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Green refrigerators and air conditioners will soon be widely accessible in Ghana through the Green On-Salary (GO) financial mechanism under the ECOFRIDGES program with CalBank PLC.
The ECOWAS Refrigerators and Air Conditioners Initiative (ECOFRIDGES) is a joint program of the United for Efficiency (U4E) initiative of the United Nations Environment Program and the governments of Ghana and Senegal through the Energy Commission in collaboration with regional and local partners to accelerate energy adoption. -Efficient and ecological domestic refrigerators and air conditioners in the residential sector.
A cornerstone of ECOFRIDGES is a financial mechanism to ensure that these refrigeration products are affordable. UNEP U4E brings together leading experts from international organizations, the private sector and civil society groups to provide personalized technical assistance to participating governments and stakeholders.
The development of the financial mechanism is led by BASE, a Swiss non-profit organization that seeks innovative financial mechanisms around the world with U4E and other partners.
Through the no-risk, high-potential ECOFRIDGES Green On-Wage (GO) financial facility, CalBank and local partner financial institutions are aiming to unlock $ 5 million in financing to support the purchase of more than 10,000 energy efficient cooling products and Climate-friendly to Replace existing old equipment by 2022.
The mechanism also includes complementary components, in particular the proper collection and disposal of used appliances, product testing, policy considerations, and promotion and awareness campaigns.
ECOFRIDGES has been well received by the Ghana financial sector. The project team is pleased to announce that CalBank joins the ECOFRIDGES Green On-Salary (GO) financial mechanism among other financial partners.
CalBank aims to support the adoption of energy efficient and climate-friendly refrigerators and air conditioners in Ghana. ECOFRIDGES GO is expected to be commercially available in Ghana in the coming months.
CalBank will offer a credit product through the GO facility before the end of 2020 to finance the initial cost of a qualifying device purchased by eligible customers from participating providers.
Suppliers will deliver the new domestic refrigerator or room air conditioner and facilitate the collection and disposal of old products that are replaced.
Customers are incentivized to deliver used but operational cooling equipment through a voucher valid for use in vendor stores.
ECOFRIDGES GO will help consumers easily access refrigeration products that are cheaper to own and operate over their useful life than models that use outdated technology.
It offers a triple benefit: it benefits consumers, reduces strain on Ghana’s power grid and mitigates key environmental impacts. Brian Holuj, ECOFRIDGES project manager, U4E.
CalBank’s Mr. Philip Owiredu, MD hinted that “CalBank believes that as people purchase household items to make life comfortable, they should make them aware of the effects those items have on the environment.
“Our value of responsibility requires that we do the right thing with our actions, even if we do business profitably. We will ensure that the implementation of this agreement benefits our customers while helping them acquire new refrigeration products. CalBank is a socially responsible organization and will continue to contribute to technology that improves society and the environment. “
Now more than ever, energy efficient and climate-friendly refrigerators can help families cope with the consequences and restrictions generated by the Covid-19 pandemic.
Efficient and clean cooling systems help households save money on their electricity bills, in addition to the recognized benefits of refrigeration to extend the shelf life and quality of food.
Access to refrigeration is a basic need and ECOFRIDGES GO is a great opportunity to address this challenge profitably.
The ECOFRIDGES Initiative in Ghana is made possible by funding from the Kigali Refrigeration Efficiency Program and in-kind contributions from the Ghana Energy Commission, the Environmental Protection Agency and local financial institutions.
