Cheaper loans for cutting down CFC: ICICI Bank

ICICI bank has offered to provide cheap loans to industries for replacing chlorofluorocarbons (CFC) emitting refrigerating units, to help the country achieve the desired reduction level of the gases by 2012-13.

According to a study conducted by Delhi-based The Energy Research Institute, around 71% of the total refrigerating units in the country of more than 100 tonnes installed between 1980 and 1996, need to be replaced to achieve the desired reduction level.

There are more than 700 such units in the country to be replaced. The total size of the credit in the segment would be around Rs 400 crore by 2012-13, according to an estimate by ICICI Bank.

The bank would also provide other incentives like making certain percentage of loans interest free for the level of energy efficiency achieved by the units by replacing older units.

CFCs used in refrigerators, chilling units and air-conditioners are the main reason behind the depletion of the ozone layer.

"Established in 1985, the Technology Finance Group of ICICI Bank is mainly responsible for the implementation of this project," an official of the bank said, while speaking at the conference on "Green Refricon 2007" organised by the industry body CII.