the country’s industrial growth is heavily dependent on petroleum imports, the South Asia Enterprise Development Facility – managed by IFC in partnership with the UK Department for International Development and the Norwegian Agency for Development Cooperation – is helping the bank build capacity and launch financial products for clean, resource-efficient projects.