CalBank PLC has joined forces with the ECOWAS Refrigerators and Air Conditioners Initiative to make environmentally friendly cooling items more Affordable in Ghana through a new Green On-wage financing plan.
This initiative is a collaboration with CalBank Plc as a partner bank and with Ederick Limited, Electroland Ghana Limited, Hisense, Nesstra Ghana Limited and Services Merchandize Limited as partner sellers.
The ECOWAS Refrigerators and Air Conditioners Initiative (ECOFRIDGES) is a joint project by the Governments of Ghana and Senegal, the United Nations Environment Program’s United for Efficiency (UNEP U4E) initiative and the Basel Agency for Sustainable Energy (BASE).
As a team with regional and local partners, ECOFRIDGES plans to accelerate adoption of energy-efficient and climate-friendly domestic refrigerators and room air conditioners, saving consumers money on their electricity bills, relieving demand on the power sector, and mitigating impacts on the environment.
A cornerstone of ECOFRIDGES activities in Ghana is a Green On-Wage (GO) financial mechanism to help make these cooling products more affordable. Through ECOFRIDGES GO, local financial institutions aim by 2023 to unlock at least USD 11 million in financing in Ghana to support the purchase of over 15,000 more sustainable cooling appliances and entice the replacement of old existing equipment.
The project includes the proper collection and disposal of used appliances, product testing, policy considerations, capacity building, and promotion and awareness campaigns. It sets strict energy performance requirements and limits on the refrigerants of participating products to keep a lid on greenhouse gas emissions.
This program positions Ghana as an African leader in progressing economical turn of events, guaranteeing a superior personal satisfaction for people while propelling the climate goals of the Paris Agreement and the Kigali Amendment to the Montreal Protocol.
With the launch of ECOFRIDGES GO following completion of an in-depth market assessment and numerous consultations with stakeholders, eligible salaried employees can access a 0% interest loan to finance the purchase of a qualifying refrigerator or air-conditioner through a credit from CalBank Plc, Ecobank Ghana Limited, or Letshego Ghana Savings and Loans Plc.
Partaking merchants include Ederick Limited, Electroland Ghana Limited, Hisense, Nesstra Ghana Limited and Services Merchandize Limited. The sellers will convey the new machine to the customers. They will also facilitate the collection and recycling of used, operational products from participating customers who wish to exchange one in return for a voucher valid for future use at the store.
This initiative is an important coalition between the government, leading financial institutions and energy-efficient cooling technology providers, combining efforts for a more sustainable Ghana.
The ECOFRIGES GO for climate-friendly cooling project, is coming to fruition in Ghana, will inspire others and help the international community in the collective responsibilities to the Paris Agreement, the Kigali Amendment to the Montreal Protocol, and the Sustainable Development Goals.
Efficient products make cooling more accessible, and in turn, keep more indoor spaces comfortable and foods fresh and nutritious, helping to cope with the consequences and restrictions of Covid-19.
ECOFRIDGES is made conceivable by financing from the Kigali Cooling Efficiency Program and in-kind commitments from Ghana’s Energy Commission, the Environmental Protection Agency, and project partners.
