Infrastructure Development Company Limited (IDCOL) has signed an Emission Reductions Purchase Agreement with the World Bank under which IDCOL will receive benefit for carbon emission reduction for installing 226,700 solar home systems during 2008 to 2014 under IDCOL’s Solar Energy Program.
M. Ehsanul Haque, Executive Director and Chief Executive Officer of IDCOL and Xian Zhu, Bangladesh Country Director of the World Bank signed the agreement on behalf of their respective organizations. Under the agreement, IDCOL shall act as the Project Entity and International Bank For Reconstruction And Development (IBRD) of the World Bank will be the Trustee of the Community Development Carbon Fund. Objective of the project is to contribute to the sustainable development of the rural community through use of solar home systems by rural households and thereby reduce greenhouse gas emission by displacing kerosene and diesel use for lighting and off-grid electricity generation. Revenue generated from the project shall be used for development activities of the rural community and promotion of renewable energy in Bangladesh. IDCOL has been instrumental in the promotion of renewable energy in Bangladesh with more than 160,000 solar home systems already installed and financed under IDCOL Solar Energy Program from 2003 to 2007. IDCOL is also involved in the promotion of biogas plants across Bangladesh. Mr. M. Ehsanul Haque, ED & CEO, IDCOL and Mr. Xian Zhu, Bangladesh Country Director, the World Bank are seen at the signing ceremony of the agreement with concerned officials of the respective organizations.