IFC, JAAF partner to promote energy efficiency measures for apparel sector

Friday, 17 January 2014 00:00 - - {{hitsCtrl.values.hits}}

IFC, a member of the World Bank Group has partnered with Sri Lanka’s Joint Apparel Association Forum (JAAF) to promote energy conservation in the apparel sector that can reduce operating costs, increase profits, and reduce greenhouse-gas emissions. A recent investment-grade energy audit of seven apparel factories projected an electricity savings potential of 10 to 50% if conservation methods are adopted. Additionally, if all identified energy conservation measures are implemented by the audited factories, carbon dioxide emissions can be reduced by approximately 16% annually. “Simple changes, including the use of energy efficient lights, air conditioners, and equipment will help make all the difference in reducing operating costs,” said Tuli Cooray, JAAF’s Secretary General. “Other measures like improvements to existing equipment will also boost energy efficiency.” The audit also highlighted the benefits of using renewable energy applications like biomass and rooftop solar systems. The apparel sector is one of Sri Lanka’s largest foreign exchange earners and biggest industrial employment generators. However energy costs form a significant portion of total operating costs. On average, energy costs could constitute up to 15% of a factory’s total operating costs. “Increases in the cost of electricity and a heavy dependency on imported fuels such as diesel and kerosene directly affect the competitiveness of Sri Lanka’s apparel sector,” said Adam Sack, IFC Country Manager for Sri Lanka and Maldives. Sri Lanka is a priority country for IFC. A committed portfolio of over $ 280 million in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance, and by offering capacity-building and training opportunities.

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