$80 Million Fund for Energy Efficiency

IAS Prelims 2023

$80 million fund has been launched to expand energy efficiency in developing countries.

According to India Lead- Global Strategic Communications Council the new fund is made up of a coalition of foundations and donors that have pledged $80 million.

This money is specifically to bolster energy efficiency efforts in developing nations, which will enable them to move more quickly to potentially double their climate benefits while phasing out hydrofluorocarbons (HFCs).

HFCs are up to 10,000 times more potent than carbon dioxide and are the fastest growing greenhouse gas in the world.

Cooling, the primary user of HFCs, drives as much as 40 to 60 percent of peak summer energy load and will only grow.